Early company accounting filing can save you from penalties
Running a business in the UK entails several responsibilities, and foremost among them is ensuring that your company’s accounts are filed on time. Companies House, the executive agency responsible for company registration, has recently emphasised the importance of this duty and emphasised the fines that result from late filing.
Mandatory Requirement for All
Companies House has made it clear: all limited companies must deliver their annual accounts each year, regardless of whether they actively trade or not. This also encompasses dormant companies. Thus, no company is exempt from this requirement.
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As a director, your role is multifaceted. It’s not only about growth and profits, but also about ensuring the company remains compliant with set regulations. This includes keeping all company records updated and ensuring timely submissions.
Credit Scores & Financial Reputation
Late or missing account filings could negatively impact your company’s credit score. This might hinder your access to vital financing options, and potentially deter other businesses from collaborating or transacting with you.
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Consequences of Late Filing
Apart from the financial repercussions, there are potential legal consequences to be aware of:
Filing late by up to 1 month results in a £150 fine.
Delays of more than 1 month but less than 3 months result in a £375 fine.
If your accounts are late by more than 3 months but less than 6 months, the penalty stands at £750.
Delays of over 6 months see the penalty rise to a hefty £1,500.
Furthermore, in addition to these fines, you risk acquiring a criminal record or facing disqualification.
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