Is your company’s Financial Year End on December 31st, 2022? You’re not alone. Many Irish companies share this year-end date, and it’s crucial to understand the filing requirements and recent changes. Let’s dive into what you need to know as the annual return filing season approaches.
Understanding the Deadline
Under Irish company law, accounts must be filed with the CRO (Companies Registration Office) using an Annual Return (Form B1) on an Annual Return Date (ARD) within 9 months of the financial year end. For most Irish companies with a year-end of December 31st, this means their annual return date is September 30th. As we approach the filing season, consider all relevant factors
When to File?
Every company must file an annual return each calendar year. The CRO assigns an annual return date upon incorporation, which remains unless changed by the company. You have 56 days from the ARD to file the annual return and accounts. Adhering to the “nine-month rule,” choose an optimal annual return date for ample account preparation time.
What to File?
File the annual return online via Core.cro.ie, including details about the registered office, directors, shareholders, share capital, and more. Depending on the company’s size upload the relevant accounts along with the online B1 form.
How to File?
Online filing is the sole method through core.cro.ie. You have up to 11 months (9 months Plus an extra 56 days) after the financial year end for filing. The CRO now allows online submission of both the annual return and accounts, with the signature page uploaded and signed after the accounts have been uploaded and the B1 submitted.
Consequences of Late Filing
Late filing results in penalties starting at €100 from the first day accounts are overdue, increasing by €3 per day, up to a maximum of €1,200 per late return. It also leads to the loss of audit exemption for the next two financial years and requires payment of late fees for the current year. The CRO may initiate enforcement proceedings, including fines and strike-off, if returns are not filed
Can I get the late fees cancelled?
Yes, late fees can be waived, but you must go through either the High Court or District Court. Under Section 343 of the Companies Act 2014, you can apply for a time extension to file an annual return. If the Court deems it fair, they may extend the submission deadline for a specific year’s annual return. This application applies only to returns not yet submitted to the CRO.
Notable Change: PPS Numbers for Directors
Starting June 11th, 2023, when filing Forms A1, B1, B10, and B69, directors must provide their PPS (Personal Public Service) numbers. PPS/IPN numbers verify directors’ identities as living natural persons. If you lack an IPN number, apply promptly, as November 25th is approaching.
Stay informed and proactive as you navigate the annual return filing process for 2022. For assistance or questions, reach out without delay.