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Check Accounts Filing Deadline
Check Accounts Filing Deadline (Guide)
Who needs to file accounts to the Companies House?
All organisations registered at Companies House must file their accounts with the Companies House every year. Whether an entity makes a profit or a loss, does not trade, or is dormant, it is a legal requirement.
When submitting a company tax return, you must file company accounts with HM Revenue and Customs (HMRC). Filing simultaneously with Companies House and HMRC via the HMRC website is possible.
What are annual accounts for?
A company's annual accounts are of interest to multiple stakeholders; therefore, accuracy and completeness are important. If they apply to a firm, the following parties usually want access to its accounts.
| Companies House | Companies House serves as the registrar of companies in the UK, requiring all limited companies to submit their annual accounts. These accounts are accessible to the public. |
| Shareholders/ Investors | A corporation with shareholders who don't engage in day-to-day operations can get a copy of the yearly accounts. This informs them about the entity's, liquidity, performance and solvency. |
| HMRC | A company's Corporation Tax return is typically prepared alongside the accounts to notify HMRC of the amount of tax owed. |
| Creditors | Creditors will want to see a company's yearly accounts to assess its health and ability to make repayments, as well as to assess the risk of future loans |
Companies House deadlines
Even if a business is not in operation, it is still required to file an annual confirmation statement and annual accounts (inactive firms can file dormant company accounts).
The incorporation date and each of these have a related due date:
| Confirmation statement filing deadline | 12 months after either the date of incorporation or the submission of the previous confirmation statement. |
| Annual accounts deadline | First set of accounts- 21 months after the incorporation date. Subsequent accounts- within 9 months after the end of the company's financial year. |
Are there penalties for filing late?
Yes, Companies House penalties were introduced in 1992 to ensure timely submission of documents. There are fines for filing after the deadline; the fine you must pay will depend on how late you file:
| Duration | Penalty for Private/ LLP Company | Penalty for Public Company |
|---|---|---|
| Late less than 1 month | £150 | £750 |
| Late 1 month to 3 months | £375 | £1,500 |
| Late 3 months to 6 months | £750 | £3,000 |
| Late more than 6 months | £1,500 | £7,500 |
The critical point is that the penalty will double if you file late for two consecutive financial years.
For instance, a private company has an accounting period ending on 30 June 2024. Since we are specifically not talking about first accounts, we would use nine months—the deadline for filing annual statutory accounts is 31 March 2025.
If submissions are late by 2 days, which is 2 April 2025, the penalty will be £150. The amount will double next year if there is a late submission of accounts again.
What are the consequences of not filing?
It is a criminal office not to file accounts with the Companies House. The directors and the designated members can be personally liable for this default.
The entire set of criminal proceedings can be initiated against the company by the Companies House.
There is no offence in late submission, but the registrar can take steps to punish the company.
How to avoid a penalty?
The central question that pops up is how to avoid the penalty.
The solution is to be vigilant and aware of all statutory timelines. Other steps to avoid penalties are:
- If submitting a paper version, allow enough time for reports to reach the Companies House within the deadline.
- Mark your deadlines on email/ calendar reminders.
- Instruct accountants to stay in sync with the time limit.
- In case of any doubts, check the due date.
How are accounts delivered?
Accounts can be filed online or via post.
If preparing accounts yourself, you can submit your company accounts to the Companies House credentials via the web filing portal. Else, if you have an accountant, then you don't need to worry about this. They will file the accounts with the Companies House.
Can the deadlines be extended?
Submitting the accounts on time is essential, but the accounts filing deadline can be extended for certain uncontrollable external factors.
Registrar's discretion
The registrar has the discretion not to levy any penalty when a company submits its accounts late. The act only mentions the registrar's discretion in collecting the penalty. This discretion is also valid in certain exceptional circumstances where the Companies House stands responsible for late filing.
Appealing against penalty
Companies also have a legal right to appeal against penalties under exceptional circumstances. The possible reasons for rejection include:
- Your company is dormant
- You cannot afford to pay
- Directors have financial difficulties
- Accounts are delayed
- You did not know when to file
- You did not know how to file
Can I prepare my limited company accounts?
You can prepare your limited company accounts yourself, but following all the legal and regulatory requirements is essential. Here are the steps and considerations for preparing limited company accounts:
| Maintain accurate records |
|
| Prepare Financial Statements |
|
| Include notes to the accounts | Provide additional information and context for financial statements. |
| Director's/Auditor's report | Incuyluse audit reports and Directors report, if required. |
| File accounts with Companies House | Submit annual accounts within 9 months of the financial year-end. |
| Submit corporation tax return |
|
Keep detailed records of financial transactions (invoices, receipts, bank statements).Considerations:
- Accounting standards: Comply with UK GAAP or IFRS.
- Accuracy and completeness: Ensure financial statements are accurate and complete to avoid penalties.
- Professional assistance: Consider using an accountant for compliance and time savings.
- Software tools: Utilise accounting software like QuickBooks, Xero, or Sage for efficiency.
Corporation tax and company tax return deadlines
Corporation tax is a tax imposed on the profits of limited liability companies. The Company Tax Return, which must be submitted to HMRC, determines the amount of Corporation Tax you must pay.
- Registering for Corporation Tax deadline: Within three months of any company activity beginning
- Paying Corporation Tax bill deadline: 9 months and one day after the end of your accounting period, unless your company is classified as large.
- Filing your Company Tax Return deadline: 12 months following the end of the accounting period for Corporation Tax.
The penalties in case of default are as follows:
| Time after deadline | Penalty |
|---|---|
| 1 day | £100 |
| 3 months | Another £100 |
| 6 months | 10% of the estimated unpaid tax |
| 12 months | Another 10% of any unpaid tax |
The £100 penalties are increased to £500 if the tax return is consistently late thrice.
How to pay Companies House penalties
You can pay the Companies House penalties through three modes:
- Paying online, telephone banking or BACS
- Credit / Debit Card
- Cheque
Click here to make the payment.
How to pay HMRC penalties
You can pay the HMRC penalties through three modes:
- Paying online, telephone banking or BACS
- Credit / Debit Card
- Cheque
Click here to make the payment.