A timely reminder?Posted 2016 by admin
New data shows that businesses in the UK have already been fined more than £65 million since April last year for failure to submit their accounts on time.
The figures released by Companies House show that between April and December 2015 more than 140,000 penalties were issued to businesses.
In comparison the whole of the 2014/15 financial year saw nearly 179,000 penalties issued, totalling fines of around £84 million.
Late filing penalties were initially introduced more than 20 years ago to encourage directors to file their accounts and report on time.
All companies – large or small, trading or non-trading – must send their annual accounts at the end of their financial year.
If accounts are late a penalty is automatically imposed, starting at £150 for a private company whose accounts are not more than one month late, up to £1,500 if they are more than six months late.
Public companies are subject to much higher fines of £750 for accounts that are not more than one month late and up to £7,500 if it is more than six months beyond the deadline.
While there is always the possibility to appeal, the majority of penalties are not cancelled and any appeal will place an additional financial and administrative burden on the business. So far this year around 24,000 appeals have been lodged, of which 4,427 were not collected due to discretion and 641 that were cancelled outright.
Often the easiest option is to appoint a professional who can help you collate your accounts and submit them on time.
If you would like assistance completing your annual company accounts, please contact Chris Davies on 01635 555 666 or email@example.com