Companies House - Late Filing Penalties
Late filing penalties issued by Companies House for failing to submit company accounts or reports on time is not something new however, it is something worth noting.
Legislation dictates the time frame permitted for such filing and also imposes a penalty on companies that fail to file within the permitted time frame. As officers of a company, it is the responsibility of the directors to ensure that accounts and reports are filed timeously.
The late filing penalties for private companies range from £150 to £1,500 depending upon how late they are filed. Penalties for public companies are much higher and range from £750 to £7,500.
It is imperative that accounts are submitted to Companies House in plenty time to allow for any necessary amendments to be made prior to the submission deadline. Even where accounts were initially filed timeously, if they are rejected by Companies House for whatever reason and the submission deadline has passed before they are subsequently filed, a late filing penalty shall still be imposed.
Whilst Companies House has discretion to overturn a penalty imposed, this will only be permitted in exceptional circumstances; reliance upon an accountant or other director, financial difficulties or not being familiar with the process or filing requirements generally shall not be sufficient.
If you have any queries regarding company administration generally or your duties as a director, for more information please contact Kirstin Ejsmont or call 01224 632 464.
