If your company accounts are late two years in a row, your late-filing penalty would double up.
The company law introduces a late filing penalty to encourage companies to deliver their company accounts to Companies House on time. Generally, a limited company has 9 months to prepare and file its company accounts with Companies House. A public limited company, it has 6 months to deliver its accounts.
How to calculate the late filing penalty double up?
For example, you delivered your company accounts for the year ended 31 August 2020 late. You paid the late filing penalty relating to that account. In the subsequent year, for whatever reasons, you delivered your accounts for the year ended 31 August 2021 late again. This time, your late-filing penalty would double up.
Let’s say, you filed your company accounts for the year ended 31 August 2021 on 21 June 2022. It was one month late. In this case, your late-filing penalty would be £150 x 2 = £300.
The late filing penalty would be more expensive if your company is a Public Limited Company (PLC), it would be £750 x 2 = £1,500.
You can avoid the late filing penalty altogether. Consider hiring an accountant to assist you to comply with the Companies House filings. You can just focus on running your business.
Take note that you must also deliver your confirmation statement to Companies House on time. Failure to do this, Companies House may strike off your company from the Register.