In the recent few months, HMRC and Companies House have increased the late filing penalties payable by companies that file their accounts, and as such we feel that it is extremely important that you are fully aware and up to date on what these increases are and how they will affect your company should you continue to file your accounts late.
The current penalties for private companies are as follows:
Not more than one month late £150
More than one month, but not more than three months late £375
More than three months, but not more than six months late £750
More than six months late £1500
In addition, penalties will be doubled if the if the company files its accounts late in two successive years.
As well as the automatic penalties, the Registrar also has the power to strike a company off the register and take legal action against directors and secretaries personally, which could result in fines of up to £5,000 for each overdue document. Also, a director who is in breach of his duty to prepare and file accounts may be disqualified from being a director of any company for up to 5 years.