Companies House is a government body within the Department for Business, Skills, and Innovation. It deals with the incorporation and regulation of limited companies and limited liability partnerships in the United Kingdom. Being the official registrar of companies in the UK, they operate in England and Wales, Scotland, and Northern Ireland.
The primary duties of Companies House include examining and storing all information of limited companies and LLPs and making this information available to the general public for free.
That said, all LLPs and limited companies need to submit accounts to Companies House. It doesn’t matter whether you have been earning a profit, not trading, dormant, or breaking even. In this article, we will look closely at the Companies House filing.
What Documents Do You Need for Companies House Filing?
Companies need to register a great deal of information at Companies House. This generally includes:
1. Incorporation Documents
This is the first interaction you will have with Companies House. You need to submit the following documents:
- Articles of association
- Form IN01. This includes:
- Full name of the company
- Type of the company
- Location of the registered office
- The company’s articles
- Company secretary details
- Directors’ details
- Statement of capital
- Details of the shares to be issued and the identities of the shareholders
- Memorandum of association containing the names of subscribers.
2. Annual Accounts
All limited companies are legally obligated to maintain accounting records and file their annual accounts with Companies House. Large companies need to file full accounts containing profit and loss accounts, balance sheets, directors’ reports, and auditor’s reports. Medium and small-sized companies can send modified accounts with fewer details.
3. Confirmation Statement
Every company has to file a Confirmation Statement every year that provides an overview of the company at a particular point in time, including details related to the share capital, registered address, and directors.
You also have to maintain a Persons of Significant Control (PSC) register that informs the Registrar of any entity or person who has at least 25 percent control of the company.
4. Notes on Changes to Company’s Information
If there is any modification in company information, you need to send the right form to Companies House. This includes:
- Change of company name (NM01 + copy of the resolution)
- Change of registered office (AD01)
- Change of directors’ information (CH01)
The above are mere examples. From 1st October 2009, several new forms were introduced. You can find a complete list of downloadable forms on the Companies House website. You can file some forms electronically using the Companies House Web filing service.
What Happens if You Don’t Follow the Rules?
If your company is working but doesn’t provide accurate company information, the officers of your company could face prosecution.
Keep in mind that the company’s officers are legally obliged to complete these tasks. Thus, they could face prosecution if they fail to do so.
Besides the danger of prosecution, it is important to bear in mind that there’s an automatic financial penalty whenever accounts are submitted late.
This means that every limited company needs to have a competent and strong accounts team that can plan the submission of documents and avoid problems that can result due to late or no submissions.
When to File Your Companies House Accounts?
Each company has an accounting reference date. The deadline to file your accounts is determined from this reference date.
For new businesses, it’ll be the anniversary of the last day in the month the firm was incorporated.
For existing businesses, it’ll be the anniversary of the day after the previous financial year came to an end. The time given for sending accounts is nine months, starting from the accounting reference date.
It’s always advisable to plan ahead. Make sure you are familiar with your company’s deadlines and ready your accounts a few weeks prior to the deadline. Don’t leave it until the eleventh hour.
What Happens if You Miss the Deadline?
Failure to meet the Companies House filing deadline will lead to an automatic penalty. The exact amount of penalty depends on how late your accounts reach Companies House. The penalties are:
- less than a month late – £150
- more than a month but not more than three months late – £375
- more than three months but not more than six months late – £750
- more than six months late – £1500
Note that these penalties will double if you file your accounts late in two successive financial years.
How to File Companies House Accounts?
The easiest and quickest way to file your accounts is online. To file online, you will have to:
- Register for online filing
- Share an email address
- Have the company’s authentication code to hand.
The online Companies House service has several built-in checks to ensure you enter all the required information before submitting. You will receive an automatic email when Companies House receives your accounts and another email to inform you if the government body has accepted them.
Do You Need to File Accounts Yourself?
If you are well-versed in the Companies House filing process, you can file the accounts yourself. There are plenty of tools that you can use to prepare and file.
Several companies opt to work with a professional accountant for Companies House filing purposes. These professionals can offer financial and business recommendations to help you make the best decisions.
Remember that even if you do work with a professional, it is the director’s responsibility to ensure that accounts are filed timely and accurately.
Regardless of the option you choose, maintaining organised and accurate accounts all over the year will prove useful when it is time to submit your returns.
Last Few Words
At ISA Consortium , we have a team of professionals who can manage Companies House filing on your behalf. We will make sure your records are submitted before the deadline so that you can focus on the core areas of your business and not have to worry about incurring any penalties!
Contact us for more information.
All this and more
We offer all the above as part of our full Tax Services and Accounting and can also help you with Capital Gains Tax, Inheritance Tax, Retirement Planning, even filling out your Self-Assessment Tax Returns for you.
