Accounts filing

Private companies and limited liability partnerships (LLPs) have nine months from the end of their accounting period to submit accounts to Companies House. The deadline is therefore fast approaching for those with 31 March year ends.

A late filing penalty can be as much as £1,500, even if a company is inactive:

• Up to 1 month = £150
• 1 to 3 months = £375
• 3 to 6 months = £750
• Over 6 months = £1,500

The penalty is doubled if accounts are submitted late two years in a row.

Given the holiday closures in December, don’t leave accounts submission to the last moment. This is particularly the case for LLPs who cannot file online. Also, you should allow more time if filing online for the first time.

In extreme circumstances – such as company records being destroyed in a fire – you can apply for a filing extension. This avoids a penalty but must be applied for before the original deadline.