In situations where a UK company does not submit it accounts within the required deadline, late filing fees or penalties may be incurred.
Companies House is permitted by law to levy fees on late submission based on a scale which increases depending on the length of time which has lapsed following the filing date and on what type of company has committed the offence.
A periods of less than three months, the late filing fee is £100 and £500 for private and public companies respectively.
For accounts which are filed between three and six months late, the penalties are increased to £250 and £1,000 and then to £500 and £2,000. Finally, for submissions which are overdue for more than one year, the fees are £1,000 and £5,000 respectively.
The period from which a late filing penalty will start will be the day after the statutory submission date for the accounts. It will not be from the company’s accounting year end date.
In the majority of cases the fees are automatic and must then be paid, subject to any appeal against a late filing fee which is initiated by the company because it believes that there a mitigating circumstances.
