CORONAVIRUS (COVID-19) UPDATES HERE

COMPANIES TO RECEIVE 3-MONTH EXTENSION PERIOD TO FILE ACCOUNTS DURING COVID-19

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.

 

 

LATEST SIMILAR NEWS

DEBENHAMS TO START REOPENING SHOPS AFTER LOCKDOWN
Posted on: 04 Jun 2020 at 15:49:47
Debenhams is to reopen its first stores in Northern Ireland on Monday, followed by 50 shops in England the week after. It says three stores with street access in Belfast, Newry and Rushmere will be able to open following updated guidance from the NI Executive. Debenhams collapsed into administration...
PUBLIC SCHOOLS BEGIN TO REOPEN
Posted on: 01 Jun 2020 at 17:02:43
As of this week, many schools in England were given the all clear to open to all students, though parents remain wary of sending their children back to school. Whilst in some areas, schools have remained closed to non-essential worker children, many schools have opened to children in reception, year...
NHS DOCTOR REVEALED AS ANTIBODY 'SUPER-DONOR' AFTER COVID-19 RECOVERY
Posted on: 27 May 2020 at 09:38:36
Alessandro Giardini, who spent a week in intensive care, has an antibody level in his plasma around 40 times that of the average. The discovery was made as part of an NHS trial to analyse the blood of 435 covid-19 patients. Mr Giardini, a consultant in the cardiology department of Great Ormond Stree...
CORONAVIRUS: IMMUNE CLUE SPARKS TREATMENT HOPE
Posted on: 22 May 2020 at 12:05:21
UK scientists are to begin testing a treatment that it is hoped could counter the effects of Covid-19 in the most seriously ill patients. It has been found those with the most severe form of the disease have extremely low numbers of an immune cell called a T-cell. T-cells clear infection from the bo...
HAMPSHIRE AND ISLE OF WIGHT AIR AMBULANCE JOIN FORCES WITH COAST GUARD TO HELP TRANSFER PATIENTS DURING CORONAVIRUS OUTBREAK
Posted on: 20 May 2020 at 08:49:31
Hampshire and Isle of Wight Air Ambulance  are collaborating with HM Coastguard, the search and rescue arm of the Maritime Coastguard Agency, in order to safely transfer time critical patients with an unknown coronavirus status from the Isle of Wight to hospitals on the mainland. Doctors and s...
CORONAVIRUS: JOBLESS CLAIMS SURGE BY RECORD 856,500 IN APRIL TO HIGHEST LEVEL SINCE 1996
Posted on: 19 May 2020 at 11:18:08
Official figures have shown an increase of 856,500 people submitting benefit claims last month as the coronavirus crisis took its toll on jobs. The update from the Office for National Statistics (ONS) showed the so-called claimant count, measured through Universal Credit applications, at its highest...