TT131: Get Your Company Accounts in on Time!

February 22, 2009

From 1 February 2009 the late filing penalties for company accounts have risen. Remember, the deadlines and penalties apply not only to limited companies, but also Limited Liability Partnerships (LLPs).

Filing deadlines

For accounting periods starting before 6 April 2008:

  • Limited companies and LLPs – ten months after the accounting period end.
  • Plc companies – seven months after the accounting period end.

For accounting periods starting on or after 6 April 2008:

  • Limited companies and LLPs – nine months after the accounting period end.
  • Plc companies – six months after the accounting period end.

First periods of account for new companies and LLPs have subtly different rules and their dates should be double-checked. Further information can be found in Topical Tips 114 (April 2008).

New filing penalties

From 1 February 2009 the new filing penalties are:

New rules Ltd & LLP New rules Plc Old rules Ltd & LLP Old rules Plc
Up to one month overdue £150 £750 £100 £500
Over one month and up to three months overdue £375 £1,500 £100 £500
Over three months and up to six months overdue £750 £3,000 £250 £1,000
Over six months and up to twelve months overdue £1,500 £7,500 £500 £2,000
Over twelve months overdue £1,500 £7,500 £1,000 £5,000

The above penalties apply to all accounts filed after this date, regardless of the accounting period. More details on the new penalties can be found via this link to Companies House.

Barnes Roffe Topical Tips

  • Plan ahead for the change to the rules.
  • Ensure you understand the impact on your company’s position.
  • In certain circumstances audit exempt abbreviated accounts can be filed on-line.
  • Speak to your Barnes Roffe partner if you have any questions.
Talk to Barnes Roffe today
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