What are the penalties if I file late?
Unfortunately, things don’t always go to plan. As a client at Shaw Gibbs, you will always be informed about upcoming deadlines so as to avoid fines and penalties.
However, we sometimes have potential new clients approach us when their accounts are already overdue. Please see below the current penalty regime.
Confirmation Statements
Although there may not be a fine for filing your confirmation statement late, the potentially negative effect on your company’s reputation, as a result, could impact future relations with clients, investors and banks. Further to this, if a confirmation statement remains unfiled for 3 months, it could lead to Companies House striking off your company.
Annual accounts
For a Private Limited Company, the penalty for filing accounts late can range from £150 to £1,500 depending on how late they are filed. For a Public Limited company, it ranges from £750 to £7,500. As the director of a company, you are personally responsible for ensuring accounts are filed on time and there are additional consequences for those Directors if such deadlines are not met.
Corporation Tax Return
The penalty for filing your corporation tax return late is £100 if it is up to 3 months late. After 3 months, you may face a £10 daily penalty up to 90 days, thereafter, the penalty is 5% of the tax bill or £300, if greater.
Payroll
The penalty for filing your Full Payment Submission (FPS) late depends on the number of employees in your company.
| Employees | Monthly penalty |
|---|---|
| 1 to 9 | £100 |
| 10 to 49 | £200 |
| 50 to 249 | £300 |
| 250 or more | £400 |
If your FPS is filed more than 3 months late, expect to pay a penalty of 5% of the tax and national insurance that should have been reported.
For more information on how we can help please contact Leigh Smith, Accounts Director at leigh.smith@shawgibbs.com or call 01865 292200 if you would like further advice.