From 1 April 2027 all small and micro businesses will need to file a profit and loss accounts at Companies House. This makes sense as an anti-money laundering measure but it can mean sharing confidential information such as turnover and margins with competitors.
As the tax benefits of trading through a limited company are now minimal you may prefer to become a sole trader or partnership BUT remember that MTD (Making Tax Digital) will mean quarterly tax filings from April 2026.
Talk to us if you want to learn more.