Increase in fines for late filing of accounts

The Companies (Late Filing Penalties) and Limited Liability Partnerships (Filing Periods and Late Filing Penalties) Regulations 2008 came into force on 6 April 2008.

The regulations amend, with effect from 1 February 2009, the schedule of penalties which apply to limited companies and limited liability partnerships who file their accounts after the time period specified in the Companies Acts.

The regulations also amend the time period in which limited liability partnerships are required to file their accounts so it is the same as for companies under the Companies Act 2006. The regulations also apply the provision in the 2006 Act on how to calculate this period.

For private companies, the new penalties are as follows:

accounts filed not more than one month late - £150;
accounts filed more than one month but not more than three months late - £375;
accounts filed more than three months but not more than six months late - £750; and
accounts filed more than six months late - £1,500.