We’re still at home – and still working for you!! But from Monday most of the team will be back in our offices, observing the rules, and looking forward to picking up where we left off before we rudely interrupted by a pandemic, with our first class, friendly accountancy service!!
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.
HMRC has revealed that more than 100,000 self-employed Brits applied for financial aid in the first few hours after the income support scheme opened.
The Self-Employment Income Support Scheme (SEISS) was originally announced in March to help freelancers and other self-employed workers who have seen their income dip.