The consequences of not filing your company accounts on time

Filing your company accounts on time is one of the most important things when starting your own business. However this can be easily forgotten in the midst of everything else. Our Bolton based Bolton accountants can help file your accounts to take the pressure off you.

Accounts need to be filed with Companies House within nine months of the end of the accounting period. You’ll have to pay penalties if you don’t file your accounts by this deadline. The penalty is £150 for accounts up to a month late, rising to £1,500 for accounts which are over six months late.

When accounts are not filed on time there can be other adverse effects for example on credit rating or the commercial image of the company.

The company’s Corporation Tax return must be filed with HMRC within twelve months of the end of the accounting period and any Corporation Tax due must be paid within nine months. This means most companies have their returns prepared within nine months in order to know their tax liability. If companies fail to file on time, the initial penalty is £100 and increases with time.

It’s a bad idea to leave matters until the last minute. For example, if bonuses have accrued, to be eligible for tax relief they must be paid within nine months of the end of the accounting period and completing computations at the last minute could lead to additional Corporation Tax and cash-flow problems.

Whilst companies should complete their accounts in good time, they can of course choose not to file them until the deadline where they contain commercially sensitive information.

Regular late filing may cause concern with HMRC and increase the likelihood of an enquiry. It’s important, therefore, to file on time with all the relevant authorities.

For more advice about filing your company accounts in time, click here to contact us and our Bolton accountants will be on hand to help.


This article is for general guidance only. It provides an outline, and may not include points which are important to your situation. You should not depend on this blog without taking advice based on the full facts of your case. The information given was correct at the time of publication.

DID YOU FIND THIS USEFUL?

Share it with your network:  

Want more great content?
Sign up to our newsletter

    Follow us

    Tweets by @CHW-accounting

    CHW-Accounting
    @chw-accounting


    Twitter: chw_accounting

    Read enough?

    Want to find out how we can help you and your business? Get in touch today and let's have a chat.

    WHAT'S THE NEWS?

    Grab a biscuit and a brew and read our latest news.

    19 February 2024

    Tax changes – What’s new in 2024?

    by

    We are now well and truly into 2024 and before you know it the end of the 2023/24 tax year on 5 April will be upon…


    Read more >

    12 February 2024

    National minimum wage – a quick guide to the...

    by

    The government sets a national minimum wage and a national living wage to guarantee that workers get a minimum standard of pay. It is a legal…


    Read more >

    7 February 2024

    HMRC to target undeclared dividend payments

    by

    HMRC have advised the Chartered Institute of Taxation (CIOT) that they have commenced a ‘One to Many’ letter campaign directed at taxpayers who HMRC suspect may…


    Read more >

    7 February 2024

    One week on from Self-Assessment deadline

    by

    We are now a week on from the self-assessment filing deadline of 31 January and figures show that more than double the number of taxpayers failed…


    Read more >

    5 January 2024

    Cut to National Insurance from 6th January 2024

    by

    From Saturday 6 January, the average earner will be almost £450 a year better off according to the government.  However, the reality is that due to…


    Read more >

    YOUR CHALLENGES

    No matter what your challenge is, we’ve probably dealt with it before.



    Need an Accountant?

    Get in touch >


    Need an Accountant?

    Get in touch >


    Tax issues?

    Find out more >


    Tax issues?

    Find out more >


    Trying to grow your business?

    We can help >


    Trying to grow your business?

    We can help >


    Managing cashflow?

    We can help >


    Managing cashflow?

    We can help >


    Starting a business?

    We can help >


    Starting a business?

    We can help >


    Looking for funding?

    Need help with funding? >


    Looking for funding?

    Need help with funding? >


    Buying or selling a business?

    We can help >


    Buying or selling a business?

    We can help >


    Adopt the cloud?

    We can help >


    Adopt the cloud?

    We can help >


    What else can we do for you?

    We can help >


    What else can we do for you?

    We can help >
    CONTACT US

    Get in touch, no hard sell, just a brew, a biscuit and a chat.