What is an Annual Return?
An Annual Return, also known as Form B1, is a statutory document that every Irish company must file with the Companies Registration Office (CRO) every year. The initial B1 form must be submitted within six months of incorporation and does not require financial statements.
From the second annual return onwards, companies are required to file their annual return, along with financial statements, within 56 days of the ARD. These financial statements must be prepared and presented according to the Companies Act 2014, and they must give a true and fair view of the company’s assets, liabilities, financial position, and profit or loss.
Requirements For Filing Annual Return
Filing an annual return involves ensuring your company details are accurate, preparing financial statements, and adhering to new requirements such as providing a Personal Public Service Number (PPSN) or Verified Identification Form (VIF).
Up-to-Date Company Information
The annual return must accurately reflect the company’s details as of the Annual Return Date (ARD). This includes information about the company directors, secretary, registered office address, share capital, and shareholder details.
Companies are required to file financial statements along with the annual return. These statements need to provide a true and fair view of the company’s financial position and performance for the relevant financial year.
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Why Choose Us for Your Annual Returns
Our team is well-versed in Ireland’s legal and financial regulations, ensuring your annual returns are handled with the utmost precision.
Our team stays updated with the latest legislative changes, ensuring your annual returns meet all legal requirements.
We ensure accurate representation of your financial status, enhancing trust with stakeholders.
We understand the importance of deadlines and guarantee on-time submission to avoid penalties.
At Peak Accounting Solutions, we pride ourselves on providing a comprehensive range of services to support your company’s growth. Our dedicated team of professionals is committed to delivering exceptional solutions tailored to meet your specific needs. our comprehensive services include:
Consequences of Not Filing Annual Returns on Time in Ireland
Failing to file annual returns on time in Ireland can lead to serious repercussions for a company:
- The incurrence of a late filing fee
- Loss of audit exemption for two years, resulting in mandatory auditing of the company’s accounts
- Potential for a court application to extend the Annual Return Date (ARD), which could involve additional legal fees
- Risk of being involuntarily struck off the Companies Register, causing the company to cease to exist
- Directors could face personal liability if the company has debts or liabilities at the time of strike-off
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Frequently Asked Questions
Who needs to file an annual return?
Any incorporated or registered entity, such as a Private Limited Company (LTD), Limited Liability Company (LLC), corporation, or non-profit organization, typically needs to file an annual return. The exact requirements vary by jurisdiction and entity type.
When is the Annual Return due?
In Ireland, the annual return is due to be filed with the CRO no later than 56 days from its assigned annual return date (ARD). This date is the anniversary of the company’s incorporation.
What happens if I miss the filing deadline?
If a company fails to file its annual return on time, it may be subject to late filing fees and could lose its audit exemption for the following two years. Continued failure to file may result in involuntary strike-off from the CRO register and/or prosecution of the company and/or its officers.
How do I file the annual return?
The annual return (Form B1) must be filed online through the Companies Registration Office’s online portal, CORE (Companies Online Registration Environment). This must be done within 56 days of the ARD.
Do I need to file an annual return if my company is not trading (dormant)?
Yes, even dormant (non-trading) companies in Ireland must file an annual return with the Companies Registration Office (CRO). Financial statements would reflect no transactions. Always verify with legal experts or official sources as regulations can change.
What will be next step?
Our process begins with a thorough consultation to understand your business needs and objectives. We also provide an overview of the Irish business environment, regulatory landscape, and the costs associated with setting up a company.
Registration & Documentation
We handle all the registration paperwork, from company name check to drafting of Articles of Association and submission to the Companies Registration Office. We ensure every step is done accurately and promptly.
After Registration Services
Post registration, we provide services like tax registration, account setup, regulatory compliance guidance, and secretarial services. We aim to give your company a strong foundation.
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Take the Next Step!
Take the stress out of filing your annual returns by contacting Peak Accounting Solutions. Reach out to us today to learn more about our services and how we can assist you. Our team is ready to provide you with comprehensive support to ensure compliance and accuracy in your annual return filing. Contact us!