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You could lose your shirt

Since the introduction of the Companies Act 2006, Companies House have begun to get really tough. In at least 1 instance I've heard about a company's bank account has been shut down because the director failed to file a £15 form at Companies House.

By shut down, I mean closed to ANY transactions - customers not able to pay, standing orders and direct debits and cheques bounced. It's the nightmare scenario for any business owner. Actually it could be worse - you might have given the bank a personal guarantee for the overdraft and the bank might - as well as closing your account - then come looking for you to clear the balance.