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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.
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. |
