JSA Ensures Accuracy
JSA Ensures Accuracy
How JSA can ensure correct submission of accounts to Companies House
It has recently been revealed that one in ten accounts filed to Companies House has been rejected due to basic formatting errors. The body, which holds records for all businesses across the United Kingdom, has issued a plea to businesses to have their accounts in order or risk hefty penalties.
Almost 91,000 accounts were rejected between January and June 2010 and, of these, almost a third was due to filing incorrect statutory statements. Accounts for periods before 6 April 2008 require different statements to be included. Companies House rejected 33,349 accounts on this basis.
Other errors included conflicting duplicate accounts or missing signatures from balance sheets. If accounts are rejected close to the filing deadline, Companies House will issue an automatic late filing penalty of between 150 and 1500 for private companies.
The ICAEWs Financial Reporting Committee has said that new legislation may have caused some of the errors, admitting that it only takes one technical breach along these lines for a company to incur a fine and put the directors in breach of their duties for filing accounts.
Their spokesperson said: Undoubtedly, some of this has been caused by the new Companies Act coming in to force, but Companies House has also changed its own rules in some areas, such as names/signatures of directors and where they need to appear.
There is light at the end of the tunnel though. JSA can help to remove the headache and worry of filing incorrect accounts for all of their limited company contractors. JSAs dedicated limited company services team has 21 years experience of limited company administration and is fully up-to-date on all legislation associated with the new Companies Act. The team always run thorough checks on all information submitted by contractors, as this ensures that statements, accounts and signatures are up to the high standards expected by Companies House without exception.