Companies House Fine :o

Options
jilt
jilt Registered Posts: 2,903 Beyond epic contributor 🧙‍♂️
It's finally happened, I knew it would one day! Should have filed a client's accounts with companies house by 28th August and hadn't. Was absolutely sure I had, must have seen submission receipt for annual return, not read it properly and mistakenly thought that was for the accounts.

Am absolutely gutted. How much is that going to cost me, I daren't look, is it £750? I can't carry on doing this on a part time basis, I'm forever karting things backwards and forwards. By the time I get back in the office each week I sometimes forget where I was at with things as I end up karting the damn 'to do' list as well and have on occasion left it at home!!

Has anyone else been so stupid and missed a deadline like this?

Comments

  • Jmann
    Jmann Registered Posts: 68 Regular contributor ⭐
    Options
    Missed the deadline not because I forgot about it but client did not provide the information on time and tried to file it last day of the deadline and my laptop crashed so missed the deadline. But client picked up the fine and it was £150.

    So if you are late by one month then £150, then it goes up.
  • jilt
    jilt Registered Posts: 2,903 Beyond epic contributor 🧙‍♂️
    Options
    Thanks Jmann, I did eventually pluck up the courage to have a look how much it was.

    It's so much the fine, it's the fact that I let the client down thats eating away at me. There was no reason to miss the deadline the accounts were signed 14th May! I was just so sure I had filed them.
  • mc25
    mc25 Registered Posts: 232 Dedicated contributor 🦉
    Options
    Jilt, Sorry to hear about that. When its nearer time for deadline I always relook at the clients records and ensure they have all been dealt with accordingly. Good luck
  • deanshepherd
    deanshepherd Registered Posts: 1,809 Beyond epic contributor 🧙‍♂️
    Options
    Don't worry about it. It happens. I forgot to file once and had to cough up the £150 fine - I havn't forgotten one since! All part of the learning process.
  • burg
    burg Registered, Moderator Posts: 1,441 mod
    Options
    I've done it too. Just forgotten completely. Just paid the fine. Client was fine about it. Made me improve systems so as not to forget again.
    Regards,

    Burg
  • jilt
    jilt Registered Posts: 2,903 Beyond epic contributor 🧙‍♂️
    Options
    Oh thanks guys, that makes me feel a bit better. I'm seriously think of going back to work from home. Clients files will be on hand whether its evenings. weekends or my regular self employment days. I can have my to do list firmly in one place.

    No pressure Ian but you need to get your excel sheet sorted before I go out of business! ...lol
  • Monsoon
    Monsoon Registered Posts: 4,071 Beyond epic contributor 🧙‍♂️
    Options
    *hugs*
    I've done it too, first set of company accounts I ever did and it took me forever! Was up til midnight and then there was a bloomin' postal strike so my special delivery took 48 hours meaning a late fine. Gutted.

    Just pay the fine and move on. It feels bad at the time but really, it's small potatoes in the big scheme of things, just get some systems in place.
  • burg
    burg Registered, Moderator Posts: 1,441 mod
    Options
    Jill,

    My brother is working on an access database which will then work more effectively than the Excel sheet. Not sure what problems we may encounter with that but without being over ambitious we hope to have something by next summer.
    Regards,

    Burg
  • deanshepherd
    deanshepherd Registered Posts: 1,809 Beyond epic contributor 🧙‍♂️
    Options
    jilt wrote: »
    I'm seriously think of going back to work from home. Clients files will be on hand whether its evenings. weekends or my regular self employment days. I can have my to do list firmly in one place.

    Go paperless, have everything on a remote server, access all your data wherever you are with an internet connection.

    Works like a charm!
  • Bluewednesday
    Bluewednesday Registered Posts: 1,624 Beyond epic contributor 🧙‍♂️
    Options
    Go paperless, have everything on a remote server, access all your data wherever you are with an internet connection.

    Works like a charm!

    That's scares me! I work for a dinosaur so not likely to happen but I have so much admiration for people who do it, I don't print much and store as much as I can but do like to have those workings in paper in front of me.

    Am I too old?
  • Monsoon
    Monsoon Registered Posts: 4,071 Beyond epic contributor 🧙‍♂️
    Options
    Am I too old?

    I'm 31 and I ain't going paperless.
  • jilt
    jilt Registered Posts: 2,903 Beyond epic contributor 🧙‍♂️
    Options
    Go paperless, have everything on a remote server, access all your data wherever you are with an internet connection.

    Works like a charm!
    That's scares me! I work for a dinosaur so not likely to happen but I have so much admiration for people who do it, I don't print much and store as much as I can but do like to have those workings in paper in front of me.

    Am I too old?
    Monsoon wrote: »
    I'm 31 and I ain't going paperless.

    Hmmm

    @Dean - could I afford it, I'm still running my practice on a part time basis? What sort of annual cost do they start from?

    @Annette - I too like those working papers and think I am too old ...lol

    @ Jenni - That means we'd have to scan everything in so far and all future docs received from previous accountants, HMRC etc etc I'd be retired by then and you'd be my age!! ...lol
  • deanshepherd
    deanshepherd Registered Posts: 1,809 Beyond epic contributor 🧙‍♂️
    Options
    Monsoon wrote:
    I'm 31 and I ain't going paperless.

