Businesses all around the world are currently firefighting against the impact of COVID-19 and whilst there are more pressing issues for businesses such as preserving and managing employees safety and security as well as financial and commercial implications on contracts and supply chains, limited companies still have to comply with statutory filings with a risk of a penalty unless they don’t, until now.As of today, Companies House has announced that limited companies can apply for a 3-month extension for filing their annual accounts. Usually, companies that do not file their accounts on time will automatically incur a penalty starting at £150 and increasing dependent on how long the accounts are outstanding.With over 4.3 million businesses registered at Companies House, this will come as light relief, but note that if accounts are not filed by the extended date, the late filing penalty will be incurred.To apply you can use the
online application service at Companies House. You will need to include reasons why you are applying for the extension and if you are citing reasons relating to Coronavirus, the extension will automatically be granted.Whilst a small step in battling the commercial impact of coronavirus it will allow businesses to focus on other areas.
Our corporate and commercial teams are here to support your business during this unprecedented time of uncertainty. For further advice please email ashley.sutherland@hegarty.co.uk.