Coronavirus: Extension Period for Companies to File Accounts
Published 26 March 2020
Businesses in the UK will now be able to apply for a 3-month extension for filing their accounts.
The Government in conjunction with Companies House, announced the initiative yesterday in response to the current Coronavirus crisis.
There are approximately 4.3 million businesses currently on the Companies House register. Under normal circumstances, companies that file accounts late are issued with an automatic penalty. The extension will allow businesses to focus on managing the impact of the Coronavirus without the added worry of upcoming deadlines.
Companies should apply online for the 3-month extension, citing COVID-19 as the grounds for their application. They will then automatically and immediately be granted an extension. Companies that do not apply for an extension, and whose accounts are then filed late, will incur an automatic penalty.
Louise Smyth, Companies House Chief Executive, commented: “We recognise that these are uncertain times for businesses and that’s why we’re doing all we can to help. By easing the burden, we can help businesses through this period and enable them to thrive in the future.”
If you are one of the many businesses throughout the UK affected by the Coronavirus crisis, and feel that you would benefit from this, please ensure you apply for this extension at the earliest opportunity. Visit: https://www.gov.uk/guidance/apply-for-more-time-to-file-your-companys-accounts
This article is for general guidance only and should not be regarded as a substitute for professional legal advice. Source: Gov.uk