Late Filing Penalties
Companies House late filing penalties for private companies and Limited Liability partnerships and why it is important to file your company accounts on time.
- If you do not pay in time it can be costly financially and reputationally.
Here we discuss the deadlines that you should work towards and the penalties that will be charged if you do not meet those deadlines on time.
As a business it is always best to have access to timely prepared financial information that is submitted on time and available to the business to make decisions throughout the year.
Third parties can also often ask to see your accounts (such as when applying for a loan or other finance). Not having that information to hand can cause delays.
The first set of accounts (if they cover a period of more than 12 months) must be filed with Companies House within 21 months of the date of incorporation, or 3 months from the accounting reference date – whichever is longer.
In subsequent years, a private company, or limited liability partnership, has 9 months from the end of the accounting reference date to file their accounts with Companies House.
If you are a director of a private company, or a designated member of a limited liability partnership, you are personally responsible for delivering the accounts to Companies House, within the above time frames.
If a filing deadline falls on a Sunday, or bank holiday, the law still requires you to file the accounts by that date. Please note that it is the date that Companies House receive these accounts that is relevant, not the date that you sent the accounts.
Late Filing Penalties
An automatic penalty is imposed if accounts are filed late.
The level of penalty depends on how late the accounts are in reaching Companies House.
For a private company, or limited liability partnership the current penalties are as follows:
|Length of period (measured from the date
the accounts are due)
|Not more than 1 month
|More than 1 month, but not more than 3 months
|More than 3 months, but not more than 6 months
|More than 6 months
It should also be noted that these penalties will be doubled in the event that accounts are filed late in 2 successive financial years.
You can apply to Companies House to extend your filing deadline, if unforeseen circumstances delay the preparation of the company financial statements. We can help to get you on track and keep you on track. Get in touch for details of how we may be able to support you and your business.
Shaw Austin are a firm of Chartered Accountants based in Chester supporting independent business throughout the UK. We take the headache out of business accounting and taxation by providing our clients with a personal service.
This article includes tax rates, dates or data, which are correct on date of publishing. This is a general article to assist readers. Professional advice should always be taken in respect of your personal circumstances.
Updated March 2023