CRO Annual Returns Prosecutions

The CRO have recently begun prosecuting companies for being late or failing to file their Annual Returns with them as they are legally required to do. The summons is issued against the company and not the directors. The offence is a category 3 offence and fines have already been levied by the District Court at between €1,300 and €5,000 the maximum amount. These prosecutions have been selected by the CRO based on the poor filing record of these companies to date and the amount of late filing fees that they have paid. The CRO have advised […]

The Dreaded Annual Return Date (ARD) for Limited Companies!

A limited company’s Annual Return date (ARD) is the date the Annual Return form is made up to for filing with the Companies Registration Office (CRO). The Annual Return form B1 must be filed within 28 days of the ARD otherwise the company’s Financial Statements will be subject to audit for 2 years. The first ARD date is 6 months after the company has been incorporated and cannot be changed. After the company year-end date has been decided, the second ARD can be extended by six months maximum by filing forms B1 and B73. However there […]

Setting up an Irish Limited Partnership

The Limited Partnerships Act 1907 regulates partnerships in which some members have limited liability for the debts of the partnership as their liability is limited to the extent of the amount of capital contributed by them to the partnership. A partnership may be made up of natural persons and bodies corporate. It is not a separate legal entity and accordingly has no legal personality separate and distinct from the partners who form the partnership. Therefore the partners can be sued in their own names. To form a limited partnership in Ireland, the partnership must have at […]

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 […]

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