This weekly news & updates carries deadlines running in parallel. The Making Tax Digital registration window closes in eight weeks, with over half a million taxpayers still unregistered. Companies House technical delays are live right now, affecting any practice filing accounts this month. A major overhaul of small company accounts arrives in 21 months, but the preparation window is opening now. And HMRC has issued a fresh fraud alert targeting practitioners and their clients.
The thread connecting all four is the same: margin is compressing in multiple directions at once.
Small Companies Face Major Accounts Overhaul From April 2028
From 1 April 2028, filing a profit and loss account becomes mandatory for small companies and micro-entities. The option to file abridged accounts disappears entirely.
Small companies can opt out of making their P&L visible to the public. The data still goes to Companies House, HMRC, and law enforcement, but the register will not display it. This addresses intense lobbying around competitive risk and privacy that dominated the consultation period.
What changes alongside that filing requirement matters more. All submissions must be made via commercial software in iXBRL format. Paper and web-based filing close permanently for accounts. Companies claiming an audit exemption must now provide a strengthened statement confirming which exemption applies and that they meet the criteria. New rules will restrict how often a company can shorten its accounting reference period.
Key facts:
- P&L filing mandatory from 1 April 2028
- Option to opt out of public publication (but data still visible to regulators)
- Abridged accounts option removed
- iXBRL format mandatory, paper filing ends
- Audit exemptions require strengthened statement
- 21 months to prepare
Practices have 21 months to prepare. Companies House will issue detailed guidance to all firms well before the deadline.
Making Tax Digital: 528,000 Taxpayers Unregistered With Eight Weeks to Go
Of the 864,000 sole traders and landlords required to register in the first wave, only 336,000 have done so. That leaves 528,000 unregistered with eight weeks until the first quarterly filing deadline on 7 August.
Registration velocity is slower than HMRC hoped. At roughly 2,500 new registrations per week, the current pace will not close the gap by August. HMRC’s Deputy Director has acknowledged that many taxpayers wait until the first quarterly update approaches before they register.
HMRC has made a temporary concession: no financial penalties will be imposed for failing to register during the first year of operation. The “good enough” philosophy extends to digital record-keeping standards as well, reflecting that perfection is not the target for year one.
Key facts:
- 336,000 registered out of 864,000 in first wave
- 528,000 (61%) remain unregistered
- First quarterly deadline: 7 August 2026
- Registration growth: roughly 2,500 per week
- No financial penalties for late registration in year one
Practices with self-employed or landlord clients above the £50,000 threshold who have not yet registered should contact them now. The urgency sits in closing the gap before August builds pressure on both HMRC and practitioners.
Further Reading: MTD for Income Tax: A Complete Guide for Accountants & Agents
Companies House Suspends Same-Day Filing as Technical Backlog Grows
Companies House confirmed on 11 June that same-day filing services are suspended indefinitely. A technical issue is preventing filed accounts from appearing on the API and web services immediately after submission.
Filings are being received and queued successfully. The delay sits downstream, in the visibility layer. Turnaround times are now significantly longer than normal.
Key facts:
- Same-day filing suspended as of 11 June 2026
- Technical issue affecting API and web visibility
- Filings still being accepted and queued
- Expect significant delays before visibility on public register
- Temporary issue under investigation
Practices should continue filing as normal. Set client expectations on the longer turnaround before filings appear on the register. Where a filing date matters contractually or for regulatory compliance, those timelines will need adjusting. This is a temporary operational issue.
HMRC Warns of Bills of Exchange Fraud Targeting Umbrella Company Users
Fraudsters are marketing bills of exchange and promissory notes as a means to wipe out tax debts. They falsely claim KC approval and use complex language around merchant law and negotiable instruments.
The umbrella company rules that took effect in April 2026 created new compliance burdens and cost exposure for contractors. Fraudsters are exploiting that uncertainty by offering what appears to be a legal escape route.
HMRC’s position is clear. These instruments have no validity for tax payment. Any taxpayer attempting to use them will face standard penalties and enforcement action if the debt remains unpaid through official channels.
Key facts:
- Fraudsters claiming bills of exchange can wipe out tax debts
- False claims of KC approval and legal validity
- Tied to April 2026 umbrella company legislation
- HMRC will enforce against taxpayers attempting use
- Standard penalties apply
Practices with contractor clients should brief any clients asking about these schemes. A direct explanation of HMRC’s stance prevents confusion and exposure later.
Also In The News
Conclusion
MTD registration closes in eight weeks. Companies House delays affect filings this month. P&L reform arrives April 2028 with a 21-month prep window. Fraudsters are targeting umbrella company users.
Act this week on registration and fraud. Act this month on Companies House visibility. Plan now for April 2028. Follow along for future news and updates.
