Elevated Late Filing Penalties For Annual Balances

Elevated Late Filing Penalties For Annual Balances

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The penalties for that late filing of annual balances rose by 1 Feb 2009.

The Businesses Act 2006 provides that companies must deliver annual accounts towards the Registrar of Companies in time which a late filing penalty is going to be payable when the accounts are delivered late. These penalties were initially introduced in 1992 to inspire company directors of limited companies to file for their accounts promptly because this statutory details are needed for that criminal record.

The Feb 2009 changes include a rise in penalties generally, a quicker rate of rise in the amount of the penalty for businesses filing several month late along with a doubling from the penalty for anybody filing late 2 yrs consecutively. Penalties now go to:

· £150 for filing up to and including month late

· £375 for 1-3 several weeks late

· £750 for several-6 several weeks late and

· £1500 in excess of 6 several weeks late.

Flat management and dormant companies should be aware that many of these penalties affect them also as buying and selling companies.

It is essential that you make certain you permit sufficient time for the accounts to become filed inside the period mentioned within the Companies Act, so be sure that your records receive for your accountant or accountant to organize in sufficient time, considering their busy periods. It’s also wise to remember that penalties won’t be waived for papers which are delayed within the publish, so allow ample time and don’t let it rest before the last second to transmit your documents off.

When you wish to get the company annual accounts of a private company, you can rely only on the experts. Getting financial data of a public company is easier as compared to that of a private one. However, there are firms that provide this sort of service. You simply need to research.

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