Small Businesses to file full accounts at Companies House by 2025
The government have set out plans to make Companies House less of a passive data collector to a more active gatekeeper over company creation and custodian of more reliable data.
It will change the account filing requirements of micro-entities and small companies by 2025. The government will remove abridged and filleted (formerly abbrieviated) account options and place it with a full set of accounts (Profit & Loss & Balance Sheet). The government have stated this will be part of the Economic Crime Bill and reduce fraud, error and increase transparency.
They will streamline the filing of accounts therefore you will only have to file once with Companies House without having to submit filings to other Government organisations.
The government will make anonymous filings harder and you will need to be a verified identity with Companies House or via a anti money laundering supervised third party agent. Any individual that is unable to verify their identity will be subject to civil or criminal sanctions. There will also be a crackdown on overseas company agents they will no longer be able to create companies in the UK.