Limited Companies Extension to Annual Filings UK and Ireland
26 March 2020
To ease the administrative burden on companies during the Covid-19 crisis, extensions have been given for filings and returns.
For UK Companies:
From 25 March 2020, businesses will be able to apply for a 3-month extension for filing their accounts. This joint initiative between the government and Companies House will mean businesses can prioritise managing the impact of Coronavirus.
As part of the agreed measures, while companies will still have to apply for the 3-month extension to be granted, those citing issues around COVID-19 will be automatically and immediately granted an extension. Applications can be made through a fast-tracked online system which will take just 15 minutes to complete. The company must ensure that they apply for this extension before their filing deadline.
Paying Corporation Tax
Companies that are struggling to pay their tax bill as a result of COVID-19 can approach HMRC via a dedicated helpline to see if they will agree to a ‘time to pay’ agreement. This is agreed on a case by case basis and tailored to individual circumstances and liabilities. If granted, HMRC will suspend penalties and interest where the company has administrative difficulties paying HMRC.
HMRC Coronavirus Helpline: 0800 015 9559
Monday to Friday: 8am to 8pm
Saturday: 8am to 4pm
For Irish Companies:
CRO has decided that all annual returns due to be filed now and up to 30th June 2020 will be deemed to have been filed on time if all elements of the annual return are completed and filed by that date. The situation will be kept under review and the date of 30th June may be extended depending on the situation as it develops.
Any company due to complete their annual return filing at any time up to 30th June, will be deemed to have been filed on time if the B1 form has been completed, financial statements uploaded, fee paid, submitted online and the signature page delivered to the CRO by that date.
You can continue to file as normal during this period if you are in a position to do so. Annual returns may not be processed within the usual timeframes, however, anything received will be queued and processed as soon as possible.
Corporation Tax Returns
Taxpayers (individuals and businesses) should continue to file their tax returns even if payment of the resulting liabilities, in whole or in part, is not possible. Where, due to the virus, key personnel that compute tax returns are unavailable, the Revenue strongly advise that the relevant return is submitted on a ‘best estimate’ basis.
The application of a surcharge for Corporation Tax returns (CT1’s) for accounting periods ending June 2019 onwards (i.e. due by March 23 onwards) is suspended until further notice.
Laura Magee coordinates all Newry office company filings within Daly Park and Olga Anderson coordinates all company filings within our Lurgan office, so please get in touch with one of them if you have any queries about annual filings with CRO or Companies House.