Three-month extension to file accounts in coronavirus crisis

Three-month extension to file accounts in coronavirus crisis

Businesses can apply for a three-month extension to file accounts if they have been affected by coronavirus.

From yesterday (March 25) those businesses that cite issues around Covid-19 will be automatically and immediately granted an extension.

The joint initiative between the government and Companies House will allow business owners to manage the impact of coronavirus.

Applications for the three-month extension take just 15 minutes to complete.

The Financial Reporting Council had already confirmed last week that Companies House was granting two-month extensions to accounts filing deadlines.

Also, the Government is consulting lawyers and interest groups so companies are able to hold their annual meetings for shareholders.

Estate and lettings agents see business rates scrapped for 1 year

Estate and letting agencies forced to close due to the outbreak will pay no business rates for 2020-21.

The government has announced the move along with the same measure for bingo halls.

If your business is eligible you will be re-billed with the updated discount.

And if you have made payments, the relevant local authority will make refunds.

The change comes after NAEA Propertymark campaigned for the inclusion of high street estate agents in the exemption.

“We are pleased Government is listening and acknowledges the concerns from across the country,” says NAEA chief executive Mark Hayward.

“This is a real boost in uncertain times and will assist all businesses that are finding it difficult to operate in the current environment.”

HMRC warns of new scams

As the coronavirus outbreak continues, criminals are trying new ways to scam business owners.

The latest is a very official-looking email from the government website offering tax rebates.

It isn’t anything new for scammers to try and offer rebates by emailing, texting or calling about rebates. But the latest attempt maybe missed with the announcement of so many business support packages.

As ever, if anyone calls, emails or texts you from HMRC and asks for your card or bank details, it is a scam. HMRC never asks for personal details, so be aware!

If you’re unsure, it is best to ignore the contact. At this time, not wasting money is essential to keep your business afloat.

Don’t forget, if you are a client and need help you can contact us via email. And you can contact us if you’re not a client and want to talk about business support, use our online form.