How secretive are you about your business’s financial affairs?
If you’re like most business owners, the answer is probably: very.
Most of us don’t love the idea of others knowing how well — or how poorly — we’re doing. It feels a bit like sharing your salary with the world.
So when it’s time to file with Companies House, many businesses opt for a shortened or “filleted” version of their accounts — the bare minimum. Just a balance sheet, nothing more.
It’s not particularly helpful if you’re trying to look up a potential supplier or client… but it does keep prying eyes out of your own business.
Or at least, it has — until now.
Earlier this month, the government announced that, from April 2027, all companies would be required to file much more detailed accounts with Companies House — including a profit and loss statement. No more hiding behind the filleted version.
This was part of the Economic Crime and Corporate Transparency Act, designed to make UK business more transparent and reduce fraudulent filings.
But as of last Friday, reports suggest the government may now be preparing to shelve these reforms.
So what does that mean?
In short: we don’t know.
The situation is fluid. The new rules may go ahead. They may be dropped. Or they may be revived in another form by a future government.
But here’s what we do know:
Even if these reforms are paused, it’s still smart to act as if they’re coming.
Because whether or not your accounts are made public, behaving as though they could be is a great discipline. It encourages professionalism, better financial decision-making — and ultimately, stronger businesses.
It also future-proofs your business against future reforms. Because let’s face it — this kind of transparency is now firmly on the government’s agenda. Even if it’s delayed, it’s unlikely to disappear forever.
So take a moment to think…
What would happen if your numbers were published tomorrow?
Would your accounts be clean, clear and up to date — or would they raise eyebrows?
Would your partners, suppliers or clients view you as strong and reliable — or risky?
Would it highlight smart financial management — or chaotic habits behind the scenes?
For example:
You might run a successful business and take out a fair portion of profits for personal use. Perfectly legitimate. Many businesses are structured that way.
But if that became public, would others see it as a red flag? Might it affect how clients or investors assess your business — even if nothing’s actually changed?
Similarly, if your accounts are always late, or prepared in a rush… will people assume you’re disorganised or struggling?
Again, there’s no right or wrong here. Just new questions to consider.
The bottom line: transparent, professional finances are never a bad idea. Whether or not this reform happens, they’ll serve you well.
That’s where we can help. When Insight Associates manages your finances, we’ll help you:
- Get your accounts into ship-shape condition
- Make sure they’re accurate, timely and useful every single month — not just at year-end
- Use your financial data to make smarter, better-informed decisions
- And help you prepare for how others might interpret your financials — now or in future
Because when it comes to your finances, control and clarity always pay off.
Get in touch today to find out how we can help you run your finances more professionally and plan for the future with confidence. Call 01279 647 447 or email garry@insightassociates.co.uk to book a no-obligation consultation.
Warmly,
Garry
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