Companies Registration Office - Your Obligations

In 2010 alone, the CRO collected €11.3 million worth of penalties for late filing of returns. As well as this, thousands of small businesses lost their audit exemption because they were late filers, adding significantly to their cost base. Clearly, all businesses, big or small want to avoid these fines so here we look at exactly what your annual obligations are and what directors can do to avoid missing these deadlines.

What forms do I need to file with the CRO?

Annual return (form B1)

The number one mistake company’s make that causes them to incur fees is not filing an annual return otherwise known as the form B1 or filing the form too late. This form is basically a snapshot of general information about a company's directors, secretary, registered office address, shareholders and share capital; it does not contain any financial information on the company. Whilst it seems like a fairly trivial form and is often overlooked, it is a criminal offence to not file the return. Directors, company secretaries and the company may be fined and prosecuted for late delivery.

Apart from with your first return, a separate set of accounts must accompany the B1.  The accounts must be made up to a period within nine months of the annual return date.  If your company fits the criteria, make sure you take advantage of filing ‘abridged accounts’ with the CRO. Firstly, they are simpler and therefore quicker to prepare. And secondly, it keeps the information about your company available to the public, to a minimum.

Timetables- what you need to know about the dates

First B1: 6 months after incorporation
Subsequent B1s: At least once every calendar year thereafter. 
You have 28 days from your Annual Return date to submit the return to the CRO. To check what your annual return date is at the moment simply search the CRO’s website.

Fees

There is a filing fee of €20 for electronic filing and €40 for paper submission.  Where you file online you get an additional 28 days from date of filing to submit the signed signature pages to the CRO.

 

Tips to avoid missing corporate deadlines

Always double-check!

Never assume you know the deadlines. Always check correspondence from the CRO.  You can also search online at www.cro.ie to review the return deadlines of your company.

Diary/ calendar

This should be obvious, but always make a note in your diary and calendar of all the deadlines.

Up-to-date bookkeeping

Keeping your bookkeeping records is a must in these difficult times. It helps you monitor the business’ profitability which in turn helps you make decisions and identify cashflow problems sooner. Up-to-date records should also reduce the risk of missing deadlines, because the figures are ready to be plugged into the relevant return/ accounts.

eReminders

Previously the CRO send out reminders by post to companies about their upcoming annual return dates.  The CRO are now moving towards e-mail reminders in place of paper reminders.  It is important that e-mail address on the CRO records is the correct e-mail address.  This can be confirmed by logging into www.core.ie. 

Get help

If the above all sounds a bit daunting, then seek the professional advice of your local TaxAssist Accountant. They can prepare all of the returns and accounts (for the company and any officers), and will liaise with the CRO on your behalf.

Date published 1 Apr 2012

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.