Fines face firms not looking ahead

Given the onset of the widely unforeseen credit crunch and global recession, onlookers would be forgiven for thinking most businesses would be on the look-out.

But a quarter of companies are not making any preparations for future opportunities and risks, according to a reported study by Barclays and the Institute of Directors.

Only a third of the 600 business chiefs questioned felt that the UK had a forward-thinking culture, says the jointly commissioned study, seen by the Financial Times.

Just over a quarter of the company owners and senior managers responding admitted losing revenue and profit due to a lack of analysis about ‘what-if’ scenarios.

Ominously for the government’s new focus on the UK’s digital sector and its role in the economy, telecoms, IT and media companies were the worst at thinking ahead.

The alert that top decision-makers are neglecting to change their business in line with future requirements or conditions is timely for the UK’s limited company owners.

From February 1, 2009, the late-filing penalty fee for private companies filing a copy of their annual accounts with Companies House will increase dramatically.

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.

Directors who fail to file within three months after deadline will be fined £375, up from £100, while those filing inside of six months late will pay £750, up from £250.

Company owners whose accounts are not filed more than six months after deadline face fines of £1,500, up from today’s £500 charge for firms filing 12 months late.

“The message is clear,” reflected chartered accountant Blevins Franks. “If you are responsible for the management of a limited company make sure you give yourself plenty of time to prepare and file accounts on time.”

Company owners are advised to check the Companies House website before they plan to file, given site updates or maintenance sometimes make it unavailable or restricted.


22nd December 2008

Related News

Latest News