Limited company contractors reminded of filing deadline
Usually Companies House tells people that paper accounts can take up to seven days to be processed, and they are already warning businesses that this timescale has been exceeded due to demand as the deadline for filing approaches. Currently standing at ‘more than a week’, the time taken to process accounts is affected by the number being received, suggesting that Companies House is receiving high numbers of submissions in a peak which has come earlier this year than it normally does.
With over 300,000 companies needing to submit accounts every year, it’s not surprising that there is a backlog as the 31st December deadline approaches and Companies House are warning those who have yet to complete their paperwork not to leave it till the last minute. Whilst there will inevitably be those who wait until New Year’s Eve to file their accounts, those who file on paper are being warned to get them in as soon as possible to avoid complications caused by festive postal delays.
Companies House are always keen for businesses to ensure that they leave enough time to avoid penalties and are reminding filers that they will be fined if last-minute submissions are rejected and need to be resubmitted. Their advice is that paper accounts should be sent in as soon as possible and use a postal service which guarantees next day delivery to be sure that everything is received in good time.
Any contractors who are not sure about whether they would be better off operating as a limited company can use our take home pay calculator to give them an idea of what they could be earning and our guide to limited companies could help you to make the right decision for you. We have a range of other free contractors’ guides which provide a wealth of useful information about working as an independent professional.
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