INFORMATION PAGE
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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