Company directors and accountants are being urged by the government to file annual accounts earlier than usual, preferably online for a quicker turnaround.
According to statistics, accounts that are filed on paper are 6 times more likely to be rejected than accounts submitted electronically – paper accounts that are sent off too close to the 31st December 2020 deadline and are then rejected risk not having enough time to be corrected, re-submitted and manually checked.
This type of late accounts will incur an automatic late filing penalty; however, if the late delivery of accounts was directly caused by the Coronavirus outbreak, Companies House says that penalty appeals will be treated sympathetically.
Companies House’s online filing service – which is available 24 hours a day, 7 days a week – can take as little as 15 minutes and has inbuilt checks to help directors avoid mistakes.
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Email JaimeCompanies House Chief Executive, Louise Smyth, said, “By asking companies to submit their accounts early and preferably online, we are trying to ensure that they experience peace of mind during the busy end of year filing period.
“In common with so many organisations in these unprecedented times, we currently have a reduced number of people in our offices due to the ongoing coronavirus crisis and the government guidance and restrictions surrounding the pandemic.
“As a consequence of that, it’s going to take longer than it normally would to process accounts that are filed on paper, which need to be manually checked.
“We want to do all we can to help companies during the pandemic, as well as ensuring the safety and wellbeing of everyone who works for Companies House. It’s a delicate balance, but one we are determined to get right.”
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