A late filing penalty of â¬100 becomes due in respect of an annual return on the day after the expiry of the filing deadline, which deadline is 28 days after the effective date of the return, with a daily penalty amount of â¬3 accruing thereafter, up to a maximum penalty of â¬1,200 per return. Companies House has advised that this approach is being kept under review and may be further amended subject to the development of the COVID-19 situation. Self-Assessment return. Companies House extending the filing deadlines by three months has meant that clients are now working to this deadline, so information for tax returns is not always available on a timely basis, while the greatly increased questions around whether businesses remain âgoing concernsâ can also cause delays to sign off on audited accounts which are the basis for the corporation ⦠A similar scenario to the Confirmation Statement. 1. (Filing Requirements) (Temporary Modifications) Regulations 2020". The self-assessment tax year runs from 6 April to 5 April next year. Companies House had previously reviewed its striking off policies and approach to late filing penalties but the further changes extend deadlines from 27 June 2020 to 5 April 2021 for filing accounts, confirmation statements, event-driven filings and mortgage charges to relieve the filing burdens for companies and allow companies to focus their efforts on continuing to operate. Companies House is accepting COVID-19 as an exceptional circumstance but you will need to appeal the penalty formally and Companies House will consider the appeals on a case by case basis. Documentary evidence 5 7. Updated: 27 March 2020. During the financial year from 2017 to 2018, we levied 218,884 penalties with a value of £93.7m. It's the legal responsibility of the company's officers to make sure accounts are prepared and delivered to Companies House on time. On 27 June this year, Companies House approved an automatic three-month extension to filing deadlines during Covid-19, meaning that if your accounting period end date is 31 December 2019, you have until 31 December 2020 to file those financial statements with Companies House. ... has announced that any Self-Assessment taxpayers who miss the 31 January 2021 tax return deadline will not receive late filing penalties if. You must apply for an extension if your companyâs filing deadline falls on 6 April 2021 or later and you need more time to file your accounts. This will not change the due dates for ⦠These changes build on the previous measures announced in March 2020, under which companies can apply for an immediate and automatic three-month extension for filing their ⦠The COVID-19 pandemic may impact on a company's ability to file its accounts in time, with a resulting concern about late filing penalties. In order to avoid Companies House late filing penalties, you need to get your accounts in on time! Companies House had previously reviewed its striking off policies and approach to late filing penalties but the further changes extend deadlines from 27 June 2020 to 5 April 2021 for filing accounts, confirmation statements, event-driven filings and mortgage charges to relieve the filing burdens for companies and allow companies to focus their efforts on continuing to operate. Companies House publishes guidance on strike-offs and late filing penalties. Companies House has limited discretion not to collect a penalty. You have 9 months after the company's year end to file your accounts with Companies House. The Changes. Companies House also states that it will provide a break for companies to pay late filing penalties, as well as offering additional support with payment plans for late filing penalties. Making Tax Digital VAT Requirement to digitally link software in the Making Tax Digital VAT return extended to 01st April 2021. Current rejection rates for online filings are 0.5% while 6% of paper filed accounts fail to get through the approval process. Companies House also states that it will provide a break for companies to pay late filing penalties, as well as offering additional support with payment plans for late filing penalties. This might include a: ⢠personal tragedy affecting a sole director immediately before the filing deadline ⢠fire has destroyed the company records ⢠mistake by Companies House thatâs contributed to a late filing penalty. Companies House has announced further changes designed to help businesses during the ongoing Covid-19 pandemic. The aims and statutory duties of Companies House Gibraltar. 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