blog header image

Posted : 25 Mar 2020 at 13:43:17
Category: Corona Virus News

Share this article

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

Business Secretary Alok Sharma said:

  • "We have outlined a business support package on an unprecedented scale, backing companies, and their employees through these challenging times."
  • "But it is important that our support is not limited to financial assistance. We are determined to help businesses in any way we can so that they can focus all their efforts on dealing with the impact of Coronavirus, and this new offer of a 3-month extension for filing accounts is part of that."

Companies House Chief Executive, Louise Smyth said:

  • "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. I would encourage companies who believe they would benefit from this new flexibility to make an application in good time."

Head of Corporate Governance, Institute of Directors, Roger Barker said:

  • These measures will be welcomed by directors impacted by COVID-19. Our members will be pleased to see the government taking proactive steps to support them through this difficult time. By easing the administrative burden that comes with running a business, the government is supporting businesses to focus on the fundamentals during this exceptional period.

The government is also in close consultation with company representative bodies, legal practitioners and others, to look at solutions for the impact COVID-19 may have on companies’ ability to hold Annual General Meetings. Updated guidance on this matter will be published in due course.

 

 

SIMILAR NEWS

blog header image
CORONA VIRUS NEWS
CLAIMS OPEN FOR SECOND SELF-EMPLOYED SUPPORT GRANT

How to claim The online service for the second and final grant is now available. Make your claim on or before 19 October 2020. You should contact HMRC if you receive any suspicious text ...

blog header image
CORONA VIRUS NEWS
CORONAVIRUS LOCKDOWN: ALL YOU NEED TO KNOW ABOUT NEW MEASURES

Prime Minister Boris Johnson has announced a series of measures to take effect from 4 July, easing the lockdown in England. Meanwhile in Scotland, the five-mile travel limit is set to be lifted from 3 ...

blog header image
CORONA VIRUS NEWS
TODAY THE CLAIM A GRANT THROUGH THE SELF-EMPLOYMENT INCOME SUPPORT SCHEME OPENS

If you're self-employed or a member of a partnership and have been adversely affected by coronavirus (COVID-19) use this scheme if you're eligible to claim the grant. Contents Before you start What ...

blog header image
CORONA VIRUS NEWS
FIND CORONAVIRUS FINANCIAL SUPPORT FOR YOUR BUSINESS

The HMRC has released an updated page for businesses trying to discover what Financial help is available to them. Coronavirus (COVID-19) support is available to employers and the self-employed. You ma ...

blog header image
CORONA VIRUS NEWS
4TH UPDATE TO THE CLAIM FOR YOUR EMPLOYEES' WAGES THROUGH THE CORONAVIRUS JOB RETENTION SCHEME

Find out if you’re eligible and how much you can claim to cover wages for employees on temporary leave ('furlough') due to coronavirus (COVID-19). Contents Who can claim Employees you can claim ...

blog header image
CORONA VIRUS NEWS
DAILY CORONAVIRUS CASES FALL 10 PER CENT

Daily coronavirus cases have dropped for the first time in weeks, according to the latest figures. Stocks rallied as the number of daily coronavirus cases fell 10 per cent on Sunday compared to the pr ...

business-directory Business Directory
smartbusinessdirectory Payroll Services Business Directory
truebusinessdirectory payroll-services Directory
payroll-services Directory