Fines for failing to file accounts at Companies House on time almost quadrupled for some businesses over the weekend, while they doubled or trebled for others.
From February 1st, private companies whose accounts are filed less than three months, but more than one month, over their due date will pay £375, up from £100.
In addition, the late penalty imposed by the registrar for private firms that file late having failed to deliver last year’s accounts on time will double from the same date.
Fines for companies whose accounts are filed less than six months, but more than three months, past the deadline will treble, from £250 up to £750 from this month.
The new penalty regime applies to all accounts delivered late, even if a company’s accounts were already overdue before the February 1st commencement date.
Even if directors file just one day past the deadline, they will automatically receive a late administration fee of £150, up from the current penalty of £100.
The rises, which Companies House said explain inflation between 1992 and 2007, will dismay businesses, particularly small ones where cash flow has already tightened.
They compliment other changes due to take effect in October this year, such as a withdrawal of a concession that lets illegible accounts be re-filed within 14 days.
Feb 2, 2009
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