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Higher Late Filing of Accounts Penalties – Watch Out!
If you run your own company you will no doubt be aware that company law requires all companies to file a copy of their annual accounts at Companies House by their ‘due date’. Penalties become payable if these accounts are filed late.
With effect from 1 February 2009 higher late filing penalties will be imposed on those companies that file their accounts late.
Due date
You may recall that under normal circumstances a company must file a copy of its accounts at Companies House within ten months of its year end.
For accounting periods that begin on or after 6 April 2008 (that is April 2009 year ends and onwards for most), a new Companies Act has reduced this period to within nine months of the year end.
Higher penalties
The higher late filing penalties compared with those which previously applied are as follows:
Length of delay, measured from the date the accounts are due |
Previous Penalty |
Penalty from 1 February 2009 |
||
Private |
Public |
Private |
Public |
|
Up to 1 month |
£100 |
£500 |
£150 |
£750 |
1 to 3 months |
£100 |
£500 |
£375 |
£1,500 |
3 to 6 months |
£250 |
£1,000 |
£750 |
£3,000 |
6 to 12 months |
£500 |
£2,000 |
£1,500 |
£7,500 |
Over 12 months |
£1,000 |
£5,000 |
£1,500 |
£7,500 |
For accounts prepared under the new Companies Act, the penalties will also be doubled for late filing in two successive years.
Limited Liability Partnerships (LLPs)
The shorter filing deadline and higher penalties also apply to LLPs. However, the doubling of penalties for the late filing of accounts in two successive years will only apply for two successive late filings of accounts for financial years that begin on or after 1 October 2008.
Internet link: Companies House late filing penalties
