More late accounts filing penalties or a missed opportunity?
When the new Companies Act comes into force later in the year, the period for filing private company financial statements reduces from 10 months to 9 months whilst that for public companies reduces from 7 months to 6 months.
To me this seems a cop out and a missed opportunity. I would have liked to have seen all companies filing deadline being six months. In today’s technological age I can see no reason why any company needs more than six months to complete their accounts and if this was the filing deadline then the information at Companies House would be far more up to date.
Will the new deadlines lead to more late filing penalties ?
I believe that whatever the deadline some companies will put off preparing their accounts to the last minute (just as we see with the 31 January personal tax return deadline) and some will inevitably miss their submission date and hence still get a penalty. You know who you are !
Date: 6th May, 2007
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