What Happens If I Miss My Company Deadlines?
All Limited Companies need to file a confirmation statement and their annual accounts on an annual basis, this is still true for dormant companies. But what happens, and what should you do, if you miss the deadline for filing?
The Confirmation Statement
What is it?
The Confirmation Statement is done to ensure that the details held by Companies House are true for the current standing of the company. For example, no shareholders have resigned and no new directors have been taken on. All you need to do is Confirm with Companies House that the details are correct.
When is it due?
For the first statement, it needs to be filed no later than 1 year and 13 days from the date of incorporation. The following statements are then carried out annually.
For example, a company incorporated on 01/02/2018, would need to file its first confirmation statement by 14/02/2019, with subsequent ones being filed annually from that date.
What happens if I miss the deadline?
Companies House states that:
Failure to file confirmation statements... is a criminal offence which can result in directors being fined personally in the criminal courts... The registrar may also take steps to strike the company off the public record if these documents are delivered late. There is no late filing penalty imposed on confirmation statements... that have been filed late.
In short, there's no fine for submitting it late, however, they can start legal proceedings against you and potentially strike the company off the public register.
The Annual Accounts
What are they?
Annual accounts detail the financial happenings that's been going on throughout the year. Even if the company has never traded, they still have to file Dormant Accounts (form AA02).
When are they due?
The first set of Annual Accounts have to be filed no later than 21 months after the company was incorporated. Following submissions should be filed no later than 9 months after the Accounting Reference Date. For more on this check out our previous post on accounting periods.
What happens if I miss the deadline?
Your company will be in a similar situation as when missing the deadline for the Confirmation Statement. The main difference however, is the company will be liable to pay a penalty fee; these fees change depending on how late the accounts are filed.
| How late | Fee |
|---|---|
| 0 - 1 Month | £100 |
| More than 1 month but no more than 3 months | £375 |
| More than 3 months but no more than 6 months | £750 |
| More than 6 months | £1,500 |
Source: Companies House Guidance: Late Filing Penalties, 2018
Also, penalties will be doubled if they are filed late in 2 successive financial years.
Is there a way of avoiding the penalty?
There is, but you either have to have a good reason for not filing on time, you must be able to prove that you filed late because of circumstances that were out of your control and made it impossible for you to meet the deadline. For more information on appeals, check out the gov.uk website.
Further Reading
You can find out more about Company Accounts in the Company Wizard support guide.
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