News

Beware Impact of Act

The financial implications of the new Companies Act, which came into full effect on 01 October 2009, could have a serious impact on small businesses according to a West Norfolk accountant.

Chartered accountant Sharon Edwards. who specialises in corporate services at Mapus-Smith & Lemmon, said: "The time limit for filing ac-counts has been reduced from ten to nine months after the year end for accounting periods beginning on or after 6 April 2008."

"Penalties have been substantially increased. While many larger companies are aware of this and all the other changes brought about by the Act, smaller companies who are unlikely to have full-time company secretaries or legal departments may have overlooked the matter."

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Designated Members : M.J. Jay, F.C.A. • P.E. Farrow, F.C.C.A., A.C.A. • J.W. Hall, F.C.C.A., A.C.A. • J.R. Turner, Dip. P.F.S., A.I.F.P. • R.D. Gray, A.C.I.B. • S.J. Edwards, A.C.A.
Member: S.T. Boote, B.Sc (Econ), F.C.A.

Offices at King's Lynn and Downham Market. Registered to carry on audit work and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales. Mapus-Smith & Lemmon LLP is a registered limited liability partnership.