1 in 9 accounts are rejected

Discussion in 'Accounts & Finance' started by Jaydee, Aug 18, 2010.

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  1. Jaydee

    Jaydee UKBF Enthusiast Free Member

    1,073 278
    Over 11% of the accounts that Companies House received in the first half of 2010 were rejected. What a staggering statistic.

    The primary reasons were:

    33,349 referred to the wrong Companies Act
    17,329 duplicated accounts already held on record
    12,106 missed the signatory's name
    10,277 had not revised the audit exemption reference to the new Act
    10,027 were made up to the wrong date
    7,755 were not signed
     
    Posted: Aug 18, 2010 By: Jaydee Member since: May 27, 2007
    #1
  2. elainec100@cheapaccounting

    [email protected] UKBF Newcomer Full Member

    13,267 2,882
    I thought it would be more! :)

    Mind you they are only rejected because of wording etc. :rolleyes:

    They can contain utter rubbish and they would still be filed :eek::eek:
     
    Posted: Aug 18, 2010 By: [email protected] Member since: Nov 4, 2005
    #2
  3. jim_price

    jim_price UKBF Regular Free Member

    455 100
    How many fell victim to the tremendous new requirement for accounts to be signed in black ink and not (the perfectly legible when scanned) blue ink.

    I sleep soundly at night in the knowledge that these expert legislators are protecting the nation's interests.
     
    Posted: Aug 18, 2010 By: jim_price Member since: Aug 25, 2009
    #3
  4. MyAccountantOnline

    MyAccountantOnline UKBF Legend Full Member

    13,303 2,500
    None of ours are in that 11%:)
     
    Posted: Aug 18, 2010 By: MyAccountantOnline Member since: Sep 24, 2008
    #4
  5. Danny_CA

    Danny_CA UKBF Newcomer Free Member

    3 0
    A common tactic in my old accounting firm to avoid late penalties was to send in accounts without a signature. They get bounced back and you've automatically got an extra week or two without a fine! :)
     
    Posted: Aug 18, 2010 By: Danny_CA Member since: Aug 10, 2010
    #5
  6. elainec100@cheapaccounting

    [email protected] UKBF Newcomer Full Member

    13,267 2,882
    new rules:

    4. What if Companies House rejects my accounts as incorrect?
    We cannot accept accounts until they meet the requirements of the Companies Act. If, for example, the balance sheet is not signed, we will return them for amendment. If you file the corrected accounts late the company will receive a late filing penalty. To avoid this possibility we recommend that you deliver accounts as soon as they are complete and as far as possible in advance of the last date for delivery.
     
    Posted: Aug 18, 2010 By: [email protected] Member since: Nov 4, 2005
    #6
  7. MyAccountantOnline

    MyAccountantOnline UKBF Legend Full Member

    13,303 2,500
    I think that old one was used by quite a few and hence the new rules;)
     
    Posted: Aug 18, 2010 By: MyAccountantOnline Member since: Sep 24, 2008
    #7
  8. Danny_CA

    Danny_CA UKBF Newcomer Free Member

    3 0
    They had to wise up to it some time.

    I guess the 11% rejected are due to plain old human error then.
     
    Posted: Aug 18, 2010 By: Danny_CA Member since: Aug 10, 2010
    #8
  9. elainec100@cheapaccounting

    [email protected] UKBF Newcomer Full Member

    13,267 2,882
    no mainly due to incorrect wording on directors report / balance sheet or not correct format.
     
    Posted: Aug 18, 2010 By: [email protected] Member since: Nov 4, 2005
    #9
  10. Danny_CA

    Danny_CA UKBF Newcomer Free Member

    3 0
    Yes, that's what I meant. Due to an error by the human who prepared the accounts in the wrong format / with the wrong wording.
     
    Posted: Aug 18, 2010 By: Danny_CA Member since: Aug 10, 2010
    #10
  11. Alison Jones

    Alison Jones UKBF Newcomer Free Member

    902 150
    I wonder how many of the errors are caused by Companies House misinforming companies?

    We had forgotten to add on the audit exemption wording and they sent us a letter with the wording they wanted adding. Added the wording onto it and resent, they rejected it again with completely different wording. Companies House apologised saying that the first letter they sent us was incorrect and that it was their error and if we resubmit and missed the deadline there would be no penalties.
     
    Posted: Aug 19, 2010 By: Alison Jones Member since: Mar 14, 2008
    #11
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