Limited companies are required to file a copy of their accounts each year with Companies House. If you file even one day past the filing deadline you will be penalised. The late filing penalties which will be imposed from 1 February 2009 are increasing dramatically!
The new fines for private companies are:
Not more than 1 month – £150 (presently £100)
More than 1 month but not more than 3 months – £375 (presently £100)
More than 3 months but not more than 6 months – £750 (presently £250)
More than 6 months – £1,500 (presently £500 between 6 to 12 months, £1,000 over one year)
The new fines for public companies are:
Not more than 1 month – £750 (presently £500)
More than 1 month but not more than 3 months – £1,500 (presently £500)
More than 3 months but not more than 6 months – £3,000 (presently £1,000)
More than 6 months – £7,500 (presently £2,000 between 6 to 12 months, £5,000 over one year)
Additionally if you were late filing in the previous year (and the previous financial year had begun on or after 6 April 2008) the above fines are doubled.
The new fines also apply to flat management and dormant companies.
The message is clear. If you are responsible for the management of a limited company make sure you leave plenty of time to prepare and file accounts on time.
Companies with accounting periods beginning on or after the 6 April 2008 should note the following changes to the filing deadlines with Companies House.
1. Private companies and LLPs – the delivery deadline has been reduced by one month from 10 to 9 months.
2. Public companies – the delivery deadline has been reduced by one month from 7 to 6 months.
Consequential changes include:
Full calendar months for filing periods have been introduced. Where the accounting period ends on a month end date the accounts filing period will end on a month end date. (Except for the first accounting period)
Qualifying companies can still file abbreviated accounts.