As part of the UK Government’s measures to support businesses during the course of the COVID-19 pandemic, it is now possible for companies due to file their annual accounts, to apply to Companies House for a three month extension.
The law states that all companies must submit their annual accounts to Companies House on an annual basis. Failure to do so can result in penalties, such as fines being issued to the offending company.
The Government measures alter the ‘status quo’ to some extent. Although, it is important to note 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.
Companies House appear to be taking a sympathetic stance given the current turbulent times and our understanding is 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 a issue arising out of COVID-19.
Applications for an extension can be done on the government website and typically take around 15 minutes to complete.
Companies House have confirmed that they shall be regularly reviewing and updating their policy in this regard. More guidance from the UK Government, can be found here.
For more information about filing your accounts or if you require any assistance as a result of changes to your business as a result of COVID-19, please contact a member of our Corporate team on 02392 981 000 or email us connect@verisionalaw.com
