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Accounts Late Filing Penalty

 

Delivery of accounts to Companies House

Many people think that a non-trading company or a dormant company does not have to deliver accounts to companies House because the company has nothing to show the public. In accordance to Companies Act, all limited companies including dormant and company that has not been traded are legally required to deliver annual accounts with the Registrar of Companies by the due date.

It is important you put together the books and records and send it to your accountants within reasonable time to prepare your company annual accounts. Failure to do so, the company will have to pay late filing penalty. If you are not sure your company accounts filing due date, you can check it at Companies house website. www.companieshouse.gov.uk

It is important to note that a late filing penalty is automatically sent to your company registered office even if the accounts are filed just one day late.

Avoid paying late filing penalty

The benefits of preparing your annual accounts soon after the accounting year end allow you to assess the performance of your company in that year and set your goals for the future.In addition, your accountants will be able to advice you the corporation tax payable to HM Revenue and Customs from the accounts prepared so that you know how much cash to put aside for tax bill.

There are some tips on how to avoid late filing penalty may be of interest to you.

If you are required guidance on filing your accounts, feel free to contact one of our accountants, they will be more than happy to assist you. This service is free of charge.

The Late Filing Penalty

If you deliver accounts late

Limited company (Ltd) 

Public company (Plc)

Less than 1 month

£150

£750

Less than 3 months

£375

£1500

Less than 6 months

£750

£3000

More than 6 months

£1500

£7500


The penalty for limited liability partnership (LLP) is similar to that of the limited company.

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Testimonials

I provide IT consultancy services to UK businesses and I have no knowledge whatsoever about doing accounting books. I was very keen to learn to do it myself. I spent hours reading bookkeeping reference books, learning double entry and I was very proud that I understand the basic accounting so I did my books.

When the time to do my company year end accounts, I discovered that I have been recording information incorrectly and that I have to reorganise everything. my former accountants charged me a fortune to fix my incorrect records.

My advice to all is that it is worth to talk to people who know about these things to avoid disappointment and unnecessary work in a year’s time.

Time is expensive and sometime it is worth spend a little for a big gain in your business.

Mr. Duncan, owner of an IT Consultancy business