Additional 3 month to submit your company accounts

Generally, Companies House will issue an automatic late filing penalty if your company accounts are filed late. Today, the UK government announced further help to UK companies that affected by the coronavirus Covid 19 outbreak. Hence, companies are given an additional 3 month to submit their company accounts with Companies House with no penalty.

However, this additional 3 month to submit your company accounts is not automatically applied to limited companies. You MUST APPLY to extend your company accounts filing deadline online.

Why you need the extension

You may use the following link to apply to extend your company accounts filing deadline. You must provide a good reason why you need to extend your company account filing deadline.

For examples:

  • You are self employers individuals, you are ill or in self-isolation. You developed symptoms unexpectedly and you cannot go to your office to access to the accounting data or records.
  • Majority of your accounting staff are ill or in self-isolation and no one is competent to prepare your company accounts.
  • You are unable to send your accounting records over to your accountants because you are ill and the records are not ready to be sent over.

Basically, just explain how the coronavirus outbreak has impacted or prevent you from getting your company accounts ready for filing with Companies House on time.

You would require the following to apply:

  • Your company number
  • an email address
  • Why you need the extension
  • Supporting evidence if you have any. This is optional.

The online application will take about 15 minutes. Apply as soon as possible. Don’t wait till the last minute.

Another important document you must deliver to Companies House is the confirmation statement. You can file this statement online too. All you require is your company’s authentication code.

If you have any questions about filing your company accounts, our accountants will be more than happy to assist you.

Stay healthy and safe. We must follow the government guidelines. We are to stay the 2 metres (6 ft) apart from each other to stop the spread of the Covid 19.

Business with new accountants

Business with your accountants is important.

Firstly, new accountants would write to your existing or former accountants to enquire before they accept your appointment as a new client.

For this purpose, you would be asked to provide contact details of your previous accountants.

Accountants’ fees

Ask your new Accountants to provide you with a quote for the services you required for your business. For example, you want help with VAT accounting. Additionally, you would like to have access to international tax accountants because you have an overseas income.

Generally, accountants charge their fee by the hour worked on your company’s affairs but they are accountants who offer fixed fee accounts packages for limited companies too.

If they charge by the hour, ask the estimated time to complete your assignment based on their experience. So that you know roughly how much it would cost you.

Questions for Accountants

Some people like to send a long list of questions to their accountants asking the possibility of doing this and that business and what is the tax implication of each business model.

Your accountants would usually charge for this kind of assignment.

It is good to seek accountants advice on your business model. Be specific about your questions on your business model if possible. This would help your accountants to gather information quickly for your business model. You save money too.

Dedicated accountant service

Dedicated accountant service comes with a reasonable quality price tag if you would like to have direct access to a specialist tax accountant for example.

Ask your new accountants, whether there will be a dedicated accountant as your main contact point if you have any questions about your company affairs.

If various accountants within the firm would be involved in your assignments, ask what is the best way for you to communicate if you have questions about your company transactions.

Equally important, you must ask if the accountancy fee includes confirmation statement, company accounts and corporation tax filings.

Communication is the key.

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