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 one month, the late filing fee is £150 and £750 for private and public companies respectively.
Where the financial statements are delivered between one and three months after their due date, the late filing penalties increase to £375 and £1500 for the respective company types.
For accounts which are filed between three and six months late, the penalties are increased to £750 and £3000 and then finally to £1500 and £7500 respectively for submissions which are overdue for more than six moths.
At each stage of the above late filing penalty scale, the amount charged is will multiplied by two should the company fail to deliver correct financial statements to the Registrar on Companies two years in succession.
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.