Companies House - late filing penalties explained

19 August 2009

Late filing penalties explained

All companies - private or public, large or small, trading or non-trading - must send their accounts and reports to Companies House every year. If these company accounts and reports are submitted late, there is an automatic penalty.

There has, under the Companies Act 2006, been a steep increase in the amount of the penalty, which also depends on how late the accounts reach the Registrar.

The increased penalty bands apply to any accounts that are delivered late on or after 1 February 2009, whether they are filed under the Companies Act 1985 or the Companies Act 2006 (any penalties for late submission of accounts under the Companies Act 2006 are for financial years beginning on or after 6 April 2008).

There has also been a shortening in the time allowed for filing accounts for years commencing on or after 6 April 2008:  a private company is required to file their annual accounts within nine months (formerly 10 months) of their year end;  the time allowed for a public company is reduced from seven to six months.

The level of penalty depends upon whether the company was public or private at the end of the financial year in question. 

The penalty bands are as follows:

Double penalties

The amounts set out in the table above will be doubled in cases where:

• The accounts are filed late under the Companies Act 2006; and
• The previous year’s accounts under the 2006 Act (i.e. for a financial year beginning on or after 6 April 2008), were also late

All of which makes it imperative to ensure timely preparation and submission of these documents.

Please contact us if we can help with the preparation and filing of your financial statements.

01628 665432

Alternatively, please contact us by email and we'll get back to you.

Further (and fuller) information, including the requirements for newly incorporated companies, details relating to filing deadlines and guidelines on avoiding incurring penalties can be found on the Companies House website: http://www.companieshouse.gov.uk/about/gbhtml/gba5.shtml