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Companies to receive 3-month extension period to file accounts during COVID-19

Businesses will be given an additional 3 months to file accounts with Companies House to help companies avoid penalties as they deal with the impact of COVID-19.

From today (25 March 2020), businesses will be able to apply for a 3-month extension for filing their accounts.

This joint initiative between the government and Companies House will mean businesses can prioritise managing the impact of Coronavirus.

There are approximately 4.3 million businesses on the Companies House register, and all companies must submit their accounts and reports each year. Under normal circumstances, companies that file accounts late are issued with an automatic penalty.

As part of the agreed measures, while companies will still have to apply for the 3-month extension to be granted, those citing issues around COVID-19 will be automatically and immediately granted an extension. Full details here

Applications can be made through a fast-tracked online system which will take just 15 minutes to complete.

Full guidance on how to apply for an extension can be found here

Whilst this is an option to be considered, ultimately it is beneficial to have up to date financials to help you manage your business and its cash flows at this time, so choosing to apply for this extension should be considered carefully.  We can help you make this decision and apply if this is something to choose to do.

Please contact your usual WR Service Delivery Manager in the first instance to discuss or visit our Contact Us page.

See other Coronavirus Updates here

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