Losing My Audit Exemption

A. Yes you do have another option. Under the current legislation you can apply to the district court to have the Annual Return Date (ARD) of your company extended.  

As a company, must be able to show that there were genuine reasons why it was not possible for you to file the Annual Return within the prescribed time (rather than merely accidentally missing the deadline). For example... Ill health/family illness, but this will vary from case to case.

If the judge decides that there are sufficient grounds to extend the ARD they will do so and you have until this date to file accounts. This means you will not lose your audit exemption.

It should be noted, however, that draft legislation is before the Dáil which proposes to amend this process whereby audit exemption would not be restored regardless of the decision of the courts. So, if this is a route you are considering you should do it soon.

If you would like to discuss your limited company accounts please get in touch with your local TaxAssist Accountant today. 

Date published 29 Mar 2017

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.