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In a joint initiative between the government and Companies House, from today, businesses are able to apply for a three-month extension for filing their Annual Accounts.
Under normal circumstances, a company must submit their accounts and reports to Companies House within nine months of the end of their financial year. The late filing of the accounts generates an automatic penalty.
Although a company will still need to apply for the three-month extension to be granted, any business citing issues around COVID-19 will be automatically and immediately granted an extension.
The application can be made through a fast-tracked online system which Companies House estimates will take fifteen minutes to complete and can be accessed at https://www.gov.uk/guidance/apply-for-more-time-to-file-your-companys-accounts.
Whilst this move will be welcomed by many businesses impacted by COVID-19, as it stands, the Corporation Tax remains due nine months and a day after the end of the business financial year.
As yet, it is unclear as to whether a similar extension will be applied to the Corporation Tax payment date.
We are expecting a further announcement from the government tomorrow which may address this along with other pressing matters including further support for the self-employed and clarification on the status of Employer’s National Insurance and Workplace Pension contributions for furloughed workers.
In the meantime, if you have any questions or would like any further information, please either email support@cooperfaure.co.uk or book an appointment at https://calendly.com/jonathan-cooper/covid-19-support.
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