Increased penalties for late filing of company accounts
October 2008
Limited companies need to be aware of significant increases in the penalties for late filing of accounts. Currently, firms submitting their accounts late face a £100 penalty if the accounts are delivered up to three months after the date they are due, rising to £500 where they are more than six months late. From 1 February 2009, the amounts will be increased to £150 for accounts delivered up to one month late, rising to £1,500 where they are more than six months' late.
In a further change to the existing procedures, the time allowed for delivering accounts has been reduced. At present, the delivery time allowed for accounting periods that start before 6 April 2008 is ten months from the end of the relevant accounting period (although special rules apply to filing a company's first accounts after incorporation).
Under the new Regulations, however, the time for filing accounts for accounting periods that start on or after 6 April 2008 has been reduced from ten months to nine months after the end of the relevant accounting reference period (again, special rules apply to filing a company's first accounts). The same reduction will apply if a company has changed its accounting reference date.
Return to category: Newsletter: Brilliant News - October 2008