    You don't look a day older than 30.
    jilt wrote: »
    @Dean - could I afford it, I'm still running my practice on a part time basis? What sort of annual cost do they start from?

    I use PracticeNet's 'Rapport' Software (link). I think it was only £250 when I bought it but is now a one-off cost of £397 but still much, much cheaper than any other document management solution I have seen (e.g. Invu - £5k spare anyone?!) and no need to upgrade, subscribe or a pay a recurring annual licence (Damn you VT!).
    jilt wrote: »
    @ Jenni - That means we'd have to scan everything in so far and all future docs received from previous accountants, HMRC etc etc I'd be retired by then and you'd be my age!! ...lol

    High-speed scanners are pretty affordable these days. I bought a great one on eBay for about £250. For back scanning I got a school leaver in for a couple of weeks but there are plenty of cheap commercial providers who will take your boxes of files away.

    You could even use Keebo or Receipt-Bank for clients.

    After 2 years in practice I was on to my third filing cabinet. I would have wall to wall files by now if I didn't scan and shred everything - that would be a nightmare!

    Best practice decision I ever made.

    Second best? Using direct debits instead of standing orders.
  • JodieR
    JodieR Registered Posts: 1,002 Beyond epic contributor 🧙‍♂️
    Options
    I've not forgotten to submit a Ltd Co accounts (yet!) but last year i was doing a CIS return and must have got side-tracked on the last screen and didn't submit it so that was a very annoying £100 fine. And one of my personal tax returns that got signed off in July last year slipped through the net and only got submitted on 2 January which was horrible as it meant HMRC refused to collect the tax due through his tax code meaning I had to pay the client's tax myself and he's paying me back monthly now. But, like the others say the clients concerned were very understanding!
  • burg
    burg Registered, Moderator Posts: 1,441 mod
    Options
    You don't look a day older than 30.



    I use PracticeNet's 'Rapport' Software (link). I think it was only £250 when I bought it but is now a one-off cost of £397 but still much, much cheaper than any other document management solution I have seen (e.g. Invu - £5k spare anyone?!) and no need to upgrade, subscribe or a pay a recurring annual licence (Damn you VT!).



    High-speed scanners are pretty affordable these days. I bought a great one on eBay for about £250. For back scanning I got a school leaver in for a couple of weeks but there are plenty of cheap commercial providers who will take your boxes of files away.

    You could even use Keebo or Receipt-Bank for clients.

    After 2 years in practice I was on to my third filing cabinet. I would have wall to wall files by now if I didn't scan and shred everything - that would be a nightmare!

    Best practice decision I ever made.

    Second best? Using direct debits instead of standing orders.

    Must back most of this up.

    Still running from home we decided last Feb to move house in around the June.

    I didn't want to have to lug loads of documents as well as all our personal stuff so went for paperless practice. Took a little while to scan all the old docs I had and I only had a standard one at a time scanner. I've picked a form feed one up since which saves so much time (was £80 off Ebay).

    I don't have software for managing documents I have a on site server and run windows folders for each client which replicate my old paper files (this is free). The server is backed up remotely every night so risk of data loss is minimal (also free at present).

    I have a heavy duty shredder (cost about £150) last one died shredding all the old paperwork. All I have here now is 2 filing cabinets. All for clients records that I have here to work on. I emptied 3 filing cabinets before I moved.

    Scanning takes no time at all maybe an hour a month for general post plus the odd scanning of clients paperwork as supporting docs.

    @Dean - have considered direct debits instead of standing order but at present from the providers I have found I stumble at the added cost (most in the region of £100 + per month)
    Regards,

    Burg
  • deanshepherd
    deanshepherd Registered Posts: 1,809 Beyond epic contributor 🧙‍♂️
    Options
    burg wrote: »
    @Dean - have considered direct debits instead of standing order but at present from the providers I have found I stumble at the added cost (most in the region of £100 + per month)

    We use SmartDebit. It costs me around £55 per month for about 60 direct debits. No more chasing up invoices, no checking whether standing orders have come in, no relying on clients to change standing order when required, immediate check as to whether clients bank account is valid..
  • burg
    burg Registered, Moderator Posts: 1,441 mod
    Options
    Thanks Dean,

    I only need to run around 35 collections at around £60 per month but that range from £20 - £300. The standing order works fine for most but if they start mid year I either get them to pay the difference up front or invoice it once I have done the accounts. At least Direct debits would allow me to have a higher payment for the first few months to cover the catch up and then reduce it.

    will explore some options with them and may decide to implement that.

    Thanks again.
    Regards,

    Burg
  • Monsoon
    Monsoon Registered Posts: 4,071 Beyond epic contributor 🧙‍♂️
    Options
    Since nearly signing up to DD and then backtracking, I've not regretted it. I don't know what I'm doing differently now, but my debtors are down and credit control isn't too laborious. Probably about the same as preparing a DD file. I do really see the benefits of DD though.
Privacy Policy