The UK Government has announced a number of new measures to try and support businesses through the current outbreak of COVID-19. One of which was a three-month extension for businesses due to file their company accounts.
The current law states that all companies must submit their accounts to Companies House on an annual basis. Failure to do so can result in penalties, such as fines being issued to the offending company.
The newly issued Government measures alter the law that requires companies to file accounts every 12 months, however, please be aware that you need to apply for the extension, this is not automatically applied to each business. The onus remains on each company to make the application before failing to report on their accounts within the 12 month time frame.
It appears as though Companies House are taking a sympathetic stance, given the current turbulent times, and it is our understanding that they are routinely accepting the majority of the extension applications that have been submitted, especially if the request for the extension directly relates to an issue arising out of the COVID-19 pandemic.
How to apply
Applications for an accounts extension can be done online and typically take around 15 minutes to complete.
Companies House have confirmed that they shall be regularly reviewing and updating the policy. For the most up to date information visit the Government website.
For more information about filing your accounts or if you require any assistance as a result of the COVID-19 outbreak, please contact a member of our Corporate team on 0800 042 0700.