The government has paused plans to require Britain’s two million small companies to file profit and loss accounts at Companies House, reversing course yesterday on a measure designed to tackle economic crime.
The requirement, part of the Economic Crime and Corporate Transparency Act 2023, had originally been due to take effect in April 2027. In June the government recommitted to the reform but delayed it until April 2028, after ministers had spent months reviewing whether to press ahead with the rules.
The change would have required small companies, micro-entities and incorporated sole traders to prepare and file more detailed accounts at Companies House, including a complete profit and loss statement and balance sheet.
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