Whilst companies are dealing with the effects of Covid-19 on day-to-day operations, Companies House and the government are allowing businesses to apply for a three month extension to deadlines for filing accounts to help alleviate the unexpected pressures which they are now facing.
Business Secretary Alok Sharma, Companies House Chief Executive Louise Smyth, and Head of Corporate Governance for the Institute of Directors Roger Barker, comment on the extension and how it is intended to help companies through these unprecedented times.
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.