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Contact Us Business News - January
Accountants Warn of Tougher Penalties for Persistent Late Filing
Moore Thompson chartered accountants are warning businesses that late filing penalties are now doubled if accounts and returns for financial years beginning on or after 6 April 2008 are filed late in two successive years.
Unless filing accounts for the first time, private companies have ten months from the end of their accounting period in which to submit them to Companies House. Public companies have seven months.
If filing accounts for the first time - for a period of 12 months or more - private companies must file an acceptable set of accounts within 22 months of the date of incorporation, while public companies have 19 months from the date of incorporation.
Mark Hildred partner at Moore Thompson said: “The Companies Act 2006 reduces the time allowed for accounting periods beginning on or after 6 April 2008. First accounts for private companies must be filed within 21 months of the date of incorporation or nine months for subsequent accounts. First accounts for public companies must be filed within 18 months of the date of incorporation or six months for subsequent accounts”.
Companies House will send a reminder to the company's registered office about six weeks before the accounts are due.
Late filing of accounts leads to an automatic civil penalty. Failing to file accounts or the annual return on time, or not at all, is also a criminal offence. If you are prosecuted and convicted you could end up with a criminal record and a fine of up to £5,000. You may also be disqualified from acting as a director.
For more information contact Moore Thompson on 01775 711333
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