Concise Accountancy

Accountants and Registered Auditors

Company accounts

How to avoid late filing penalty

How to avoid late filing penalty is simple. As you already know every limited company must file their accounts by due date. For this reason, all you need to do is to find out when is your due date and plan backward.

On the other hand, if you are not sure when is your company’s accounts filing due date, use Companies House Web check service to check or ask your accountant.

Ordinarily, Companies House will issue late filing penalty if your company accounts were submitted late. You must pay the penalty and no excuse unless your circumstance is exceptional.

Avoid late filing penalty

Principally, your company director has a duty to ensure your company accounts are delivered to Companies House on time.

For instance, a private limited company (LTD) is allowed to file their company accounts with Companies House within nine months after the accounting year ended. Whereas a public limited company (PLC) has six months to deliver their company accounts.

Guaranteed royal mail service

First of all, if your company filing deadline is next day. With this in mind, you may like to consider using guaranteed next day delivery post service.

First thing to remember the first class mail in the UK does not guarantee next day delivery. You will get late filing penalty if your company accounts reach Companies House late even by just one day. The penalty is £150 if your company is a limited company and for a public company you will receive a £750 penalty notice.

Accounts rejected by Companies House

In circumstance where you delivered your company accounts on time but later your account was rejected. For example, your director has not signed the balance sheet page. In other words, your company accounts do not meet the requirements of the Companies Act 2006. Later, you resubmit your accounts with Companies House and this time you already passed the due date. In this situation, you will receive late filing penalty. Thus, you must allow contingency plan for this kind of unforeseen situation.

Reminders for yourself

If you already know your company accounts filing deadline, mark your company accounts filing deadline in your diary or smartphone calendar. Set alert to remind yourself and to allow ample of time to prepare your company accounts and submit with Companies House.

Reminders from Companies House

Generally, Companies House sends out reminders to your company registered office address. Practically, you must act on reminders from Companies House promptly.

Besides, HM Revenue and Customs also send important letters to your company registered office. Usually, they require your directors must take some form of actions relating to your company tax affairs.

On the other hand, if you are unable to access mails sent to your company’s registered office address. Thus, it is time to change it. At the same time, you must notify Companies House of your new registered office address within 14 days accordingly.

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