There are a number of offences relating to company law non-compliance which can result in quite sizeable fines being imposed or in certain circumstances, imprisonment. Perhaps the most commonly known sanction is the late filing penalty imposed on companies for the late submission of accounts to Companies House. What a lot of people do not realise is that action can be taken against directors personally where accounts are submitted late.
Failure to submit accounts and annual returns can and does result in the Registrar of Companies taking action to dissolve or strike-off companies. Any property owned by the Company falls to the Crown on dissolution. To recover this property, a petition for restoration of the Company needs to be drafted and presented to Court. The legal costs of restoring the Company are upwards of £3,500 as you are not only paying the legal costs of the Company but also those of the Crown Solicitor.
At Treasury Accounting, we look after all your company secretarial needs from routine annual compliance through to more technical areas such as the drafting of share class rights or an own share purchase. To make your life simpler, we prepare all the documents you need and advise you on the procedures you need to follow to ensure compliance with the Companies Act.
Operating a fixed cost annual compliance service – there are no fee surprises and, before undertaking any additional work, we would advise you of the likely costs involved, before going ahead.
For further information on our services, please contact us.