After much talk about forthcoming financial penalties, Companies House has now issued guidance as to how it intends to utilise its power to issue such direct financial penalties. The upper limit that had been suggested was £10,000, but it has now become clear that Companies House will be taking a more cautious approach. It has set out a framework which suggests that penalties will only be recommended after consideration of the severity of the offence and whether or not it is a repeat offence. The range is from £250 (first minor offence) to £2000 (very serious offence, for the fourth time or more). The good news is that a warning notice will be served, and if the company or individual complies within 28 days, the subsequent penalty notice will not be served. There seems to be no indication in the guidance as to whether Companies House will start issuing penalties immediately, although… it is never too late to check your filing history to make sure that everything is in order.