-
-
-
-
Home > > Limited companies > Filing of accounts and late filing penalties
Filing of accounts and late filing penalties
Companies are automatically fined if accounts are not submitted on time. Accounts should be normally be filed for a private company nine months after the company's accounting reference date. Public companies should file their accounts within six months of the company's accounting reference date.
The period of filing first accounts for a private company is 21 months after the date of incorporation and for a public company 19 months after the date of incorporation.
Late filing penalties
The current filing penalties are as follows:
Length of delay, based on the filing date Private company Public company Three months or less £100 £500 More than three months up to six months £250 £1,000 More than six months to 12 months £500 £2,000 More than 12 months £1,000 £5,000 From 1 February 2009 the penalties are as follows
Length of delay, based on the filing date Private company Public company Not more than one month £150 £750 More than one month but not more than three months £375 £1,500 More than three months but not more than six months £750 £3,000 More than six months £1,500 £7,500 These rates double for any company which files late having also filed late in the previous year. In this circumstance that results in a maximum fine of £15,000 for a PLC filing more than six months after the filing deadline.
The Registrar of Companies automatically issues invoices where accounts are filed late - these are sent to the registered office.
Can a filing penalty be appealed against?
You may appeal against a penalty but it will only be successful if you can show that the circumstances are exceptional. The Registrar has limited discretion not to collect a penalty. It may be applied when an unforeseen catastrophe strikes a company at a critical time; for instance, a personal tragedy affecting a sole director immediately before a filing deadline or a fire destroying records a few days before time runs out.The Registrar lists the following reasons that are not considered exceptional:
- My accounts were delayed or lost in the post
- My company is dormant
- My company or its officers have financial difficulties (including bankruptcy)
- I cannot afford to pay
- You did receive them on time but they were rejected
- Another director is responsible for preparing the accounts
- My accountant was ill
- I relied on my accountant
- These are my first accounts
- I am not familiar with the filing requirements
- This is a flat management company
- I was abroad on business or on holiday
- I am a sole director
- I did not receive a reminder notice
In order to ensure your accounts are completed and ready for filing it is important you provide your accounting records when we request them and any additional information we require in order to complete the accounts and, where appropriate, the audit.
Introduction
Timetable
- Provisions commenced in January 2007
- Provisions commenced in April 2007
- Provisions commenced from 1 October 2007
- Provisions commenced from 6 April 2008
- Provisions commenced from 1 October 2008
- Provisions commenced from 1 October 2009
The Act In Depth
General
- Forming a company
- Choosing a name for your company
- Changing the company name
- Registered office
- A company's members
- Shares and share capital
Directors
- Appointment of directors
- General duties of directors
- Directors transactions requiring members approval
- Loans to directors
- Related agreements
- Directors' service contracts
- Directors' liabilities
- Records of directors meetings
- Company secretary
Accounts & Auditors
Our Latest News
- Increase in risk of a second recession, says think-tank
The chances of the UK economy entering a second recession next year have risen, according to the National Institute for Economic and Social Research (NIESR).
- more
- UK skills training needs radical overhaul
The British economy could find itself facing a period of decline if the skill levels of the workforce do not show marked improvement, it has been claimed.
- more
- Compulsory retirement age to be retired
The government is proposing to scrap the default retirement age of 65 by October 2011.
- more
- Savers not being told about interest rate changes
Many banks and building societies are failing to keep savers properly informed about changes to the interest rates on their accounts, comsumer group Which? has claimed.
- more
- Self-employment declarations should be respected
With thousands of people predicted to start up their own micro-businesses as unemployment rises, a business group has called on the tax authorities to respect their employment status.
- more
- Government publishes a raft of tax consultations
The Treasury has issued nine consultation papers on various aspects of the personal and business tax system in what amounts to a far-reaching overhaul of the entire regime.
- more
- Prospect of rise in energy costs for business
Businesses have been warned that they could see a steep rise in energy costs over the coming years.
- more
- Banks under pressure to increase small business lending
Banks could face possible tax sanctions if they fail to boost lending to smaller businesses.
- more
Harrison Young,
First Floor,
1 Gatton Road,
London
SW17 0EX
TEL: 0208 767 0151
FAX: 020 8767 5359
Click to email us
Harrison Young is a trading style of Ashley Ross Limited, Registered in England no. 05717229 and whose registered office is at 1 Gatton Road, London SW17 0EX.and is registered as Auditors by The Association of Chartered Certified Accountants. Read our Disclaimer.