INFORMATION PAGE

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The following information is a summary, taken from the government website (gov.co.uk).

Company regulation in the UK

Some of the main regulations you will need to refer to are:

  • The Companies Act 2006
  • The Small Companies and Groups (Accounts and Directors’ Report) Regulations 2008
  • The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008
  • The Partnerships (Accounts) Regulations 2008
  • The Companies and Limited Liability Partnerships (Accounts and Audit Exemptions and Change of Accounting Framework) Regulations 2012
  • The Small Companies (Micro-Entities Accounts) Regulations 2013

ACCOUNTS

Late filing penalties for companies

Failure to deliver accounts on time is a criminal offence. Furthermore fines/penalties apply for late filing, as follows:

Length of period                                                           Penalty

Not more than 1 month                                               £150

More than 1 month but not more than 3 months      £375

More than 3 months but not more than 6 months    £750

More than 6 months                                                     £1,500

Company size

Failure to deliver accounts on time is a criminal offence. Furthermore fines/penalties apply for late filing, as follows:

Size definition                                                               Requirements

  Micro-entity                                                             Turnover <=£632,000 per annum

                                                                                       Balance sheet total <=£316,000

                                                                                       Average number of employees <=10

  Small entity                                                      Turnover <=£10.2 million per annum

                                                                                       Balance sheet total <=£5.1 million

                                                                                       Average number of employees <=50

 

  Medium entity                                                        Turnover <=£36 million per annum

                                                                                       Balance sheet total <=£18 million

                                                                                       Average number of employees <=250

  Large entity                                                             A company that exceeds any of the 'Medium entity' thresholds above

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