Private companies now have nine months to file their accounts. The shortened deadline applies to accounting periods commencing on or after 6 April 2008. Accounts which are filed late will be liable to fines under the new late filing penalty regime. Fines rise steeply from £150 to £1500, depending on the delay in filing. Companies House also have the power to double fines, if accounts were also filed late in the previous year.

This change is part of the main and final implementation of the Companies Act 2006. Companies House has provided a colourful leaflet summarising key changes which come into effect from 1 October 2009.