Companies House has issued a crucial update directed at companies required to file their accounts by the close of September 2023, typically associated with financial periods ending on December 31, 2022.
In their communication, they stress that the obligation to furnish annual accounts extends to all limited companies, irrespective of their trading status, including dormant companies.
Embarking on the journey of managing your own company can be both thrilling and demanding. Directors shoulder a multitude of responsibilities, such as the upkeep of up-to-date company records and ensuring their punctual submission. It’s imperative to comprehend your role as a director, grasp the significance of remaining compliant, and appreciate the potential consequences of delayed filings on your company.
Failure to meet your filing deadline carries far-reaching implications. It could negatively impact your company’s credit rating, accessibility to financial resources, and its standing in the eyes of potential business partners. Moreover, non-compliance can result in financial penalties and legal ramifications, including criminal charges, fines, or disqualification.
For those utilising Companies House’s online services for filing, rest assured that you will receive email notifications confirming the receipt and registration of your accounts. Maintaining adherence to filing deadlines is pivotal in safeguarding your company’s reputation and financial standing.
The penalties for late filing are:
|Length of period (measured from the date the accounts are due)||Penalty for a private company or LLP|
|Not more than 1 month||£150|
|More than 1 month but not more than 3 months||£375|
|More than 3 months but not more than 6 months||£750|
|More than 6 months||£1,500|
Source: HMRC website.
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