LOL: Twitter faces fines for late UK financial filings
Blabber ziggurat #notagoodwayofgettinginfo
Twitter UK Ltd faces an embarrassing fine of £375 after failing to file its latest company accounts on time. Twitter-owned British subsidiary Tweetdeck is also late on turning in its financials and also faces a penalty.
Companies House, which maintains the official register of businesses in the UK, expects annual summaries of company accounts so it can make that information accessible to the public.
Except the public won't be able to see Twitter UK's financial results for the second half of 2011 because it hasn't filed them - and is weeks late in doing so.
Twitter UK's accounts for the six months from its incorporation on 1 June 2011 to 31 December 2011 was due to be filed to Companies House on 30 September this year, but ten weeks later the paperwork has not been handed in.
The failure could earn the company a slap on the wrist and a fine of £375 - the standard penalty for filing between one month and three months after the due date. The fine increases over time.
Tweetdeck, the British Twitter client bought out by Twitter, is also overdue on turning in its financials, which should have been filed on 30 September. As a small company, Tweetdeck only has to file abbreviated accounting details.
We asked Twitter what caused the slip-up. It has not replied.
The delay in filing paperwork comes amid a heavy focus on tax payments by British subsidiaries of American tech companies such as Google and Amazon. Twitter has raised hundreds of millions of dollars in funding whereas it costs nothing to file a copy of the UK subsidiary's accounts to Companies House. ®