All companies, whether dormant or trading, must file annual accounts with Companies House. This guide outlines how to comply with the upcoming 31 December deadline for filing your annual accounts.
When is the Annual Accounts Deadline?
Private limited companies are required to file financial statements with Companies House within nine months of their accounting reference date (ARD). For companies with a financial year-end of 31 March, the accounts filing deadline is 31 December of the same year. If this is the first filing following incorporation or if the company has extended its reporting period, the deadline may vary. Extensions may be granted under exceptional circumstances but are subject to strict guidelines and approval.
How to File Accounts by 31 December
Businesses can file their accounts online or via paper submission, although the latter is being phased out. Filing online is quick and straightforward—typically taking no longer than 15 minutes for simple filings. However, it is advisable to file well in advance of the deadline to avoid penalties.
For paper submissions, all documents must be sent to the Companies House office in Cardiff. The London office stopped accepting paper documents years ago, and Belfast ceased doing so as of 4 March 2024. In 2023, despite the widespread use of the online system, around one-third of businesses continued to file on paper. It is important to note that postal delays will not be accepted as valid grounds for appealing late filing penalties.
Filing Accounts Online: Authentication Code Required
To file online, companies must use a company authentication code. If your company does not yet have this code, you should apply immediately, as it may take up to five days to arrive at the registered office address. Without this code, online filing will not be possible, so don’t leave it until the last minute.
What Documents Must Be Filed at Companies House?
Under UK company law, private companies are required to file the following documents with Companies House:
- Income statement (Profit and Loss statement)
- Balance sheet
- Directors’ report
- Auditors’ report (if applicable)
- Notes to the accounts
- A company director’s name and signature
Filing for Small and Micro-Entities
While all companies must file annual accounts, there are simplified reporting requirements for small and micro-entities. Small companies may only need to file a balance sheet and notes to the accounts, with exemptions available for other items. To qualify as a small company, the business must meet at least two of the following criteria:
- Turnover of £10.2 million or less
- Balance sheet total (gross assets) of £5.1 million or less
- 50 or fewer employees
Micro-entities, which benefit from even greater exemptions, are required to submit only their balance sheets. A company qualifies as a micro-entity if it meets at least two of these conditions:
- Turnover of £632,000 or less
- Balance sheet total (gross assets) of £316,000 or less
- 10 or fewer employees
There are also upcoming changes to the definitions of small, medium, and large entities, which could see thresholds rise. Additionally, micro and small entities will soon need to file profit and loss accounts and directors’ reports due to the planned removal of abridged and filleted accounts.
What if the Company Did Not Trade This Year?
Even if your business has not traded during the financial year, you must still file dormant accounts with Companies House and submit a company tax return to HMRC.
Penalties for Late Filing
Company directors have a legal obligation to ensure accounts are filed on time. Failing to do so can result in significant penalties:
- £150 for up to one month late
- Fines escalating to £1,500 for being more than six months late
- Penalties are doubled for companies that miss filing deadlines in two consecutive years
Late filing can also damage your business’s credit score and hinder access to future financing.
Changes Under the Economic Crime and Corporate Transparency Act 2023
The Economic Crime and Corporate Transparency Act 2023 (ECCTA) has introduced reforms that grant Companies House more powers to scrutinise and challenge the information provided by companies. Key changes include:
- Companies must maintain an appropriate address for their registered office—PO Boxes are no longer acceptable.
- An appropriate email address must be included by the date of the first confirmation statement after 5 March 2024.
Additionally, under the new legislation, future filings will only be accepted via software—neither paper filings nor online submissions through the Companies House website will be allowed. While this change has not yet been implemented, companies should prepare for this upcoming shift.
Tips for Timely Compliance
- Start early: Prepare your accounts well in advance of the 31 December deadline.
- Online filing: Use the online system for quick and secure filing.
- Check your authentication code: If you don’t have one, request it now.
- Monitor postal submissions: If filing by paper, ensure that documents reach Companies House well before the deadline.
- Double-check documentation: Ensure all required documents are included and correctly signed.
- Stay informed: Keep up to date with changes to company law that may impact future filings.
Disclaimer:
While we have made every effort to ensure that the information on this website is accurate and up to date, tax laws and regulations are subject to change and may vary based on individual circumstances. The content on this website is provided for general informational purposes only and does not constitute professional advice. The information contained here should not be relied upon as a substitute for specific, tailored advice from a qualified professional. We strongly recommend that individuals and businesses seek professional consultation before making any decisions or taking action based on the information provided here. We do not accept any liability for any loss or damage, direct or indirect, arising from reliance on the information on this website. Use of this website and the information contained within is at your own risk, and no responsibility will be taken for actions taken or not taken based on the content of this website.
Learn more about filing requirements at Companies House.
