On 7 January 2008, Companies House published its response following a consultation on changes to the late filing penalty regime where companies deliver their annual accounts late (see PLC Legal update, Companies Act 2006: penalties for the late delivery of company accounts (section 453): Companies House consultation). The consultation proposed changes aimed at persuading companies to file their accounts on time with stiffer penalties for very late filers and repeat offenders. Companies House has concluded that its proposals should stand with some minor changes (including to the "corresponding date" rule that requires private company accounts to be filed by the "corresponding date" 10 months after the end of the reporting year. The relevant legislation will clarify that for accounts filed under the Companies Act 2006, accounts which have a year end that is the last day of the month will also have a due date that is the last day of the month).
The changes are being implemented by regulations made under section 453(2) of the Companies Act 2006. BERR has already submitted draft regulations to Parliament to make the changes to the late filing penalty regime (see Legal update, Companies Act 2006: Draft statutory instrument on late filing penalties for companies and LLPs and filing periods for LLPs).
This article was originally published by PLC 08/01/08 and is reproduced with the permission of Practical Law Company Ltd. www.practicallaw.com