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Businesses to receive three-month extension period for filing accounts amid coronavirus outbreak in new government-backed initiative

Written by Latifa Yedroudj on Wednesday, 25 March 2020. Posted in Financial management, Finance

Businesses in the UK can now apply for the scheme which gives them up to three months to file their accounts, helping companies ease their administrative duties during these challenging times

Businesses to receive three-month extension period for filing accounts amid coronavirus outbreak in new government-backed initiative

Businesses in the UK can now apply for the scheme which gives them up to three months to file their accounts, helping companies ease their administrative duties during these challenging times

As the number of coronavirus cases in the UK continues to rise, SMEs across the UK are now facing the disruptions in supply chain, drops in sales and several other impacts brought about by the nationwide shutdown and reduction trade across borders. The government is now giving businesses additional support to help them during this tough time. All companies will now receive a three-month extension period to file their accounts to allow them to manage the impacts of the coronavirus outbreak.

From March 25, all businesses across the UK will be able to apply for a three-month extension for filing their accounts. The joint initiative between the government and Companies House will allow all companies to better manage their businesses as the coronavirus epidemic continues to sweep across Britain. 

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 who file their accounts late will be issued with an automatic penalty. Now, businesses can wait up to three months to do this. Companies 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.

“We have outlined a business support package on an unprecedented scale, backing companies and their employees through these challenging times,” Business Secretary Alok Sharma said. “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 three-month extension for filing accounts is a part of that.”

“We recognise that these are uncertain times for businesses and that’s why we’re doing all we can to help,” Companies House Chief Executive, Louise Smyth added. “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.”

After Mr Johnson announced a strict UK lockdown yesterday, it is vital the government steps in to help businesses struggling during the coronavirus outbreak. This new initiative shows how the government is being proactive and putting businesses at the forefront of their concerns amid the worldwide epidemic.

About the Author

Latifa Yedroudj

Latifa Yedroudj

Latifa Yedroudj has joined the Elite team to fully immerse herself in the business side of journalism, a strong passion of hers cultivated from young having co-run her mother's start up business since she was 18. Her interests lie in a wide range of subjects, including start ups, business, travel, and anything entrepreneurial she can get her hands on. She has worked for some of the biggest names in journalism including The Guardian and The Mirror. Follow her on @latifayed on Twitter for her latest journo rants.

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