Annual Return Deadline Approaching Soon? We Have Got You Covered!

By: Patrick
18 Nov, 2022

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 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. For any questions and advice regarding filing your company’s Annual Return, get in touch with our expert team today.

 

What is the due date for filing the Annual Return?

  • Company’s First Annual return – The first Annual Return of a company is required to 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.

In circumstances where you require to alter the date of filing the Annual Return, you can do so by applying for an alteration of the Annual Return Date. This involves certain considerations, therefore its 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. Following are 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 – The Form B1 is to be accompanied by the financial statements (accounts) of the company. However, where 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

  1. Logging into your CORE account on https://core.cro.ie.
  2. Filling in the required particulars on the Form B1.
  3. Uploading the company’s financial statements.
  4. Uploading the B1 signature page, duly signed by the company’s officers.
  5. Paying the filing fee of €20.
  6. 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 directors, shareholders, company secretary and share capital of the company.

Where any changes have occurred during the year, for instance change of address of the registered office or the changes to the directors, these have to be notified to the CRO before filing the Annual Return so that the particulars submitted in the Annual Return match with the information that the CRO holds for the company.

 

What are Company Accounts?

Company accounts are the financial statements of a company. Condensed version of these financial statements (generally called abridged accounts) are submitted at the time of filing the Form B1. A copy of these accounts can also be accessed on the CRO website, for view by general public.

It is important that the company accounts are prepared and ready on time, in order to be submitted with the Annual Return. You can engage an accountant to do this for you. Have an Annual Return deadline coming 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 to be signed by a director and the company secretary. These cannot be digital signatures but 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 important to file both the Form B1 and the company’s financial statements on time. Where the 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 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 a track of the due date for filing it. This is where we help our clients to get everything done timely and correctly.

  • Keep an eye on the reminder email from CRO – The CRO sends an email reminder for filing your Annual Return. This is usually done 6 weeks prior to the Annual Return Date of your company. So, it is important not to overlook any such reminder.
  • Be aware of the new e-filing requirements – The CRO has introduced strict digital filing requirements for 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 date of incorporation of the company, it is useful to make a note of it, so that you do not miss the deadline of filing the Annual Return each year.

 

We offer reliability and peace of mind to our clients. Talk to us today for any matters regarding the Annual Return of your company and we will handle the rest.

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