The UK Government has vowed to stand by businesses and support them during the COVID-19 pandemic.
As part of their commitment to businesses the UK Government has granted a three month extension to businesses that are unable to submit their annual accounts to Companies House due to the impact of Coronavirus.
The current law states that all businesses in the UK must submit their accounts to Companies House on an annual basis. If an organisation fails to do this then it can result in large fines.
Although the Government measures alter the ‘status quo’, it is important to remember that the onus remains on each company to apply to Companies House for the three month extension – it does not automatically apply to every company.
Failure to apply for the extension and submitting your accounts late, may still incur a costly penalty to your business.
Companies House appears to be 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 they have been receiving, particularly if the request for the extension specifically relates to an issue arising from COVID-19 outbreak.
Applications for an annual accounts extension can be done on the government website and typically takes around 15 minutes to complete.
Companies House have confirmed that they shall be regularly reviewing and updating their policy. More guidance from the UK Government can be found here.
For more information about filing your annual accounts or if you require any legal assistance as a result of COVID-19, please contact a member of our Corporate team on 02392 50 55 00 or email us firstname.lastname@example.org
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