Filing Accounts And Covid In The UK
Recognising the difficulties faced by companies of all sizes, Companies House has announced that on Wednesday 25 March 2020, companies will be able to file their annual accounts for the first time in more than a decade. While we expect companies to continue to face difficult times in the foreseeable future, the fact that Companies' House has extended its filing date will be a welcome relief to many. [Sources: 0, 3]
Businesses will have to apply for an extension and those quoting COVID 19 and related issues will be immediately given additional time and will be tracked for a period of three months before receiving the extension and immediately traced back to the registration deadline. If the renewals do not apply and the accounts are not submitted late, the usual penalty will be imposed, but only in extreme circumstances will the penalty not be recovered. In the event of an automatic penalty for failure to request renewals and late filing of accounts - this has no effect on the actual filing date of the company's annual accounts - it will only be imposed if it was not requested before the filing date and not requested before the filing date. [Sources: 2, 3, 6, 7]
The companies "accountants will typically tell them that they need an extension due to the effects of the current crisis, and they should discuss the situation with them and submit their application as soon as possible to avoid the penalty. Given the nature of their activities, companies could consider a four-month calendar appropriate and invite them to consider it appropriate and to use it for a further two months. [Sources: 3, 6]
The House of Companies is also considering solutions to mitigate the impact of COVID on the ability of companies to hold their required annual general meetings. Listed companies, which will have to hold their annual general meeting in the coming months, are concerned about how they will do this if the COID's 19 restrictions on movement and collection remain in place. [Sources: 1, 3]
The updated policy allows many UK-listed companies to hold hybrid virtual meetings. The new policy from Companies House will be reviewed and adjusted as necessary. If you have any concerns about this or any other matter that affects your business, please contact us. [Sources: 3]
We will continue to write to companies that are late in submitting their accounts and statements of assurance and help them bring them into line with the last deadline. [Sources: 7]
You still need to send your form to HMRC, but there may be delays and they will write to your company instead of stamping the form. You can also request that your data be protected and published on the public register of Companies House so that you can protect it as quickly as possible. When you have applied, you will receive a form and, if it is accompanied by a letter from HM Revenue, it will be accepted and registered by House. [Sources: 2, 7]
HMRC says they cannot accept signatures while measures relating to COVID 19 are in place. You advise to transfer payments by check and not to transfer them at the end because of the coronavirus measures. [Sources: 2]
Regulatory returns to be submitted on or before 1 October 2020 should meet their usual deadline, otherwise they will be subject to administrative fees in the event of a delay. The regulatory returns listed below are permissible provided that the company has submitted them by the deadline set below. We still expect you to return your order as soon as possible, but if you miss your deadline by 30 September, we will send you a reminder letter. If the extended deadline falls on a weekend, you can submit your submission in time if it is missed. [Sources: 5]
Companies that have already extended the filing period or shortened their accounting reference period may not be eligible for an extension, Companies House guidance states. For example, a delayed notification by a listed entity, such as a public undertaking, will be allowed. Companies that are in the process of submitting their annual accounts can now apply for a three-month extension, but the deadline for registration must not have expired. The company concerned, which must not have already extended its filing deadlines or shortened its accounting deadline, must comply with the requirements of the House of Companies "guidelines and is not yet responsible for regulatory returns, as on 1 October 2020 (the deadline for filing tax returns). [Sources: 2, 3, 6]
Companies and other types of companies registered with Companies House forget to file accounts or other information without giving them more time to submit accounts and / or other information. [Sources: 7]
Private companies will extend the deadline for submitting accounts from 9 months to 12 months after the end of the relevant accounting reference period to up to 9 months. The company has confirmed that all relevant notification deadlines are automatically updated so that companies do not need to apply for renewal. However, there is confusion because some advisers believe the renewal process is automatic and the company's website insists companies only have to apply if they have been given an automatic renewal. When the accounting periods of public companies end, this means that the deadline for submitting the company accounts to the That would have been 1 June 2020, and that deadline is now extended to 30 September 2020. [Sources: 3, 4]
Sources:
[0]: https://www.carterbond.co.uk/2020/09/22/covid-19-temporary-filing-requirements-with-companies-house/
[3]: https://www.ansonssolicitors.com/covid-19-companies-house-allow-extension-filing-accounts/
[5]: https://www.fca.org.uk/firms/regulatory-reporting/changes-regulatory-reporting-during-coronavirus