Increased late filing penalties for annual company accounts

The penalties for the late filing of annual company accounts rose as of 1 February 2009.

The Companies Act 2006 provides that all companies must deliver annual accounts to the Registrar of Companies by the due date and that a late filing penalty will be payable if the accounts are delivered late. These penalties were originally introduced in 1992 to encourage directors of limited companies to file their accounts on time as this statutory information is required for the public record.

The February 2009 changes include an increase in penalties generally, a faster rate of increase in the level of the penalty for companies filing more than one month late and a doubling of the penalty for anyone filing late two years in a row. Penalties now run to:

  • £150 for filing up to a month late;
  • £375 for 1-3 months;
  • £750 for 3-6 months and
  • £1500 for more than 6 months late.

Flat management and dormant companies should note that these penalties apply to them as well as trading companies.

It is vital that you make sure you allow enough time for your accounts to be filed within the period stated in the Companies Act, so ensure your records are given to us to prepare in plenty of time. You should also be aware that penalties will not be waived for papers that are delayed in the post!

For more information and help in filing your company accounts on time, every time Increased late filing penalties for annual company accounts please contact us.

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