What could your business be eligible for?

Directors still need to perform their legal and fiduciary duties, taxes still need to be paid and if you’re a limited company then you are still required to file your accounts with Companies House. 

The traditional penalty for missing this important date in the corporate calendar is the threat of a winding-up petition from HM Revenue & Customs but additional measures announced last week will give business some breathing space. 

Companies House will temporarily pause the strike off process to prevent companies being dissolved. This will give businesses affected by the coronavirus pandemic and lockdown additional time to update and file their records and accounts. 

They also said that companies issued with a late filing penalty due to Covid-19 will have appeals treated “sympathetically”. 

The delay won’t be granted automatically – companies will still have to apply for a three month extension to file accounts although any giving Covid-19 related issues will automatically and immediately granted an extension. 

Companies House Chief Executive Louise Smyth said: “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.”

Companies required by law to hold Annual General Meetings (AGMs) should wait for imminent legislation that will allow them to do so safely and consistent with current guidelines on restrictions of movement and gatherings. 

These changes do not apply to businesses which are being dissolved as part of an insolvency procedure such as administration or liquidation. 

Companies making an application for voluntary dissolution still have to file a DS01 form which will be registered at Companies House and a notice published in the Gazette but any further action to strike off the company will be suspended.

Any help is better than no help right now

It sometimes takes a generational event to make you stop and consider your place in the world. 

No matter what has been happening in your business or personal lives, the sun has kept rising and setting, the clock has kept ticking and life has kept going. 

If you’re considering your company’s present and future in the current circumstances then you might be forgiven for thinking negatively. 

You might not be considering all the angles though – why not speak to someone with no bias who can give you the full, unfurnished picture and let you know what can be done, quickly and efficiently?

Contact us and one of our team of expert advisors will arrange a free initial virtual consultation where we can discuss your situation and what your immediate options are.

Once we have the full picture then we can work with you to come up with a plan to secure your business and get it in the perfect shape to come out strongly when it’s opening time once again.