HMRC does not mess around when it comes to late filing of your company’s records.
What are late filing penalties?
Late filing penalties were introduced in 1992 to encourage directors of limited companies to file their accounts on time because they must provide this statutory information for the public record.
What changes have been introduced?
All penalties have been increased to take account of inflation between 1992 and 2007.
A faster rate of increase in penalties for companies who file more than one month late.
A doubling of the penalty for any company which files late having also filed late in the previous year.
What are the new late filing penalties?
The new table of penalties is a follows:
How late are the accounts delivered
Penalty – Private Ltd Company
Penalty – PLC
Not more than one month
More than one month but not more than three months
More than three months but not more than six months
More than six months
In addition where there was a failure to comply with filing requirements in relation to the previous financial year (and that the previous financial year had begun on or after 6th April 2008), the penalty will be double that shown in the table.