Need more time to submit your company accounts

If you need more time to submit your company accounts with Companies House. You must contact Companies House as soon as possible.

There are two main reasons why you must do so when you foresee you are unable to submit your company account on time.

  1. To avoid the expensive late filing penalty, up to £1500 for a private company and up to £7500 for a public limited company.
  2. Companies House may strike off your company and your accounts are overdue for a long time.

Events outside your control

If the reasons you are unable to submit your company accounts are because an event outside of your control prevents you to do so, do contact Companies House immediately.

An example of this kind of event would be fire has destroyed your company records a week before your account filing deadline.

On the other hand, If your reason for not able to submit your company accounts is due to your accountant is ill. You stand a very low chance to get an extension.

Apply to extend your company accounts filing deadline

There are two ways to apply to the extension of more time to submit your company accounts. You can do this online or by post.

Apply online

You will require the following information to apply online.

  • Your company number
  • The reasons why you need more time
  • Any supporting evidence to support your applications

Apply by post

Another way to apply for more time to submit your account would be by post. Again, Companies House would require the following information from you. Companies House would keep your information in strict confidence.

  • Why you require more time to submit your company accounts?
  • Your company number.
  • an email address to contact you.
  • Any supporting evidence to support your application (optional)

In terms of which Companies House office you must send your application to by post, it is dependent on where your company’s registered office address is situated.

Companies House England and Wales

Crown Way
CF14 3UZ
DX 33050 Cardiff

Companies House Scotland

4th Floor
Edinburgh Quay 2
139 Fountainbridge
DX ED235 Edinburgh 1

Companies House Northern Ireland

2nd Floor
The Linenhall
32-38 Linenhall Street
DX481 N.R. Belfast 1

Companies House will contact you

Companies House would review your application and they would usually contact you by email within 5 working days to tell you if your application is successful or that they require more information from you.

Thus, they will make a decision about your extension request accordingly.

Usually, if Companies House accepts your application for an extension. You would normally get an extra 30 days to submit your company accounts. Consequently, you must deliver your company accounts within 30 days.

Lastly, you must take note that the extension does not apply to your subsequent year account filing deadline.

Another important document you must file with Companies House is the confirmation statement, once every 12 months.

UK Auditors if Brexit no deal

UK Auditors only perform audit on UK companies will not be affected if Brexit no deal. However, Brexit no deal will affect UK Auditors that perform audit to UK companies operating in the European Economic Area (EEA) countries.

UK Audit qualification in EEA countries

First of all, your UK audit qualifications in the EEA country may not be valid if Brexit no deal. Currently, If you are able to sign audit reports with your UK audit qualification in an EEA country, you must contact the home country professional auditing authority.

Double check your eligibility as UK Auditor with UK audit qualification is still valid if Brexit no deal. Most likely, you would require to complete a new aptitude test or adaptation period. Alternatively, you may re-qualify by obtaining the relevant qualification.

UK Auditors audit EEA companies

Most importantly, if you expect to sign an audit report for an EEA company after Brexit no deal, check with the EEA home country auditing authority if you are still eligible to sign. If not, what steps you need to take for your audit opinion to be valid. The last resort is that you may require to resign as an auditor if unable to obtain approval to act as an Auditor in the EEA country.

EEA Auditors in UK if Brexit no deal

EEA Auditors registered with UK professional accountancy bodies as statutory auditor do not need to take any action. Yahoo.

However, for new EEA qualified auditor working in the UK will have until 31 December 2020 to register as a statutory auditor. For this purpose, you must contact one of UK professional accountancy bodies. You would have to pass an aptitude test.

Auditors from Republic of Ireland generally not affected. With exception, auditors of CPA Ireland will need to take an aptitude test.

Audit exemption statement

Generally, a limited company that is classified as a small company according to Companies Act 2006 is eligible to claim this audit exemption. In other words, you are allowed to deliver unaudited company accounts to Companies House. Correspondingly, you must disclose the audit exemption statement on your balance sheet.

The audit exemption statement shall be above your director’s signatory on the balance sheet.

