Many small companies currently file ‘abbreviated’ accounts with Companies House as permitted by section 444 of the Companies Act 2006. Recent changes to company law have, however, removed this option for periods beginning on or after 1 January 2016. The demise of abbreviated accounts will not, however, mean that small companies will be required to file ‘full’ accounts in future as other alternatives are available, including a new option to prepare and file ‘abridged’ accounts.
I spoke about these changes in a blog published in September of last year, which included a link to some FAQs addressing frequently asked questions about the options available under the new regime.
But there still appears to be some confusion about the difference between abbreviated and abridged accounts. We have also continued to receive lots of questions about what the new regime means in practice. We have therefore updated and expanded these FAQs.
You may also be interested in attending our webinar on small company filing options on 20 February. Alternatively, you may want to watch this recording of a recent webinar for a broader look at the choices and challenges that come with the UK’s new small companies regime
Please drop me an email if anything still isn’t clear or you have additional questions you’d like answered. Alternatively, ICAEW members can contact our Technical Advisory Service on +44 (0)1908 248 250 for confidential, expert advice.