Warning after Companies House issues more than £90m in fines

A local tax specialist is warning small business owners across Llanelli not to overlook their Companies House filing responsibilities after figures were released showing over £90m of fines had been issued in just 12 months.

 

The £90m of fines were levied against firms filing company accounts late, but fines can also be issued for late delivery of annual returns. Annual returns are designed to gather a snapshot of company information including company secretary and directors, registered office address, shareholders and share capital. If documents are delivered late, Companies House also has the power to prosecute company directors and secretaries and even remove companies from the Register, in which case, the company assets become the property of the Crown.

Roger Bowen who runs TaxAssist Accountants in Llanelli said, “With the deadlines and demands of filing with HMRC, too often Companies House filing is overlooked, or even forgotten until it is too late.

“In these challenging times, businesses need to be using their cash and resources effectively, rather than incurring late filing penalties- especially given that Companies House can now levy eye-watering penalties of up to £3,000 for late filing of accounts.”

A spokesperson for Companies House said; “Non-compliant companies not only face penalties for late filing, but possible prosecution, risk a poor credit rating with the loss of potential customers. During the year up until 31 March 2011, Companies House prosecuted and convicted 1,904 directors for failure to file, either an annual return or set of accounts on time with Companies House.”

TaxAssist Accountants Llanelli is a local business, operating across Carmarthen, Llanelli and Swansea, providing tax and accountancy advice and services purely to small businesses.