Accounts Filing deadlines

Coronavirus, Limited Company, Year End Accounts,

The Corporate Insolvency and Governance Act 2020 became law on the 25th June 2020. This automatically extended Companies House filing deadlines for accounts that were due to be filed between 28th June 2020 and 5th April 2021. The extensions were put in place to enable companies to focus their efforts on maintaining their business during the peak of the pandemic. Confirmation Statements were also included.

It has been confirmed this week that there will be NO further extensions beyond 5th April 2021 and the usual deadlines will apply.

If you’ve been affected by the pandemic though, it IS possible to apply for an extension to this usual deadline.

Companies House have said ‘Companies that are eligible and cite issues around COVID-19 in their application will be granted an extension.’ You can apply for an extension here. (Do speak to us before you do so, or at least read to the end of this post first!)

Any extension of the filing deadline at Companies House is only half of the battle!

Corporation Tax falls due for payment to HMRC nine months and one day after the year end. To know how much must be paid over to HMRC, the accounts must be prepared, from which the Corporation Tax Return can be prepared.

Late payment of Corporation Tax may result in penalties and interest being charged.

In our view, if at all possible the original filing deadline should still remain the primary goal.

We will work with all clients, as usual, to ensure that the original filing deadlines are met wherever possible, and will discuss applying for any extension on a case by case basis. If you’re concerned about meeting your filing deadline, please get in touch.

Remember!

Failure to submit your accounts by the required due date (or any extended date) will result in a late filing penalty becoming due. Companies House has said that they will, temporarily, allow some leniency in terms of the payment of any imposed penalties, and allow payment plans, but it’s far better to avoid incurring one in the first place!

If a Company’s accounts are submitted late for a second year, these penalties will automatically double.

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