Month: February 2019

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Annual Filing Requirements for Companies

All companies must be registered with the Companies Registration Office.  They must submit an annual return called a B1 along with their Financial Statements to the Companies Registration Office each year. 

These submissions are due in Companies Registration Office 28 days after, what is called the company’s ARD (Annual Return Date). 

A company’s first ARD is set six months after the date the company is incorporated. Their first B1 is due on this date but no Financial Statements are required with this B1.  Thereafter the Company’s ARD is annually.

The form B1 is filed electronically using Core, the Companies Registration Office online system for filing returns.  Once the B1 has been filed the system produces a signatory page which has to signed and returned to the Companies Registration Office within 28 days.  The company’s Financial Statements must also be uploaded to the CORE system in PDF format within the 28 day period.

This must be done in advance of the Companies Registration Office receiving the B1 signatory page.

If these returns are not received by the Companies Registration Office within the appropriate timeframe. The company will be subject to a €100 late filing fee plus €3 for each additional day they are late up to a maximum of €1,200 per return.  The company will also loose the right to claim audit exemption for the following two years.

A company is allowed under the Companies Act 2014 to extend its ARD by up to six months by filing a Form B73 electronically with the CRO using the CORE online system.  The Form B73 may only be filed once every five years.  This form must be accompanied by a B1 which is filed on time.  No Financial Statements need to be filed with this B1. 

It is also important to remember when extending a company’s ARD that this date cannot be more than nine months from year end date of the company’s financial statements.

Should you have any queries  on this issue, please contact us on 01 5397999

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Split Year Relief

Planning on Moving Abroad?

If you are resident in Ireland in the year of moving and non-resident the following year, you can claim Split Year Relief in the year of moving abroad. This applies to employment income only.

Your income is taxed as standard as a resident up to the date of departure, and your employment income after this date is ignored for Irish tax.

Therefore, you receive a full year of tax credits even though you have only been resident here for part of the year!

Returning or Moving to Ireland?

The same applies if you are returning to Ireland from living abroad if you are going to be resident in Ireland for the following calendar year. Any foreign income you earned before returning and becoming tax resident again is not subject to Irish tax.

You will be able to benefit from a full year of tax credits.

An application is required by Revenue to apply for this treatment.

Why not read some of our previous blogs here

Should you have any queries on this issue, please contact us on 01 5397999 or info@itasaccounting.ie

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