Why these changes are happening
These changes are being introduced as part of a broader reform package under the Economic Crime and Corporate Transparency Act 2023.
The move to software filing is a critical step in improving the accuracy and quality of data on the register by reducing errors and formatting issues. It will also speed up processing times and help Companies House detect and prevent fraud more effectively.
For companies, this change will streamline the filing process and offer a more secure way to submit your accounts compared to paper filings.
Making basic profit and loss information available on the register aims to improve conditions for accessing credit, including trade credit lending, as well as helping to provide confidence for those who want to do business with a company. It will also reduce the risk of deliberate misuse of minimal disclosure options to hide money laundering and other fraudulent activity.
We’ve published guidance on GOV.UK to help companies make the switch to software filing and we’ll continue to provide guidance and support throughout the transition. We also recommend speaking to your accountant or software provider to make sure you’re ready.
How to keep up to date
Read all the latest updates on our Changes to UK company law website, keep an eye on our social channels and sign up for our regular email newsletters.
Unsurprisingly we already use software to file accounts, so no issue there for our clients, but please note the requirement to include a brief P&L in filings going forward.