Small companies are likely to be able to continue abbreviated accounts, after the UK Government delayed plans introduced by its predecessor.
Currently companies with a turnover of less than £10.2m, balance sheets under £5.1m and fewer than 50 employees can file abbreviated accounts, without a profit and loss statement. Under legislation introduced last year this would change from April 2027.
Now the Department for Business and Trade has put the move on hold, claiming it did not want to give companies further administrational obligations and costs. Companies House had also attracted criticism for insisting the accounts were filed using specific software.
