Annual accounts extension – COVID-19
The UK Government has vowed to stand by the British public and their employers, announcing a number of changes to help support businesses at a time of national emergency.
The outbreak of Coronavirus in the UK has resulted in what is essentially a national lockdown. The announcement was made with immediate effect, which left some businesses in the dark as to how they will continue to function.
The government have now made it possible for companies that are due to file their annual accounts, to apply for a three month extension from Companies House.
Current law states that all UK companies must submit their accounts to Companies House on an annual basis. If a business fails to do this, it can result in fines being issued to the offending company.
These new measures alter the ‘status quo’ to some extent, although, the responsibility of applying for the extension lies with individual businesses. Companies House is not automatically applying the extension to every company.
It appears that a sympathetic stance is being taken with applications, and our understanding is that they are routinely accepting the majority of applications, particularly if the request for the extension specifically relates to a issue arising out of COVID-19.
Where to apply
Applications for an extension can be done on the government website and can be completed in around 15 minutes.
Companies House have confirmed that they shall be regularly reviewing and updating their policy. For the most up to date information from the UK Government, please click here.
If you’d like more information on applying for the extension, filing your company accounts or any other matters arising out of the Coronavirus pandemic, please contact a member of our Corporate team on 01296 318 500 or email us email@example.com