Annual Return Deadline Approaching Soon? We Have Got You Covered!
What is a company’s Annual Return?
Your Company’s Annual Return serves as a snapshot of the company’s ownership and management. It, therefore, ensures to keep up to date with the information that the Companies Registration Office (CRO) holds regarding your company.
Are all companies required to file an Annual Return?
Every company registered in Ireland is required to file an Annual Return, which is submitted to the CRO every year. The Annual Return must be filed by every company, irrespective of the fact that it is dormant or is trading or not. This means that even when your company is not having any revenue or profits, the Annual Return is still required to be filed. Read on to find out all the essentials of filing the Annual Return. Contact our expert team today for any questions and advice regarding filing your company’s Annual Return.
What is the due date for filing the Annual Return?
- Company’s First Annual return – A company’s first Annual Return must be filed after six months of its incorporation.
- Subsequent Annual Returns – For all subsequent years, the Annual Returns are filed once in every 12 months.
You can find the due date for filing your company’s Annual Return on the CRO website, CORE, by simply entering your company’s number or name.
If you require to alter the date of filing the Annual Return, you can apply for an alteration of the Annual Return Date. This involves specific considerations. Therefore, it’s always best to talk to one of our team members, and they would be happy to help.
How to file an Annual Return?
The Annual Return must be filed through e-filing on the official portal https://core.cro.ie. The following is required to be filed when submitting the Annual Return:
- Form B1 – The Annual Return is filed on Form B1, which is completed and submitted online. It needs to be signed by a director and the Company Secretary.
- Company’s Accounts –Form B1 is to be accompanied by the company’s financial statements (accounts). However, when a company is filing its first Annual Return, it is not required to submit the financial statements along with it.
Step by Step Process of filing the Annual Return
- Logging into your CORE account on https://core.cro.ie;
- Fill in the required particulars on Form B1.
- Uploading the company’s financial statements.
- Uploading the B1 signature page duly signed by the company’s officers.
- Paying the filing fee of €20.
- Submitting the return.
Now let’s have a look at the above documents in some detail.
What does Form B1 mean?
Form B1 is the online form available for filling in the company’s information that is required to be submitted in the Annual Return. This includes particulars about the company’s directors, shareholders, company secretary and share capital.
Where any changes have occurred during the year, for instance, a change of address of the registered office or changes to the directors. These have to be noted to the CRO before filing the Annual Return so that the particulars submitted in the Annual Return match the CRO’s information for the company.
What are Company Accounts?
Company accounts are the financial statements of a company. Condensed versions of these financial statements (generally called abridged accounts) are submitted when filing Form B1. A copy of these accounts can also be accessed on the CRO website for viewing by the public.
It is important that the company accounts are prepared and ready on time to be submitted with the Annual Return. You can engage an accountant to do this for you. Have an Annual Return deadline come soon? Talk to one of our support agents at Fusion Formations, and we will get everything sorted out for you.
What is meant by the B1 Signature Page?
When filing the Annual Return, the CRO requires you to print and sign a signature page. Once you upload the company’s financial statements, the website generates the signature page signed by a director and the company secretary. These cannot be digital signatures but must be signed using ink.
Next, you pay the filing fee, and the Annual Return submission is complete for review by the CRO.
Implications for late submission of the Annual Return
It is always best to file the documents required by the CRO well within the deadline since late submission or non-submission brings unnecessary additional costs for your company. The late filing fee for the Annual Return starts from €100 and can go up to €1,200 for every return.
It is also essential to file Form B1 and the company’s financial statements on time. Where Form B1 is timely captured online but the financial statements are uploaded after the expiry of the deadline, the entire return will be treated as late and, therefore, will result in a late filing fee and loss of audit exemption for the next two years.
Our handy tips for timely filing of your company’s Annual Return
Since missing the deadline for filing the Annual Return causes undesirable stress and extra costs, it is best to keep track of the due date for filing it. This is where we help our clients get everything done promptly and correctly.
- Keep an eye on the reminder email from the CRO – The CRO sends an email reminder for filing your Annual Return. This is usually done six weeks before the Annual Return Date of your company. So, it is essential not to overlook any such reminder.
- Be aware of the new e-filing requirements – The CRO has introduced strict digital filing requirements for the Annual Return; it is important to understand and get them right to avoid any rejections of your submission.
- Make a note of your company’s date of incorporation – Since the Annual Return is filed with reference to the company’s date of incorporation, it is helpful to make a note of it so that you do not miss the deadline for filing the Annual Return each year.
We offer reliability and peace of mind to our clients. Talk to us today regarding your company’s Annual Return, and we will handle the rest.