Can you afford a £7,300 fine from Companies House?

You must file your company accounts, to avoid late filing penalties, Companies House is warning.

All companies must file annual accounts with Companies House each year, regardless of whether they are trading or not, or whether they are public or private. This applies to both large and small companies. LLPs are also subject to these rules.

Private companies and LLPs must file their first accounts within 21 months of the incorporation date, or three months from the accounting reference date, whichever is the longer period.

After this, companies and LLPs must file nine months before the end of the accounting reference period, while publicly listed companies have six months to submit their accounts.

Here are some simple steps to prevent your company from filing late:

• Mark your diary or calendar to remind you.
• Sign up for email reminders from Companies House.
• Allow for enough time for postage if you are filing via the post.
• File online to speed up the process.

The best way to avoid fines

The most effective way to submit your accounts on time is to outsource this responsibility to a qualified accountant.

A professional accountancy firm can maintain your financial records as well as submit all the relevant documentation to Companies House before the relevant deadlines. They will ensure you do not get handed a hefty fine, which can amount to £7,300.

To learn more about how an accountant could help you avoid fines and charges, get in touch.