Both Companies House and HMRC impose their own penalties for late submission of accounts.
Late filing penalties were introduced in 1992 to encourage directors of companies to file their accounts and reports on time, because this information is required for the public record. All companies - private or public, large or small, trading or non-trading must send their accounts and reports to Companies House every year. If you submit company accounts and reports late, the law imposes an automatic penalty.
The level of the penalty depends on how late the accounts reach Companies House and is shown in the following table.
The penalties will be doubled if a company files its accounts late in 2 successive financial years
If tax returns are late 3 times in a row, the £100 penalties are increased to £500 each.