Economic Crime & Corporate Transparency Act 2023: new era for filing annual accounts - key reforms every company must prepare for

On 9 June 2026, the Department for Business and Trade (DBT) confirmed in a Written Statement to Parliament that the accounts reforms set out in the ECCTA will take effect from April 2028, rather than the originally planned date of April 2027, to give companies and software providers more time to prepare.

What is changing?

• All small companies and micro entities to file profit and loss accounts with Companies House as other companies do. However, in a concession to stakeholder concerns, the Government will allow them to opt out of having these published on the public register. Also, the planned change to require small companies to file a Directors’ Report will no longer apply, as the Government has since announced it will remove the requirement for all companies to produce a Directors’ Report.
• All UK registered companies to file their annual accounts in iXBRL format from April 2028, with web and paper-based filing routes closed for accounts filings from that date.
• A strengthened eligibility statement for all companies claiming an audit exemption, requiring directors to specify which exemption is being claimed and confirm that the company qualifies for the exemption.
• Removal of the option for companies to file abridged accounts.
• Requiring component parts of the filed accounts and reports to all be filed together.
• In addition, secondary legislation will be introduced to reduce the number of times a company can shorten its accounting reference period and introduce annotations to the register where a company has not complied with a notice regarding compliance of its accounts with the requirements of the Companies Act 2006.

Companies should begin considering their software and filing arrangements now and consider how their published accounts will meet the new requirements, particularly if they have been abridged or filleted to date.

In addition, Companies should also consider whether they want increased public financial transparency and what this may mean for their customers, suppliers, lenders, investors, and employees.  Does a company want greater visibility of their company accounts and what are the potential negative implications of not being transparent? 

The following templates and information has been updated:

• Guidance Note: Accounts & Audit
• Economic Crime & Corporate Transparency Act Roadmap
• Checklist of Headline Points for Economic Crime Act 
• Note to Directors – Summary of key Issues under ECCTA
• Economic Crime Act: Changes to Company Accounts