Filing requirements set to change for micro and small companies

Filing requirements set to change for micro and small companies

As of 2024, the filing requirements for micro-entities with Companies House are set to change. Micro-entities will be required to file more detailed financial statements, which will include a balance sheet, profit and loss account, and notes to the accounts.

This change is being introduced as part of the UK government's initiative to increase transparency and accountability in business, as well as to improve the accuracy of financial reporting. Micro-entities will now be required to provide more detailed financial information to Companies House, which will allow investors, creditors, and other stakeholders to make better-informed decisions about the company's financial health.

For companies that are currently exempt from filing detailed financial statements, this change may seem daunting. However, there are many benefits to providing more detailed financial information. For example, it can help companies to better understand their financial position, identify areas for improvement, and make more informed business decisions.

In order to comply with the new requirements, micro-entities will need to ensure that their accounting systems are up to date and accurate. They may also need to seek the assistance of an accountant to help them prepare their financial statements and ensure that they are compliant with the new regulations.

At Acumenica, we understand that this change may be challenging for some micro-entities. That's why we're here to help. Our team of experienced accountants can provide expert guidance and support to ensure that your company is compliant with the new regulations and that your financial statements are accurate and up to date.

We offer a range of accounting services, including bookkeeping, payroll, tax planning, and financial reporting. Our team is dedicated to providing personalized service to each of our clients, and we work closely with you to understand your business and your financial goals.

If you're a micro-entity and you're unsure about how to comply with the new Companies House filing requirements, contact Acumenica today. We're here to help you navigate the changing landscape of financial reporting and ensure that your business stays on track.