Fraud Squad Warning for Limited Companies, Register of Beneficial Ownership and Potential Penalties

Register of Beneficial Ownership

Under the European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2016 (the ‘Regulations’), all Irish companies are now required to set up and maintain a Register of Beneficial Owners. Failure to comply with the Regulations, by a relevant entity or the relevant individual is a criminal offence and can result in the imposition of a fine of €5,000 on summary conviction. There will be a three month period from 26 June 2017 to file the information with the Central Register without being in breach of the duty to file. After 26 September 2017, a […]

Details required to be displayed on a Limited Company’s Website

Every limited liability company which has a website is required to display the following: The name and legal form of the company The place of registration of the company and the number with which it is registered The address of the registered office of the company In the cast of a company exempt from the obligation to use the company type (Companies Limited by Guarantee/Designated Activity Companies) as part of its name, the fact that it is such a company In the case the company is being wound up, the fact that it is being wound […]

Limited Company Letterheads

The following particulars must be shown on all business letters of a limited company: The full company name The forename and surnames of the directors and their nationality if not Irish The legal form of the company Place of registration and registered number e.g. registered in Dublin, Ireland In the cast of a company exempt from the obligation to use the company type (Companies Limited by Guarantee/Designated Activity Companies) as part of its name, the fact that it is such a company In the case of a company being wound up, the fact that it is […]

Sick Leave

The Government in 2014 approved amendments to Sections 19, 20 and 23 of the Organisation of Working Time Act 1997 to bring the Act into line with rulings of the Court of Justice of the European Union in relation to the accrual of annual leave entitlement during sick leave. The amendments to the 1997 Act have now been made by section 86(1) of the Workplace Relations Act 2015 which was enacted on 20 May 2015.   These provisions of the Workplace Relations Act have commenced as of August 1, 2015. The amendments to the 1997 Act […]

Directors Loans Interest and Tax Issues

There is no particular rate required under legislation with regard to interest a company pays to its directors for the loans they advance to it. This means that it is up to the directors themselves to decide on the rate. However there are tax implications to consider if interest is paid to directors by the company. Tax deduction for the company, up to a “specified limit” of interest. The company can claim a tax deduction for the interest it pays to directors if that interest does not exceed the “specified limit”. The specified limit is 13% […]

Retain Audit Exemption By District Court Application

Comapnies Act 2014

The Companies Act 2014 will allow a District Court application for companies that have missed the filing deadline for filing the annual return and financial statements. This will eliminate the need to pay late filing penalties and for most companies retain audit exemption. The company can make an application to the District Court seeking an order extending the time for filing the annual return and the financial statements. If granted by the Court, the company must file the order with the CRO within 28 days and then file the annual return and the financial statements with […]

A New SIN for Building Contractors

From December 2015 in the eRCT system there will be a ”Revenue Site Identifier Number” (SIN) provided in the Contract Notification process. Each contract will now require a SIN when the Contract Notification process is being completed. The SIN is a system-generated identifying number which is applied to the location or locations where relevant operations are due to take place under a particular contract. When a Principal contractor is updating the eRCT system with details of a new contract at a new location for the first time, the system will automatically provide a SIN when they […]

Mileage and Subsistence Changes 2015?

The European Court of Justice (ECJ) ruled in Sept 2105 that workers (e.g. sales executives) who do not have a fixed office are entitled to count time spent travelling from home to the first meeting of the day and the journey from their last meeting to home in the evening as work time. Accordingly this time must be included in working hours, rest breaks and pay when they are being calculated. The ECJ decision may result in the Revenue Commissioners changing the current application of the rules governing expenses. They are clamping down severely on payment […]


Comapnies Act 2014

The audit regime has been made easier as under the Companies Act 2014 audit exemption is now available to small companies, parents and subsidiaries in small groups, companies limited by guarantee, certain unlimited companies and dormant subsidiaries. The qualifying criteria for a small company are satisfied by a company in relation to a financial year in which it fulfils 2 or more of the following requirements:       Small Company Thresholds       Turnover   €8.8 million Balance Sheet   €4.4 million Average No. Employees   50   Unfortunately a company loses ‘small’ status […]

Companies Act 2014 Conversion and Audit Exemption

As most company directors are by now aware the new Companies Act 2014 came into force on 1 June 2015. Companies have to change status under the new legislation and undergo a conversion process generally to a Private Company Limited by Shares (LTD) or a Designated Activity Company  (DAC). It is estimated that over 96% of companies will be taking the LTD option. The main advantages to becoming an LTD are: The company need only have one Director. However the Company Secretary cannot be the sole Director. The company will no longer have to operate within […]

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