Confirmation Statement Overdue What To Do

Confirmation statements are legal documents that every registered company in the UK must send to the Companies House. It doesn’t matter if your company is inactive, actively trading, or hasn’t traded yet, it is still essential to submit it’s confirmation statements. So, what happens when you forgot to submit these documents? What happens if you remember after the deadline has passed? There’s no need to fret as this happens to several people on a yearly basis. Here is all of the information that you will need if you’ve missed the submission deadline. 

What’s Your Confirmation Statement Submission Date?

The Confirmation Statement of every registered company should be submitted within 278 days after the company formation process has reached its fruition. Once you have sent in this initial Confirmation Statement, the new one’s submission will be scheduled within a year. So, if you submitted your initial Confirmation Statement in March 2019, the deadline of your next Confirmation Statement submission will automatically be in March 2020. Since there’s no official date for the submission, it is easy for many to forget that they now need to submit their Confirmation Statements. 

What Happens Once You’ve Missed The Submission Deadline

Once you miss your submission deadline, a warning letter will be issued to you from the Companies House. If you fail to submit your Confirmation Statement even after all the warning letters, then some serious steps can be taken by the registrar. One of these serious steps includes the removal of your company’s registration. This is particularly harmful to those companies that are actively trading, as this action will terminate their existence. All of the assets that the company held will also be taken hold of by the Crown property. This is why it is incredibly important for every company, even a dormant one, to have updated records, particularly Confirmation Statements.

Another action that can be taken against the absence of submission is the placement of heavy fines on the company’s directors and officers. They can even face prosecution for the absence of Confirmation Statement submission. So, even if you forget to submit your Confirmation Statements within the deadline, you must never forget that failure in meeting your legal requirements is considered to be a criminal offence. 

Does Late Submission Mean Failure Of Submission?

These two terms are vastly different, and their difference is the key to figuring out what you should do. Late submission of Confirmation Statements means that you have submitted the new documents after the deadline. While the failure of submission refers to the complete nonexistence of Confirmation Statement submission. This difference means that no penalty or fine will be placed on those who have missed the submission deadline of the Confirmation Statements, as an action is taken if there is a complete failure of submission. 

So, if your company’s confirmation statements are overdue, you don’t need to worry about penalties. Simply submit them as soon as you can. This will take care of your legal requirements and will ensure that you face no penalty.