There are late filing penalties which are designed to encourage companies to file their accounts and reports on time. All companies, private and public, large or small, trading or non-trading must send their accounts to Companies House. A penalty is automatically imposed by Companies House if the accounts are late.
The table of penalties for late submission is as follows:
|
How late are the accounts delivered |
Penalty – Private Company |
Penalty – PLC |
|
Not more than one month |
£150 |
£750 |
|
More than one month but not more than three months |
£375 |
£1,500 |
|
More than three months but not more than six months |
£750 |
£3,000 |
|
More than six months |
£1,500 |
£7,500 |
Failure to file confirmation statements or accounts is a criminal offence which could result in the directors being personally fined in the criminal courts. Late penalties which are unpaid will be referred to collection agents and could result in a County Court judgement or a Sheriff Court decree against the company.
It is possible to appeal against a penalty, but it will only be successful if the appellant is able to demonstrate that the circumstances of the late filing were exceptional, for example, a fire destroying records a few days before the filing deadline.
According to Companies House guidance, an appeal is unlikely to be successful if it’s based on the following examples:
- your company is dormant
- you cannot afford to pay
- your accountant was ill
- you relied on your accountant
- these are your first accounts
- you are not familiar with the filing requirements
- your company or its directors have financial difficulties (including bankruptcy)
- your accounts were delayed or lost in the post
- the directors or LLP members live (or were travelling) overseas
- another director or LLP member is responsible for preparing the accounts.