Filing Company Accounts: Important Facts to Know
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Extension of Account Filing Deadline If your company accounts are late, you may be entitled to ask for an extension of time to send them to Companies House. Your eligibility for extension depends on the circumstance such as an unforeseeable occurrence outside the company's and auditors' control, or there are other extreme mitigating circumstances. However, you need to make sure to apply for the extension in written form before the final date.
Delayed Company Account Filing What happens if the date has already past? If you fail to file your accounts on time, the firm will be fined automatically. The penalty increases the longer you wait to file, and if you file late two years in a row, the penalty is doubled. Tariffs for public limited businesses are also higher than for private enterprises. Failure to submit the company accounts is considered as a criminal offence, and the firm's directors (and company secretary) might face substantial personal penalties and possibly disqualification from the post of director.
Failure to deliver business accounts might lead to the firm being removed from the public register. Many individuals are shocked at how fast a company's registration may be revoked. Section 1000 of the Companies Act of 2006 explains the procedure in full. The registrar will consider you to have failed to provide your company accounts on time if you do not.
Dormant Company Account Filing
If your company is dormant, do you need to file company accounts? Well, Yes. Regardless of the size or whether or not a company has conducted any trading operations, all private and public limited businesses must submit their accounts with Companies House. This implies that you must submit company accounts with Companies House even if your business is a micro-entity, non-trading, or dormant.
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