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27 Mar 2020

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Government Announces Three Month Extension for Businesses to File Accounts

Posted on in Business News , Cycles News

The Department for Business, Energy and Industrial Strategy announced Retail yesterday morning (25th March) that the deadline for filing all accounts will be extended by three months for businesses that have been affected by Covid-19. Under normal circumstances, companies that file accounts late are issued with an automatic penalty.

As part of the measures, while companies will still have to apply for the three month extension to be granted, those citing issues around Covid-19 will be automatically and immediately granted an extension.

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 three month extension for filing accounts is part of that."

The extension on filing accounts builds on the existing measures that Government have announced to support businesses. A full list of these is available here.

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