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Articles - Company Accounts

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.

 

Key Elements.

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 1992.

 

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.

 

Lateness of Delivery Private Company Public Company
Not more than 1 month late £150 £750
More than 1 month but not more than 3 months late £375 £1,500
More than 3 month but not more than 6 months late £750 £3,000
More than 6 months late £1,500 £7,500

 


 

 
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