If you're a director or person with significant control (PSC) of a UK limited company, the question of how to prepare for the new Companies House reporting standards coming into force isn't academic — several of the requirements have already passed their implementation dates, and more are on the horizon. Across more than five million registered UK limited companies, the majority of directors have had little or no professional guidance on what these changes actually mean day to day.

The changes stem from the Economic Crime and Corporate Transparency Act — described by the government as the biggest shake-up to Companies House since the corporate registration system was established in 1844. That's not marketing language; it's a fair summary. Identity verification, expanded PSC obligations, increased registrar powers, and mandatory profit and loss reporting for small and micro companies are all part of the same legislative wave.

Here's our take on what matters, what's already live, and what you should be doing now.

The Economic Crime and Corporate Transparency Act was designed to address two long-standing criticisms of the UK company register: that it was too easy to file false information, and that the registered data gave a misleading picture of smaller companies' financial health.

Companies House historically operated as a largely passive registry — it accepted what was filed with minimal verification. That model is over. The registrar now has expanded powers to query, reject, and remove information it considers inaccurate or suspicious, and from 4 March 2024 has increased authority to share data with law enforcement.

For most legitimate SMEs, the direct implications aren't threatening — but they do require action. New obligations apply not just to directors and PSCs, but to anyone who files information on behalf of a company, which includes accountants and formation agents. As an Authorised Corporate Service Provider (ACSP), OD Accountants is already operating within the new regime and is well-placed to handle filings on behalf of clients under its verified status.

The key point is that ignorance of the Act isn't a defence when a filing deadline or identity verification window passes. The penalties for late filing are already substantial — Companies House issued nearly 318,000 late-filing penalties in 2024–2025 alone — and the new rules add more compliance touchpoints to stay on top of.

The most immediately relevant change for most company directors is mandatory identity verification. From 18 November 2025, new directors are required to verify their identity with Companies House before or shortly after appointment. Existing directors and PSCs are expected to complete verification on a rolling basis as the transition period progresses.

Verification is carried out either directly through Companies House's own GOV.UK One Login service, or indirectly via an ACSP such as a registered accountant or formation agent. The indirect route is particularly relevant for directors who want their adviser to handle the process on their behalf — which is where firms like ours step in as part of ongoing filings work.

The practical checklist for directors right now:

• Confirm whether you have verified your identity, or whether it's pending — log in to your Companies House account to check your status.
• If you're a PSC who doesn't hold a director role, you still need to verify — the obligation extends beyond board-level positions.
• If your company uses an accountant or company secretary for filings, confirm they are operating as an ACSP, which means they can verify you through their own verified status.

One common misconception we encounter is that identity verification is a one-time event for new companies only. It applies to existing directors and PSCs too — the transition timetable means this is already in scope for most established limited companies.

The change that's generated the most conversation among small business owners — and some controversy — is the planned requirement for small and micro companies to file a profit and loss account at Companies House from April 2027.

Currently, micro-entity accounts filed at Companies House contain very limited information: typically just a balance sheet. The P&L, directors' report, and much of the narrative stay private. That's about to change. From April 2027, the intention is that profit and loss data will be publicly accessible on the register — meaning competitors, customers, suppliers, and potential lenders will be able to see your reported revenue and profitability.

There's a live petition seeking to reverse or limit this requirement, which suggests the business community is divided. Our view is that the petition is unlikely to succeed in rolling back the change entirely — but it's worth watching the legislative calendar if you trade in a highly competitive market where margin disclosure is commercially sensitive.

What this means practically:

• Your management accounts and year-end numbers need to be accurate and well-structured well before the filing deadline, not just for HMRC but for public disclosure.
• If your current bookkeeping produces numbers you wouldn't be comfortable putting on the public register, that's a separate problem worth addressing now.
• For businesses looking to raise funding or approach lenders, good-quality P&L data on the register can actually be an asset — so this change isn't purely negative.

Companies House issued 317,985 penalties for late filing of accounts in the 2024–2025 year. Across those cases, 47,673 were appealed at the first stage, and just 409 eventually reached the independent adjudicators — suggesting the vast majority of penalties stick. The appeal process runs through four levels: the late filing penalties team, a senior casework unit, independent adjudicators, and a final review by the registrar. In practice, successfully overturning a penalty requires a genuine, documentable reason for the delay — not just an oversight.

The changes under the Act add more filing events and verification requirements to the compliance calendar, which increases the risk of something slipping. For companies that currently handle their own Companies House submissions, the additional obligations under the new regime make a strong case for consolidating filings under an ACSP who can track deadlines systematically.

The fees also went up on 1 May 2024 across a range of Companies House submissions — another indicator that the government views the registry as something that needs resourcing properly, with costs borne by companies rather than the public purse. Late filing penalty levels have historically risen alongside fee increases, so the financial cost of non-compliance is only heading in one direction.

Pulling this together, here's how we'd approach the new Companies House reporting standards if we were reviewing a client's compliance position from scratch:

• Identity verification status: Confirm all directors and PSCs are verified or have a clear plan to verify within the current transition window. Don't wait for a reminder from Companies House.
• ACSP relationship: If your accountant or formation agent isn't registered as an ACSP, they cannot verify you indirectly or file certain documents on your behalf under the new regime. Check their status.
• Accounts quality: With P&L disclosure coming in April 2027, review whether your current bookkeeping and year-end process produces management-grade numbers — accurate, categorised, and something you'd be comfortable presenting publicly.
• Filing calendar audit: Map out your confirmation statement deadline, accounts filing deadline, and any anticipated changes to directors or PSCs in the next 12 months. The more filing events, the higher the risk of a missed deadline.
• Cloud accounting infrastructure: Moving to a cloud accounting platform — if you're not already there — makes it materially easier to produce the kind of structured financial data that meets both HMRC and Companies House expectations, and positions you for the real-time reporting environment these changes are pushing toward.

None of these steps are complex in isolation, but they do require someone to own them. For companies without a finance function, that's the kind of thing a virtual FD or chartered accounting firm should be handling as a matter of course.