Is missing your Companies House deadline worth the risk?

Limited companies in the UK must all submit annual accounts to Companies House. These documents ensure that a business’ public information is accurate.

Failing to submit these documents on time to Companies House can lead to substantial penalties.

So, the critical question is – can you really afford to overlook your Companies House deadline?

Breaking down accounting responsibilities

At your company’s financial year-end, you’re obligated to prepare comprehensive annual accounts and a Confirmation Statement for Companies House. These annual accounts, due nine months after your financial year ends, should include:

• A balance sheet detailing your company’s assets, debts, and outstanding amounts on the final day of the financial year
• A profit and loss account showing sales, costs, and the profit or loss over the financial year
• A report from the director

Notes accompanying the accounts

If your company meets two or more of the following criteria, an auditor’s report is also necessary:

• An annual turnover exceeding £10.2 million
• Assets valued over £5.1 million
• A workforce of 50 or more

Your accounts must comply with either the International Financial Reporting Standards or the New UK Generally Accepted Accounting Practice.

Additionally, you need to file a Company Tax Return (CT600) with HM Revenue & Customs (HMRC) 12 months after your accounting period ends.

Typically, you have nine months and one day from this point to settle your Corporation Tax.

The importance of the Confirmation Statement

Besides your accounts, a Confirmation Statement is mandatory. This document confirms the accuracy of key company details, including:

• The registered office address
• Director details and their remuneration
• Location of company records
• Your SIC code
• Statement of capital and shareholder details, for companies with shares
• Register of ‘people with significant control’ (PSC)

The filing deadline for this statement might differ from your accounts deadline. It’s usually a year after incorporation and annually thereafter.

Companies House provides an email reminder service to help you remember this date.

Consequences of missing deadlines

Failing to meet your Companies House deadline can lead to hefty penalties. Late submission of accounts can attract fines up to £1,500 for delays over six months.

This fine doubles for consecutive late filings. Late Company Tax Returns can incur a £100 fine for a single day’s delay, escalating to 20 per cent of your unpaid tax after a year, in addition to your Corporation Tax.

Not filing a Confirmation Statement can also lead to serious issues, including fines up to £5,000 or even company dissolution.

Can you challenge penalties?

You can contest a late filing penalty if you have a valid reason for missing the deadline. For a successful appeal, you’ll need to provide:

• Your company’s Unique Taxpayer Reference (UTR)
• The date on the penalty notice
• The penalty amount
• The end date of the accounting period in question

However, it’s advisable to request a deadline extension in advance to avoid penalties. If unforeseen circumstances arise, apply for an extension before your accounts are due to avoid fines.

Need assistance?

Filing with Companies House annually is crucial for keeping your company’s information current and demonstrating financial compliance.

If you need assistance in preparing your accounts for Companies House, please reach out to us for expert guidance.