Late in the CRO?

When you form a limited company, you have more paperwork obligations. Not only do you have to report to the Revenue, you also now have to deal with the CRO, the Companies Registration Office. But what happens if you forget about the CRO and your annual return to them is late?

What is an annual return?

The annual return is a form (B1) you need to submit either electronically or physically to the CRO every year, once a year. It gives details of your business and your accounts.

When do I have to file by?

Every company has their own specific annual return date and it depends on your year end. Generally speaking you will get a letter from the CRO informing you of your NARD – Next Annual Return Date.  It’s best not to ignore this date.

A new company’s first Annual Return Date (ARD) is six months after the date of incorporation of the company and no accounts need to be filed with the first return.  Normally the ARD is the same date every year thereafter unless the company has applied to change the date.  It can be no later than nine months after the company year-end though as the accounts attached must not be older than nine months.

What happens if I am late?

If you don’t file on time these are the possible consequences;

• Late filing penalty- this starts at €100 and goes up by €3 a day.
• Loss of audit exemption- you will need to get your next 2 sets of accounts audited.
• Prosecution of directors
• Company strike off.

Date published 24 Mar 2016

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.