Late Returns and other Q's

[neil_cardiff]

Howdy All,

I created a company earlier this year for various reasons, but not for any real business need - I'm using it as merely a vehicle to use in a few years...

Anyway, not being too hot on these things, and the post not being too hot in my parts, I've missed the Companies House Return date - Form 363.

I've asked Companies House for a duplicate form and will obviously get that off in due course when I receive it.

In addition, I notice that there are automatic fines that I'll receive - what so you think they'll be?

Also just what sort of info do I need to file with my accounts - I'll run the business at a loss, so that I can run through various bills when needed - can anyone advise in laymans terms what I need to do?

Many Thanks

Neil

[Eric Mc]

There are no automatic fines for late filing of the Companies House Annual Return form (363). There is the risk (very slight) that you could be prosecuted but that provision is hardly ever enforced.

The one to watch is the filing of the annual accounts of the company. Even if the company has not traded since it was set up, it has a legal obligation to file accounts. If nothing at all happened since incorporation, you should be able to file "Dormant" accounts. These can be in the form of a statutory set of accounts complying with Companies Act requirements (best done by a qualiified, competent accountant) or by filing a Dormant Accounts form - which is simpler and can be downloaded from the Companies House website.

Normally, failure to submit annual accounts within 10 months after the financial year end of the company results in an automatic penalty of £100 which increases in increments to £1,000. However, please note that a company's FIRST set of accounts needs to be submitted 22 MONTHS after the end of the month in which the company was originally incorporated.

[neil_cardiff]

Eric Mc said:

There are no automatic fines for late filing of the Companies House Annual Return form (363). There is the risk (very slight) that you could be prosecuted but that provision is hardly ever enforced.

I see, the form that came with the 'gonna strike you off if you don't act' letter insinuated that it was a finable offence.

I was chatting with a fellow businessman and he said that it would be silly if they did fine people as most businesses left dormant and fined if late would just be wound up - thus wasting everyones time...

So if I read this right, providing I act sharpish and drop off my return to Cardiff (I'm over there at xmas) then I shouldn't in theory hear anything?

Thanks in advance

neil

[Eric Mc]

We have a wonderful posting service in the UK (just kidding).

Most people just complete the 363 and return it by post. In fact, you can file the 363 On Line these days. Don't forget that there is a Filing Fee - £30 if you return the form by ordinary mail and £15 if you do it On Line. Cheques should be made payable to "Companies House".