Company Annual Accounts
Frequently asked questions about Company Annual Accounts
Not sure what your annual account requirements are? You may be unsure about exactly what your company Annual Accounts entail, but you still are obliged by law to prepare and electronically file them (Form B1). Failure to file on time, can result in fines, in addition to a two-year loss of audit exemption.
What are a company’s annual accounts?
The CRO (Companies Registration Office) require an Annual Return submission 6 months after the company’s incorporation date (financial statements are not required on this occasion only), and then every 12 months following that. The mandatory e-filing submission is a summary of the financial activity of the company over a 12-month period. The passing of Ordinary or Special share resolution, amendments to the company’s officers, or Company Constitution alterations must also be submitted to the CRO.
Who is responsible for preparing Company Annual Accounts?
Regardless of whether the company is trading or not, under the Companies Act 2014, it is the responsibility of a company director to ensure an Annual Return is made at least once within the calendar year.
If you’re a sole trader, it’s your responsibility to keep records and prepare your annual accounts.
When does a company need to prepare its Company Annual Accounts?
The directors must prepare the company’s Company Annual Accounts within nine months of the end of the company’s financial year. The company’s financial statements and signature pages should be uploaded online no later than 56 days after a company’s statuary ARD (Annual Return Date) assigned by the CRO.
Failure to comply may result in penalty of €100, which accumulates by €3 per day thereafter, to a maximum penalty of €1,200. Non-compliance can also result in the loss of audit exemption for two years, and potential legal action taken against the Directors, by the Office of the Director of Corporate Enforcement (ODCE).
Why outsource your Company Annual Accounts?
Preparing your company’s annual accounts can be a time-consuming process. SOSBookkeeping and Management Ltd provide company secretarial guidance, accountancy services, and compliance advice, to ensure you meet your statuary and compliance requirements in a professional and timely manner.
Our Company Annual Accounts service offers you a stress-free solution, and because it’s outsourced, there’s no need for the hassle and expense of an in-house accountant.In addition to avoiding fines and penalties, adhering to good company compliance and corporate health, offers the business better opportunity when negotiating credit terms with suppliers, and financial institutions.
Give us a call (01) 849 5131 to discuss how we can help you and your business today.