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Late filing harms credit records
Bentleys Chartered Accountants are warning business owners of the potential negative effect on their credit rating of filing their accounts at the last minute.
Credit reference agencies downgrade companies who file their accounts at the last minute, or worse, after the Companies House filing deadline. This could count against a profitable business which otherwise has a sound balance sheet.
Jonathan Hargraves, a Partner from Bentleys said “Ratings can be downgraded as statistics show that a company is 9 times more likely to go into liquidation if they file at a late stage. Conversely, businesses who submit their accounts earlier find their rating is likely to increase.
“Many businesses may be unaware that credit rating agencies apply this rule, and could find difficulty obtaining credit through no fault of their own.”
For more information or advice about this issue, please contact Bentleys on 01204 388675 or visit www.bentleys-accountants.co.uk
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Date added: 13 April 2010
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