If you have registered as a limited company with Companies House, you will have to submit your annual company accounts. This is a legal requirement.
Failing to submit annual accounts, or submitting them late, will result in financial penalties. You can even be struck off the register of companies in certain circumstances.
What Happens if I Don’t Submit Annual Accounts?
If you do not submit your annual accounts by the official deadline you must meet, then you will have to pay a financial penalty.
If you fail to file your accounts altogether, then you risk being struck off the register of companies.
But annual accounts are not just something you must comply with. They are also a valuable tool in providing you with a clear picture of your business’s financial health.
Therefore, if you fail to submit them, you are also putting your company at risk, because it is much less likely that you will have clarity you need to understand your current position, and to plan for the future.
What is the Deadline for Submitting Accounts to Companies House?
When you first incorporate your company, you are given an accounting reference date (ARD). This date is your financial year-end.
- In your first year, you must submit your accounts within 21 months of incorporating your company
- After this, each year, you must submit your accounts within nine months of your ARD.
For example, if your ARD is 31 June 2018, then every year, you would need to submit your annual accounts by 31 March the following year.
What is the Penalty for Late Filing of Accounts?
The penalty for late filing of accounts is a sliding scale, which increases according to the time after your deadline.
Currently, these penalty rates are:
- £150, up to one month late
- £350, one to three months
- £750, three to six months
- £1,500, over six months.
Is there a Fee for Submitting Accounts to Companies House?
There are no fees for submitting your accounts to Companies House.
Before filing your accounts, you should check what kind of accounts you need to file – small companies and micro-entities can file simpler accounts.
How Long Do You Have to Submit Company Accounts?
You have nine months from your financial year end, or ARD, to submit your company accounts.
You must continue to submit your annual company accounts for as long as you have a registered limited company. This applies whether your company is trading or not.
Help With Your Annual Accounts
For more information about our accountancy services to help with your year-end accounts, please call us on 020 8088 2590, email enquiries@vennaccounts.co.uk, or complete our contact form, and we will be back in touch as soon as possible.
