Farmers warned over Companies Act
The financial implications of the new Companies Act, which came into full effect on 1 October, could have a serious impact on farming companies according to a West Norfolk accountant.
Chartered accountant Sharon Edwards (pictured), who specialises in corporate services at Mapus-Smith & Lemmon, said: “The time limit for filing accounts has been reduced from 10 to nine months after the year-end for accounting periods beginning on or after 6 April 2008 and penalties have been substantially increased. While companies which justify full-time company secretaries or legal departments are most probably aware of this and all the other changes brought about by the Act, small farming companies may have overlooked
the matter.
“Private company and LLP accounts which are filed late will attract a penalty of £150, compared with the former fine of £100. A further fine of £375 will be incurred if the accounts are more than one month overdue. The previous regime did not introduce a further fine until the accounts were over three months overdue and then the fine was only £250.
“The fine levels continue to rise in increments up to £1500 for accounts overdue by more than six months. This represents a 300 per cent increase on the previous fine for filing accounts over six months late. If they are late again the following year then these penalties will double. These are significant amounts to bear, particularly for small businesses.”
For full information about all the revisions visit www.mapus.co.uk or call Sharon Edwards on 01553 774761.
Tap into independent advice at UK Grain event
A PANEL of experts in new ‘clinics’ will offer specific advice on a one-to-one basis to visitors to this year’s UK Grain event to be held on 3 November at the Newark Showground, Notts.
UK Grain offers the answers to key questions regarding grain drying, storage and marketing. The new grain clinics along with the wide-ranging seminar programme and trade exhibitors presents a comprehensive advice package for visitors looking to make more from their grain.
The only event of its type, UK Grain brings together the industry’s professionals and focuses on all aspects of the grain business from the moment it enters the store through to marketing the crop. Expert speakers in the clinics and seminars aim to equip visitors with the latest advice on how to improve drying performance and efficiency in existing stores.
For more information visit www.farm-smart.co.uk.
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