Companies filing their accounts after the due date will pay bigger late filing penalties from 1 February 2009. The increases in the charges are substantial and intended to reflect the increase in inflation between 1992 and 2007.
Private companies are required to file their accounts within 10 months of the end of the accounting period (9 months for accounting periods starting after 6 April 2008). Those that file late, but within a month of the due date will be fined £150. There is an ascending scale of charges if the filing is further delayed. Missing the deadline by more than 6 months will lead to a fine of £1500.
Public companies must file their accounts within 7 months of the end of the accounting period (6 months for accounting periods starting after 6 April 2008). Failure to file by the due date will lead to a fine of £750. Again, an ascending scale applies: missing the deadline by more than 6 months will lead to a fine of £7500.
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Late Filing Fees Hike for Companies
The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.
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