The Companies (Accounts and Reports) (Amendment and Transitional Provision) Regulations 2024 have now been passed into legislation, reducing reporting burdens on companies and addressing stakeholder concerns. The effective date is 6 April 2025 with transition measures to allow companies to compare prior years on the same basis.

The thresholds had not been changed for over a decade and were hugely outdated, having not taken into account inflationary factors, as well as creeping legislation due to various EU directives.