As a Company Director, you are required to file your company or limited liability partnership (LLP) accounts on time. You can see more about your responsibilities here . In this article we focus on penalties, payments, and appeals.
The table below shows you your Companies House deadline, based on the type of filing you are completing. If in doubt, check with an Avanti accountant .
Should you fail to submit your accounts on time, you will receive a penalty notice. This will inform you of the penalty received and how to pay. The size of the penalty will depend on how late the accounts are when they are delivered to Companies House in a correct format.
If this is the second consecutive year you have failed to submit on time, the penalty will be doubled under the Companies Act 2006
How To Pay
Companies House recommend paying by BACS or Cheque.
REMEMBER to include your company number on the back of the cheque, and to include the remittance slip provided by Companies House.
If paying by BACS, your transaction reference should be your company number followed by your company name. This information is required to enable Companies House to allocate your payment.
Send cheques as signed for post so you can track their delivery.
Can I Pay In Instalments?
If you are unable to make payment, contact Companies House in writing to request a payment plan. You will be expected to explain why you are unable to make the payment in full.
Don’t expect a generous 3 year plan – you’re not buying a car, Companies House will want it paid in monthly payments spread over a short period.
Failure to pay will result in your debt being passed to a debt recovery company – if you still fail to pay, legal action will be taken!
How do I appeal?
You do have a right to appeal, but it’s success is dependent on whether or not the circumstances are exceptional.
The following are examples of what is not considered exceptional;
- You thought your accountant had filed.
- Your company is dormant.
- You cannot afford to pay
- This is your first year.
You can appeal electronically by completing the e-form found here and sending it to email@example.com
Although Companies House will not see it as a legitimate excuse, it can be easy to overlook your statutory deadlines, while juggling all of the things you have to as a business owner.
Contact Avanti (08000) 388 799 to see how we can help you with proactive reminders of your upcoming deadlines, electronic document approval and transfer so you can approve your accounts on the go, paired with expert advice throughout the year to help move you and your business forward.