Late filing fines top £6.3m

Date: 18th July 2011

Small businesses could be tempted to seek professional help with their bookkeeping following the publication of new figures from Companies House.

The latest data released by the executive agency has shown that fines were imposed upon more than 12,000 firms last month.

According to the report, 12,739 businesses incurred a fine, with the total value of the penalties coming to £6,305,000.

This represented a rise from May this year, when £5,492,000 was amassed from 12,154 incidents of late filing.

Under current rules, a private company has nine months from the end of its accounting reference period in which to deliver its accounts.

The agency has issued advice to businesses in order to help them avoid a penalty.

"Allow enough time to ensure that your accounts reach Companies House within the period allowed. If a filing deadline expires on a Sunday or Bank Holiday the law still requires accounts to be filed by the due date," the agency explained.

"To help you file on time mark your diary or calendar to remind you in good time of the filing deadline, read the filing reminders we send to your registered office and if appropriate, instruct your accountants in good time and remind them of the need to prepare and deliver your accounts on time."

Posted by Emily Smith