The standard audit exemption statement wording sounds like this.

  1. For the year ending (your company’s year end date), the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
  2. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  3. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  4. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

The benefit of claiming audit exemption is that you put less information in your company accounts for public register. Why put less information in your company account is good? less information for your competitors.

However, you must not deliver unaudited company account if your shareholders requested an audit on your company accounts. That why in the second paragraph of the audit exemption statement state the member has not requested an audit. Your director’s signatory on the balance sheet page with that statement on it would confirm that is the case legally.

Another important document your company must deliver to Companies House is the Confirmation Statement.

If you have any questions about your limited company accounts, feel free to contact us. Our accountants would be more than happy to help you.

Auditor statement of circumstances

When your external auditor ceased to hold office, they are required to deposit a statement of circumstances at your company’s registered office. They must set out any issues relating to the cessation of the office that should be brought to the attention of your shareholders or creditors of your company. If there are no issues then state that no circumstances exist.

In the case of auditor resignation, your auditor’s statement should accompany the notice of resignation. In the event where your auditor is not seeking reappointment, their statement should be deposited at least 14 days before your general meeting where your company account is laid. If a resolution has been passed to remove the requirement for laying accounts at the general meeting then the auditor must send their notice within 14 days of your accounts being circulated to your shareholders. In all other cases, your auditor must provide their statement of circumstances within 14 days of ceasing to hold office.

Thereafter, your company must send a copy of the statement to everyone entitled to receive a copy of your company accounts within 14 days.

Court order

If your company considers the statement of circumstances to be defamatory, you may apply to the court to have the statement not to be circulated.

Subsequently, you must inform your auditor within 21 days if a court order is sought. If this time elapses and no order is sought, your company’s auditor has a further seven days to send a copy of the statement to Companies House.

If your court application is successfully made, your company must inform everyone entitled to receive a copy of your company accounts within 14 days of the court’s decision. On the other hand, if the court order fails, your auditor’s statement must be circulated within the same time frame. Concurrently, you must also inform your auditor of the court’s decision. Subsequently, your auditor has a further seven days to deliver a copy of the statement to Companies House.

The auditor statement of circumstances is a separate document to that of your confirmation statement. It does not affect your confirmation statement.

Auditor resigns from office

Auditor resigns from office before the end of the term, he/she would have to give written notice to your company. Thus, your Auditor’s appointment will end on the date when the notice was deposited at your company’s registered office. If your auditor specifies at a later date then that would the date of their official resignation.

For this purpose, it is imperative you have access to posts sent to your registered office and act promptly. Remember to notify Companies House if you would like to change your registered office address. In this case, you must complete and deliver the form AD01 to Companies House.

Statement of circumstances

Your auditor resigns from the office will only be effective if he/she provides a statement of circumstances. The statement must include details of any relevant circumstances relating to their resignation that should be brought to the attention of the shareholders or creditors.

In the event your auditor has no circumstances to report, the statement must state this fact. Once your company has received your Auditor’s notice, you must deliver a copy of it to Companies House.

Auditor request to call for extraordinary general meeting

On the other hand, your Auditor may also request that your company to call an extraordinary general meeting to consider the circumstances connected with their resignation. He/she could make such request by depositing a signed requisition with their resignation. Subsequently, you are to arrange the meeting within 21 days. The meeting must be for a date within 28 days of it being convened. Total length of the process is 49 days. Failure to do so will render your directors liable to a fine.

Auditor’s written statement

Your auditor may also request you to send their written statement relating to the resignation to all shareholders prior to the extraordinary meeting. The statement may also be sent prior to the general meeting at which your auditor’s term of office would have expired or where a replacement auditor is to be appointed. Your auditor also has the right to attend and be heard at either of these meetings.

If the statement received is too late to be included in the notice to the general meeting, your auditor can request the statement to be read out at the meeting.

Reappoint Auditor

If your auditor does not seek reappointment after the end of term at the general meeting then this does not constitute a resignation. Thus, your auditor do not require to deposit a notice at your company’s registered office. However, your auditor must still provide a statement of circumstances.

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