Covid-19 – Companies to receive three-month extension to file accounts

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 further information on this development please contact Russel Shear or any other member of our Corporate & Commercial team.

For an update on all the legal implications relating to Coronavirus please see here.

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