Delays At Companies House Putting Businesses At Risk

Delays At Companies House Putting Businesses At Risk

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Businesses are at risk of getting black marks against their credit profile because of delays in processing filed documents and accounts at Companies House, warns Top 40 accountants Bishop Fleming.

The firm is concerned that delays of up to a fortnight by the department in processing documents that it has received could adversely affect the credit status of companies

Bishop Fleming’s Managing Partner, Matthew Lee, said: “This is always a busy time of year for Companies House, as many companies have a 31 March year end. The department is fully aware of this and should therefore be calling in extra staff to cover the peak demand.”

Whilst the department says it is processing accounts within two weeks, it is taking longer to deal with the annual Confirmation Statement, the replacement for the Annual Return.

Mr Lee commented: “As the information held by Companies House is used by credit agencies in assessing the creditworthiness of a business, the delayed processing of accounts and other documents can lead to a lowering of your credit rating. A listing which shows information is overdue will be regarded as a sign that there are serious financial problems, and the company is delaying publication of its information for that reason.”

The Bishop Fleming partner added: “This could be a disaster for the company, as it might then find that it can’t obtain finance, or it suffers a withdrawal of a line of credit by a supplier.”

The Companies House website makes it clear that documents are registered on the date they are received, provided they are in “an acceptable format”.

But Mr Lee noted that: “This means there remains a danger that with the slow processing, a document could be rejected if not in an acceptable format, raising the prospect of a late filing penalty.”

Mr Lee advised companies to submit documents to Companies House in good time and where possible make submissions online, where they are usually processed within 24 hours.

He also called on Companies House to “get its act together” and ensure that processing delays are reduced as a matter of urgency “to give companies certainty that they have correctly filed their documents”.

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