What happens if you file accounts late?
An important responsibility for every limited company in the UK is filing company accounts on time. If you file late accounts , HMRC and Companies House can impose penalties, and continued delays can lead to more serious consequences.
Whether you are a new business, or already established, understanding what happens when accounts are late can help you avoid unnecessary costs and stress.
What is the deadline for filing accounts?
It is important to note that you can confirm your deadline by contacting HMRC and/or Companies House directly or visiting Companies House website and searching for your company. If you login to your HMRC company account, you will also see your corporation tax due date..
Typically, HMRC will send a letter stating the accounting period that they require filing for. However, sometimes letters get lost, or are not received. For most limited companies, you will be required to complete filings within 12 months of the period end date.
In relation to Companies House the annual accounts are due 9 months after the company’s financial year end.
With both types of entity, while the accounting period for the financial year will cover the same period, the filing deadlines are different. This means that a company can potentially file its accounts on time with one organisation but late with the other.
Although Companies House and HMRC have different filing deadlines, both require limited companies to submit information relating to their financial affairs. The table below outlines the typical deadlines:
| Filing requirement | Organisation | Typical deadline |
| First annual accounts | Companies House | 21 months after incorporation |
| Subsequent annual accounts | Companies House | 9 months after the financial year end |
| Company Tax Return (CT600) | HMRC | 12 months after the accounting period ends |
| Corporation Tax payment | HMRC | 9 months and 1 day after the accounting period ends |
What happens if your Companies House accounts are filed late?
If your annual accounts are not received by Companies House by the filing deadline, the company will normally receive an automatic late filing penalty.
For private limited companies, the current penalties are:
- Up to 1 month - £150
- More than 1 month but no more than 3 months - £375
- More than 3 months but no more than 6 months - £750
- More than 6 months - £1,500
These late filing penalties apply to the company and can increase significantly if accounts continue to be filed late. If you file late accounts for two consecutive financial years, the penalty can be doubled.
It is therefore important not to ignore a Companies House late filing penalty. Filing the accounts as soon as possible can prevent the situation from becoming more serious.
What happens if your Company Tax return is filed late?
HMRC also imposes late filing penalties when a company tax return is filed after its deadline.
The initial penalty is £200, even if your company has no corporation tax to pay. If the return remains outstanding, further penalties can apply:
- 1 day late: £200 penalty
- 3 months late: A further £200
- 6 months late: HMRC may estimate the corporation tax owed and apply a further 10% penalty of the unpaid tax.
- 12 months late: A further penalty of 10% of the unpaid tax may apply.
It is also important to remember that the deadline for paying corporation tax is different from filing the company tax return. Corporation tax is normally due 9 months and 1 day after the end of the accounting period, while the tax return itself is generally due 12 months after the accounting period ends. If you pay your corporation tax late, HMRC will charge interest on the outstanding balance.
Can a company be struck off for not filing accounts?
Yes, failing to file accounts can have consequences beyond financial penalties.
Companies House can take steps to strike a company off the register if it appears that the company is no longer operating, or if required documents are not submitted. If a company is struck off and dissolved, its assets can potentially pass to the Crown.
Failure to deliver accounts is also a criminal offence, and directors can potentially face prosecution for failing to meet their financial obligations.
This is why it is important to deal with late accounts rather than simply waiting for Companies House or HMRC to contact you.
Can you appeal a late filing penalty?
In some circumstances, you may be able to appeal a late filing penalty.
For a Companies House penalty, you will need to provide a specific reason why the accounts were filed late and provide supporting information. An appeal is not automatically accepted simply because there was a difficult or unexpected situation, so it is important to provide as much relevant evidence as possible.
HMRC also allows companies to appeal certain late filing penalties where they had a reasonable excuse, although the company should take steps to file the outstanding return as soon as possible.
What should you do if your accounts are already late?
If your accounts are overdue, help prevent further delays by doing the following:
- Check which filings are outstanding with Companies House and HMRC.
- Confirm the relevant accounting and filing periods.
- Prepare the accounts and corporation tax return as soon as possible.
- Submit any overdue filings, even if you cannot immediately pay a penalty.
- Check whether there is any corporation tax outstanding and make arrangements to pay it.
- Review any penalties received and consider whether you have grounds to appeal.
Avoid late filing penalties
Keeping accurate records throughout the year and preparing your accounts before the deadline can help you to avoid late filing penalties, giving you sufficient time to prepare the required accounts and tax return.
For small and micro companies, the filings process can still feel complicated, particularly when you are managing your business alongside your accounting responsibilities.
Easy Digital Filing helps you file on time by providing tools that streamline and track your obligations:
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Our platform is completely free to use, and you only pay when you're ready to submit your filings. Get started to benefit from filing support and information, designed to help you complete your forms quickly and easily.
