If you’re a Director of a company please read on…

From 1st February 2009 all companies filing accounts late at Companies House will receive higher penalties.

There are three key changes being introduced:

• The first increases the level of the penalties to take account of inflation since the inception of the late filing penalty regime in 1992
• The second is a faster rate of increase in penalties for companies who file more than one month late
• The third sees a doubling of the penalty for companies that repeatedly file late.  Thus meaning that any company that files late for accounts with financial years beginning on or after 6 April 2008, should they file late again in the subsequent year, will incur a double penalty.

The new late filing penalties for private companies with effect from 1 February 2009 are as follows:

• Not more that 1 month late - £150
• More than 1 month but not more than 3 months late - £375 
• More than 3 months but not more than 6 months late - £750 
• More than 6 months late - £1,500

It should also be noted that for financial years beginning on or after 6 April 2008 the filing deadline for private companies reduces from 10 months to 9 months.

For more information on the increase to late filing penalties please click here