The Importance of Filing CRO Returns on time!

What is the CRO?

The CRO is the Companies Registration Office. This office is in charge of handling and processing all company returns, including accounts.

What obligations does a company have? Each year a company must file an annual return, and a set of accounts with the CRO. A company must also inform the CRO if there is any of the following events:

• Change of Director
• Change of Company Secretary
• Change of Registered Address for company
• Change of address of Director / Company Secretary

When does a company have to fill a return by? Every company has an annual return date (ARD). The company must file its annual return, and accounts within 28 days, of its annual return date. If a company files the annual return online, on www.core.ie, it is possible to extend this deadline by another 28 days.

What information is contained in the annual tax return? The annual return contains details of the following at the date of the annual return:

• Company Directors
• Company Secretary
• Company Registered Address
• Shareholders and their respective shareholdings
• Accounts year end

What happens when the documents are receive by the CRO? The annual return, and abridged accounts are scanned by the CRO, and are made available to the public online on request. Company Law requires that a limited liability company must allow public access to its filings with the CRO.

What happens if the company does not file its returns and accounts on time with the CRO? There are late fees of €100 plus €3 per day if a company fails to file its annual return on time with the CRO. The company will also lose it ‘audit exempt’ status. This means that the accounts will need to be reviewed and signed off by an auditor prior to submission to the CRO which can be very costly. It is very important that if your company has audit exempt status, (the majority of small Irish companies automatically qualify for this), that the company meets all deadlines with the CRO in order to retain its audit exempt status and to avoid any unnecessary costs.

Where can I get more Information? If you would like more information, or if you are concerned about your company meeting its filing requirements with the CRO, don’t hesitate to contact our dedicated team of Accountants on:

Email             info@iconaccounting.ie

Phone           01 8077106 Kathryn Waller BSc. ACA AITI