Welcome to one of the
Windermere & Bowness Chamber of Trade Articles pages. Here you will find
articles on Limited Company regulations.
The views expressed in
these Articles are not necessary those of the Windermere & Bowness Chamber
of Trade and are provide for information only.
On the 1st February
2009, limited companies filing accounts late at Companies House will
receive higher penalties. There will be faster escalation through
the penalty bands and a new double penalty will be introduced.
It is in the company's own interest to
file accounts on time. An accurate and up-to-date company record
is useful for potential business partners researching a company. A
failure to file on time leaves an incomplete company record giving a
potentially damaging impression.
There are three key elements to the
change. The first element increases the level of the penalties in
line with inflation since the inception of the late penalty regime in
The second element is shorter penalty
bands, designed to reduce the amount of time companies are in default.
Third the regulations introduce a double
penalty for companies the repeatedly file late. This means that
companies that file late for accounts with financial years beginning on
or after 6th April 2008 will incur a double penalty should they file
late again in the subsequent year.
Penalties coming into effect on 1st
February 2009 for late filing of Company Accounts.
than 1 month late
|More than 1
month but not more than 3 months late
|More than 3
month but not more than 6 months late
|More than 6