Coronavirus: Companies get three extra months to file taxes
Companies affected by the coronavirus can apply for an additional three month extension to file their taxes, without receiving an automatic penalty.
Part of the government’s package of support for UK businesses, the extension means that companies of all sizes will be able to prioritise their COVID-19 response over handling taxes.
4.3 million businesses must submit accounts and reports to Companies House each year and, under normal circumstances, late filers are issued with an automatic penalty.
This extension is not automatic, so you will need to apply to Companies House if you want to take advantage of it. However, any extension applications that cite issues around the impact of COVID-19 will be granted immediately, according to the Government.
If you have already extended your filing deadline or have shortened your accounting reference period then you may be ineligible for the automatic extension. Similarly, if your filing deadline has already passed then you will not be able to apply for the extension.
Applications can be made online in 15 minutes. You can get started .
Business Secretary Alok Sharma said: “We have outlined a business support package on an unprecedented scale, backing companies and their employees through these challenging times.
“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 3 month extension for filing accounts is part of that.”
Miles Grady, Director of Cloud Accountant said: “Companies will be pleased that the government is taking proactive steps to support them. The coronavirus pandemic brings unprecedented business challenges and, for many, filing will be the last thing on their minds.
“Tools like Xero and FreeAgent can make filing taxes simpler for limited company directors. To learn more about the software and our services, speak to a member of the team today.”
For more information, call CloudAccountant.co.uk: 0808 281 0303.