From the 2010-11 tax year the Personal Allowance reduces where the income is above £100, 000 – by £1 for every £2 of income above the £100,000 limit. This reduction applies irrespective of age. ie earn £11295o and your personal tax allowance is nil? Another stealth tax?
Late-filing penalties for accounts and reports which are filed after
1 February 2009 are:
|Length of delay||Private company||Public company|
|Not more than one month||£150||£750|
|More than one month but not more than three months||£375||£1,500|
|More than three months but not more than six months||£750||£3,000|
|More than six months||£1,500||£7,500|
These penalties are doubled if accounts for financial years beginning on or after 6 April 2008 are filed late in two successive years.
You can read about penalties and fines on the Companies House website – http://www.companieshouse.gov.uk/companiesAct/ca_lateFilingPenalties.shtml
Company directors and the company secretary are also legally responsible for ensuring that the following documents are submitted to Companies House where necessary:
- annual returns
- any new shares allotted – form SH01 – within 28 days
- notice of change of directors or secretaries – forms AP01 to AP04, CH01 to CH04, TM01 and TM02 – within 14 days
- notice of change of registered office – form AD01
If the annual return is filed late or not at all, the company, its secretary and all its directors can be prosecuted.
ABS & Co Accounts would like to hear your comments on the Late filing penalties and what effect they may have on you or your business.