Latest News

Reviewal date set for housing market in Wales to fully open

10 July 2020

First Minister, Mark Drakeford has today, 10 July 2020 announced in his statement reviewing the Health Protection (Coronavirus Restrictions) (Wales) Regulations that the Welsh Government will consider reopening the housing market, to allow viewings in occupied properties, from 27 July 2020. Read More...

Apprenticeships soften pandemic blow to employment for young people

08 July 2020

As part of today’s announcement by Chancellor Rishi Sunak, apprenticeships are to receive a huge boost from the UK Government's measures to grow jobs and strengthen the economy. Read More...

Government introduces Job Retention Scheme

08 July 2020

The Chancellor, Rishi Sunak, launched today, 8 July, a new scheme to encourage businesses to keep furloughed workers providing a £1,000 one-off payment to UK employers for every employee they bring back from furlough, who remains in employment until the end of January 2021. Read More...

More support for Universal Credit announced in Summer Statement

08 July 2020

In his Summer Statement today, the Chancellor Rishi Sunak said that millions of people are moving onto Universal Credit because of the Coronavirus pandemic and the UK Government will double the number of Work Coaches in Job Centres. Read More...

Green Homes Grant announced to improve energy efficiency

08 July 2020

Today, the Chancellor announced that the UK Government will introduce a new £2billion Green Homes Grant for landlords and homeowners to help make their property more energy-efficient. Read More...

Three-month extension period to file accounts during COVID-19

Tuesday 31 March 2020

Businesses who cannot file accounts on time due to COVID-19, and whose filing deadline has not yet passed, can apply for an automatic and immediate three-month extension.

All companies are required to submit accounts and reports each year and under normal circumstances, late ones are issued with an automatic penalty. However, the Government has announced a joint initiative with Companies House so businesses can prioritise managing the impact of Coronavirus.

Applications can be made through a fast-tracked online system, taking only 15 minutes to complete. Those citing issues around COVID-19 will be automatically and immediately granted an extension.

If companies do not apply for an extension and their accounts are filed late, the automatic penalty will be imposed. Any appeal is treated on a case-by-case basis, and Companies House already has policies in place to deal with appeals based upon unforeseen poor health.

Companies that have already extended their filing deadline or shortened their accounting reference period may be ineligible for an extension. If an extension is agreed, accounts must be filed before the new due date or the company will receive a late filing penalty.

Apply for an extension

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“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.

Alok SharmaBusiness Secretary

  

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We recognise that these are uncertain times for businesses and that’s why we’re doing all we can to help.

By easing the burden, we can help businesses through this period and enable them to thrive in the future. I would encourage companies who believe they would benefit from this new flexibility to make an application in good time.


Louise SmythCompanies House Chief Executive

Propertymark members

Propertymark advises all members that can file on time, to do so in order to avoid unnecessary delays. Existing scheduled dates for submitting an accountant’s report as part of membership requirements remain in place. This requirement is a key component of compliance with membership for principals, partners, and directors.

Scheduled dates remain in place because Propertymark members collectively hold £1.5 billion in client accounts. The statutory requirements for Client Money Protection require regular inspection of client accounts to ensure that we are all maintaining expected standards of conduct in relation to client accounts. The Lettings Partnership Healthcheck offers a simple, cost-effective alternative to an Accountants’ Report – check if your business is eligible here.

Annual General Meetings

The government is also in close consultation with company representative bodies, legal practitioners and others, to look at solutions for the impact COVID-19 may have on companies’ ability to hold Annual General Meetings. Updated guidance on this matter will be published in due course.