Companies filing their accounts after the due date will pay a bigger late filing penalty from 1 February 2009. The increases in the charges are substantial and are intended to reflect the increase in inflation between 1992 and 2007.
Private companies are normally required to file their accounts within 9 months of the end of the accounting period. Those that file late, but within a month of the due date, will be fined £150. There is an ascending scale of charges if the filing is further delayed. Missing the deadline by more than 6 months will lead to a fine of £1,500.
Public companies must file their accounts within 7 months of the end of the accounting period (6 months for accounting periods starting on or after 6 April 2008). Failure to file by the due date will lead to a fine of £750. Again, an ascending scale applies. Missing the deadline by more than 6 months will lead to a fine of £7,500.
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