At a time when the UK economy faces a sever recession and the latest statistics show that huge parts of the country are 60% or more reliant on public sector expenditure, the government is accused of failing to support the entrepreneur.
And today I received an email from Companies House announcing the increase in fees for late filing accounts - including dormant companies - so bureaucracy triumphs over the idea of cutting red tape.
The crazy thing is that the accounts that small companies are obliged to file in abbreviated format are virtually worthless.
Here is the quote from the email
"To encourage company directors to file their annual accounts on time, from 1st February 2009 new late filing penalties will be applied.
What changes are being introduced?
- All penalties will be increased to take account of inflation between 1992 and 2007
- A faster rate of increase in penalties for companies that file more than one month late.
- A doubling of the penalty for any company which files late having also filed late in the previous year."
You can find more details at late filing penalties
For a private company the minimum penalty is £150, going up to £375 if filed within three months and all the way to £1,500 if filed after six months late. But the sting in the tail is that if the company breached the rules in the previous year, the penalties are doubled.
As It happens
I have an April month end for my main company and with the reduction in the time limit from ten months to nine months in the Companies Act 2006, I had to file my accounts by 31 January.
Fortunately I sent them off last week and have received proof that they have been accepted.