Following a press release issued on 25th March (available here), the Department for Business, Energy and Industrial Strategy announced that companies will be able to apply for a three-month extension for filing their accounts with Companies House.
Effective today, all businesses will be able to apply for this extension. However, those citing Covid-19 issues or “health” matters as reasons for the filing delay will be “automatically and immediately granted an extension”. Applications are user-friendly and can be made via a fast-tracked online system that takes 15 minutes to complete.
In this welcome development, the Government has said that the move will allow businesses to prioritise their management of the impact of Covid-19 without receiving late filing penalties. Businesses will be reminded that the financial penalties for late filing of company accounts are as follows:
- £150 (if filed no more than 1 month late);
- £375 (if filed more than 1 month but not more than 3 months late);
- £750 (if filed more than 3 months but not more than 6 months late); and
- £1,500 (if filed more than 6 months late).
For an update on all the legal implications relating to Coronavirus please see here.
Edwin Coe LLP is a Limited Liability Partnership, registered in England & Wales (No.OC326366). The Firm is authorised and regulated by the Solicitors Regulation Authority. A list of members of the LLP is available for inspection at our registered office address: 2 Stone Buildings, Lincoln’s Inn, London, WC2A 3TH. “Partner” denotes a member of the LLP or an employee or consultant with the equivalent standing.