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Accounting news

Accounting changes for small businesses

The new Economic Crime and Corporate Transparency Bill is expected to pass into law this autumn and will introduce a number of changes for companies filing accounts at Companies House amongst other things.

One key difference is that all companies, regardless of size, will need to file a profit and loss account. This means that turnover and gross and net profit will now become public for micro and small sized entities. Small companies will also need to file a directors’ report. In the past both directors’ reports and the profit and loss account could be optionally left out of the public filing. For very small companies which are sensitive about profit and turnover figures, they might want to review whether they should remain incorporated.

The Bill will also introduce identity verification requirements for directors and shareholders, both existing and new ones.


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