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.
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.
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 1st Feb 09|
|Up to 1 month||£100||£150|
|1 to 3 months||£100||£375|
|3 to 6 months||£250||£750|
|6 to 12 months||£500||;£1,500|
|Over 12 months||£1,000||£1,500|
For accounts prepared under the new Companies Act, the penalties will also be doubled for late filing in two successive years.