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?
Monthly Archives: January 2010
Late Filing Penalties
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.
