How will the news that Companies House can now accept on-line filing of accounts affect small businesses? Ian Saunders of Artaius Company Services comments on development.

The announcement earlier this month that Companies House will now accept on-line filing for certain accounts, is excellent news for small and medium sized businesses across the UK.

On-line systems have been promoted for a while, for example reduced fees for statutory forms and HMRC’s cash incentives for electronically completed accounts. It’s therefore a natural progression that Companies House will allow annual accounts to be submitted in this way. Essentially Companies House can now accept DCA (Tag Based) and Dormant, Abbreviated and Full, small company format unaudited
accounts, via eSoftware service.

This news relieves a great deal of the administrative and logistical burden from businesses tasked with filing of accounts. Traditional “snail mail” methods have resulted in delays, courier fees and possible late filing penalties if deadlines are missed. With plans in place to shorten the deadline between a company’s accounting reference date and the date they submit their annual accounts, electronic filing will obviously make this change a lot more achievable.

There are however cost implications for those wishing to file via this method. Those who handle to process in house will need to have the necessary software in place and this can be expensive. This could result in smaller companies struggling to cover the cost and instead turning to a specialist company secretarial provider

Many people will also raise concerns over security issues. The person responsible for the filing of accounts will need to ensure the person authorising submission does actually have authority to do this.

For more information call Artaius Company Services on 020 7723 0474 or visit www.artaius.com