Companies House is cautioning businesses to submit their company accounts on time to evade late filing penalties. It is mandatory for all companies, be they active or dormant, public or private, including LLPs, to file their annual accounts with Companies House each year.
For private companies and LLPs, the initial accounts must be filed within either 21 months of the registration date or three months from the accounting reference date, depending on which duration is longer. Following the first submission, companies and LLPs are required to file their accounts nine months prior to the conclusion of the accounting reference period. In contrast, publicly listed companies have a six-month window to complete their submissions.
Here are a few straightforward measures to help avoid late submissions:
- Note the deadlines in your diary or calendar.
- Register for email alerts from Companies House.
- If sending by post, allocate sufficient time for delivery.
- Opt for online submissions to expedite the process.
The optimal strategy to dodge penalties
Entrusting a certified accountant with the task of filing your accounts is the most reliable way to ensure timely submissions. Engaging a professional accountancy firm allows you to delegate the maintenance of your financial records and the timely submission of all necessary documents to Companies House, thereby avoiding a substantial penalty that could reach £7,300.
To explore how an accountant can assist you in steering clear of fines and fees, contact us today.