Plan ahead to file accounts on time and avoid penalties

If you have a SEPTEMBER deadline for filing your accounts, leaving it until the last minute risks being hit with a fine.

All limited companies, whether they trade or not, must deliver annual accounts to Companies House each year. Directors are advised to file early, rather than leaving it until the 11th hour, when unforeseen circumstances could prevent you from being on time with the risk of financial penalties.

Directors have lots of responsibilities, including keeping company records up-to-date and making sure they’re filed on time. You need to understand your role as a director, the importance of remaining compliant and how late filing could affect your company.

Missing your filing deadline could affect your credit score or access to finance. It can affect how others view your company and whether they want to do business with you. There are also financial penalties and legal consequences – you could get a criminal record, a fine or disqualification.

It’s one of your responsibilities, as a director, to make sure your accounts are filed on time.

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