Newsletter

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
company

Public
company

Private
company

Public
company

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



Our other services...

Financial Accounts Financial Accounts

We can help with the preparation of accounts for all types of business. Whether you are a Sole Trader, Partnership, Limited Company, Limited Liability Partnership or a Charity, AGP has the expertise to deal with you. We help you fulfil all your obligations with HMRC, Companies House and any other regulatory body that you are required to report to.

Audit Audit

An audit provides a high level of independent assurance of the financial position and results of an organisation. This gives shareholders confidence that the reported performance of the business is accurate as well as providing external users with certainty that the accounts show a true and fair view. An audit lends credence to the company accounts in a number of ways.

Tax Planning Tax Planning

It is important to ensure your tax planning reflects any changes to your circumstances which is why we work very closely with all our personal clients. AGP are trusted to manage tax efficiently. Sometimes just a simple review of your personal tax circumstances can reveal significant tax saving opportunities which can be realised quickly and at minimal cost..

Payroll Services Payroll Services

AGP can become your own part-time Payroll Manager. An expert who knows the complexity of the relevant legislation inside out and for a fraction of the cost of an internal manager. Why not outsource this obligation and spend the time saved doing what you do best, running your business?

Corporate Taxation Corporate Taxation

Corporation tax can be a huge outgoing for your company if it is not managed correctly and planned appropriately. You can trust AGP to employ a holistic approach to your tax planning whether you are a medium sized SME, an international organisation or a small owner-operator.

Management Accounts Management Accounts

Management accounts allow business owners to exert a far greater degree of control over their business, recognising and addressing problems and identifying opportunities soon after they arise.

Bookkeeping & VAT Bookkeeping & VAT

When running a business, priorities are often focused on the operational side of your business. Bookkeeping & administration can often be put off until it becomes quite a major task. By taking advantage of our bookkeeping service, we can take this problem away so you can get on with running your business while we manage your accounting books.

Company Formation Company Formation

We take away the hassle. Whether starting a new business or restructuring an existing one, our extensive knowledge of company formation means we can advise you on the merits and possible pitfalls of incorporation.

Contractor Accounts Contractor Accounts

We have a wealth of experience in the contractor market and as a result there are not many firms of Chartered Accountants that can claim they know the contractor industry as well as AGP. This leads to a number of benefits.