Late filing penalties were introduced in 1992 to encourage directors of limited companies to file their accounts on time because they must provide this statutory information for the public record. Section 242A of the Companies Act 1985 says that penalties will be imposed on any company that delivers its accounts to Companies House after the period allowed for filing. ("Statutory" means by law).
WHAT IF I AM FILING MY COMPANY'S FIRST ACCOUNTS?
If you are filing your company's first accounts and they cover a period of more than 12 months, they must be delivered to the Registrar within 22 months of the date of incorporation for private companies and 19 months for public companies.
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HOW CAN I AVOID PENALTIES?
Allow enough time to ensure that your accounts reach the Registrar within the period allowed in the Companies Act. First-class post is not guaranteed so if the filing deadline is looming, then please consider guaranteed methods of delivery that will ensure that your accounts arrive on time. Remember: the Registrar will not waive a penalty if your accounts are delayed in the post. To help you file on time:
Mark your diary or calendar to remind you in good time of the filing deadlines. Read the filing reminders Companies House send to your registered office. If appropriate, instruct your accountants in good time and remind them of the need to prepare and deliver your accounts on time.
Our team is available to ensure your company complies with all the requirements of Companies House. We can help with:
Maintaining statutory registers. Preparing minutes of directors' and shareholders' meetings. Preparing and filing Annual Returns. Document preparation covering a wide range of requirements e.g. written or elective resolutions. Preparation of annual general meetings. Preparation of dividend vouchers and minutes. Allotments and transfers of shares. The provision of a registered office. At our disposal we have a state of the art database, which ensures that our service is cost effective, efficient and readily accessible to you.
You will be relieved of these administrative and compliance burdens, giving you more time to concentrate on the business of managing your company. Keep us informed of any changes and we will do the rest. If you do so, our service will ensure you avoid the consequences of non-compliance i.e. penalties, prosecution or your company being struck off the register. We will ensure your company is in the best possible administrative shape should you want to sell, obtain credit or attract investors.
WHAT IF COMPANIES HOUSE REJECTS MY ACCOUNTS AS INCORRECT?
Companies House cannot accept accounts until they meet the requirements of the Companies Act. If, for example, a signature is missing, they will be returned for amendment. This may result in a late filing penalty if the corrected accounts are delivered late.
HOW WILL I KNOW WHEN A PENALTY IS DUE?
If accounts are delivered late, an invoice is issued automatically to your registered office address.
WHAT WILL HAPPEN IF THE PENALTY IS NOT PAID?
The penalty will be referred to collection agents. If it remains unpaid, legal action may be taken which could result in a County Court judgment or a Sheriff Court decree against your company.
WHAT HAPPENS IF A COMPANY IS RESTORED TO THE REGISTER?
f a company is restored to the Register after being struck off and dissolved, then it is regarded as having continued to exist as though it had never been struck off. Accounts filed - including those covering periods while the company was dissolved - will be subject to late filing penalties.
DO LATE FILING PENALTIES APPLY TO ANY OTHER DOCUMENTS?
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