“The Writing’s on the wall for paper filing”, and “Don’t get left behind, file online”, are the messages coming out of Companies House in their current campaign to promote their digital services to accountants and encourage them to file their accounts online. Companies House has declared its intentions to become a 100% digital organisation by the end of 2018/19 in order to increase efficiency and cut costs, in line with other government agencies.
Currently over 80% of companies file their documents digitally, with Companies House estimating that key transactions, such as annual returns and incorporations, are almost all submitted digitally.
However, their research has shown some resistance to change from paper to digital. There are a number of reasons for this - changing processes that have been in place for a long time and work well seems unnecessary, low priority and the cost of accounts preparation software can be difficult to justify.
However, Companies House are hoping to ease these concerns and promote the many benefits to online filing, believing it to be the better approach for all UK filers, across all companies, large and small. There are many advantages with online filing; primarily the security, speed, acknowledgement and automatic confirmation makes it the best choice.
In its push to encourage all companies to move over to online for all communications, the agency is highlighting some key benefits:
most online documents are processed within 24 hours, and delivery is faster and more secure, along with no postage costs, no need for covering letters, automatic confirmation of acceptance and rejection and reduced risk of late filing penalties.
online filing also features built-in checks to help avoid errors, and the possibility of rejection. When it receives a document filed online, an acknowledgement is sent almost immediately, followed by confirmation once the document has been accepted. If an item is rejected, the applicant can then correct and resubmit it.
If you still need convincing, or are unsure about making the change yourself, Jordans Accounting Services can help, offering advice and assistance. Regulated by ICAEW, we are a team of experienced accountants who can help with your statutory accounts as well as any tax matters you may need assistance with.
Over the coming year, there will be a new UKGAAP (UK Generally Accepted Accounting Practice) which may substantially change the layout of your accounts that should be submitted to Companies House. Jordans Accounting Services team is fully trained in the new requirements, so we can take this burden off your hands, giving you complete peace of mind, knowing your accounts will be accurate and filed in a timely manner.