Wondering what is an annual return form in Ireland? The annual return form in Ireland is a required document that every company, trading or not, must file annually with the Companies Registration Office (CRO). This form provides essential company information to ensure compliance with Irish law.
Submitted electronically through the CRO’s CORE platform, the filing includes a fee of €20 and replaces outdated manual forms. Filing on time is crucial, as missing deadlines can lead to penalties and loss of audit exemptions.
In this blog, we will help you to learn what is the annual return form in Ireland, who must file this and when it should be filled, and what are common errors that you should avoid while filling.
Let’s start!
What is an Annual Return Form?
All Irish companies, whether active in trading or not, must deliver this form, which includes specific company information. If the CRO identifies errors or omissions, the company has 14 days to make corrections and resubmit.
Failure to submit a fully compliant document within this period means the initial submission is invalid, and the re-submitted form will be treated as a new entry, potentially resulting in late filing fees. Additionally, the company risks losing its entitlement to claim an audit exemption for two years.
Who Must File an Annual Return?
- Mandatory for All Incorporated Companies
Every company incorporated in Ireland, regardless of its trading status, is required to file an annual return with the CRO.
- Consequences of Non-Submission
Failure to submit the annual return can lead to significant penalties, including late filing fees and the loss of audit exemption for two years as per the Statutory Audit Act 2018.
- Risk of Company Removal
Non-compliance with the annual return filing requirements may also result in the company being struck off the official register.
When Must My Annual Return Be Filed?
The first annual return for a company in Ireland must be filed within six months of incorporation, although financial statements are not required with this initial filing. Following this, the annual return is due every year on the same date.
To comply with regulations, the completed form, along with financial statements and other necessary documents, must be submitted to the CRO within 56 days of the annual return date. Additionally, payment must be made by this deadline to ensure the return is recorded as filed on time.
What Are the Common Errors When Filing the Annual Return Form B1?
- Incorrect Email Address
Using an incorrect or inactive email for the company can lead to missed communications from the CRO. It’s essential to use a known, active email address to ensure all correspondence is received.
- Uncertainty about Company Size
Not knowing the company’s size can lead to errors. Refer to the accounts to determine if your company falls under the Micro, Small, or Medium category, as per the guidelines.
- Incorrect Financial Year
Mistakes with the financial year are common. According to Section 288 of the Companies Act 2014, the financial period should align with the company’s date of incorporation and subsequent periods must follow without gaps.
- Document Upload Issues
Financial statements should be uploaded as a single PDF document, under 5 MB. Incorrect file format or size can prevent successful submission.
If a director is marked as Non-EEA by default, this must be updated if they are EEA residents. CORE won’t process the form unless there’s an EEA resident director or a Section 137 Bond in place.
- Late Filing
Delaying the filing process reduces the time available for director and secretary signatures, leading to late submissions. Financial statements must be uploaded first to generate the signature page in time.
- Incomplete Payment
A common oversight on the CORE platform is forgetting to complete the payment after uploading the signature page. Without payment within the 56-day window, the form will be considered late.
Conclusion
The annual return form in Ireland is a crucial filing requirement for all companies, regardless of trading status. It ensures compliance with Irish law by providing up-to-date company information to the CRO. Filing on time helps avoid penalties, loss of audit exemptions, and even potential removal from the register.
Whether it’s understanding the deadlines, preparing financial statements, or ensuring accurate submission, navigating the annual return process can be complex. If you need assistance, reach out to Peak Accounting today—our expert team can manage your annual returns smoothly and keep your business in compliance.
FAQs
What is an annual return for a company?
An annual return is a document that all companies in Ireland must file with the Companies Registration Office (CRO). It provides key company information, such as registered office, directors, and shareholders.
Who needs to file an annual return in Ireland?
Every company incorporated in Ireland, whether active or dormant, is required to file an annual return with the CRO to maintain compliance with Irish company law.
When is the annual return due in Ireland?
The first annual return is due six months after a company’s incorporation. Subsequent returns are due annually on the same date, with all required documents submitted within 56 days.
What happens if you miss the annual return deadline in Ireland?
Missing the deadline can result in late filing penalties, loss of audit exemption for two years, and even the possibility of the company being struck off the register.
What documents are required with the annual return?
The annual return typically includes financial statements, a completed Form B1, and other relevant documents, depending on the company’s activities and structure.
What is the filing fee for the annual return form in Ireland?
The filing fee for the annual return form in Ireland is €20. This fee must be paid online through the Companies Registration Office (CRO) CORE platform or an approved secretarial software package, as manual B1 forms are no longer accepted.
