Loss of Audit Exemption & District Court Application

Changes introduced in the Companies (Statutory Audits) Act 2018 from 21 September 2018 mean that audit exemption is now lost for the following two years where an annual return is filed late and not in the current year. So an annual return that has been submitted late does not lose any potential audit exemption for that year but will not be eligible for audit exemption for the following two years. Any late filing penalties must be discharged as usual to the CRO. This change will avoid a costly and time-consuming audit if the financial statements have […]

Payment Services Directive September 14th 2019

Payment Services Directive 2

Will your ecommerce site still be able to take payments after 14 September 2019? You may have heard the ads on the radio or received emails from your payment processors about the new requirements for payments arising from Payment Services Directive 2015/2366EU – in short PSD2.  It is important that you act on this, as if you do not it is highly likely that customers will start experiencing problems paying online after the mandatory date 14 September which is just a short time away now. At present the only information that is required when making an […]

GDPR Guidance for a ‘No- Deal’ Brexit

Cyber Insurance and GDPR Ireland

The Data Protection Commission recently issued guidance on the transfer of personal data from Ireland to the UK in the event of a ‘No-Deal’ Brexit. Are you an Irish company that transfers personal data to the UK (including Northern Ireland)?   See below a non-exhaustive list of examples of ways you might be transferring data to a UK-based company Are you outsourcing your HR, IT or Payroll function to a UK based organisation? Are you using a UK based marketing company to send marketing communications to your customer database? Is your occupational health provider based in […]

Involuntary Strike Off Reasons

The Companies Registration Office (CRO) can have a company struck off its Register if: The company has failed to make an Annual Return. The CRO believe that the company does not have: A European Economic Area (EEA) resident director or A Section 137 Bond if the director is non resident in the EEA or A real continuous economic link to the State. The company is being shutdown and the CRO believes that no liquidator is acting. The company is being shutdown and the CRO believes the company is fully shutdown and returns by the liquidator have […]

The Taxation of Cryptocurrencies in Ireland

Crytpocurrency Taxation

While cryptocurrencies are not legal tender in Ireland an investment in them is subject to taxation. Revenue’s view is that an investment in cryptocurrency is the same as a share investment and accordingly should be subject to Capital Gains Tax at 33%. If you are dealing in cryptocurrencies you need to make a declaration to Revenue even if you have incurred losses. A PAYE individual needs to complete a CG1 Return whereas a self employed individual can declare it on Form 11. CGT on profits made between January 1 and November 30 must be paid by […]

General Data Protection Regulation

The new General Data Protection Regulation (GDPR) will be coming into force across the EU on May 25 next. The Regulation makes significant and in some areas radical changes to current policies which have been based upon the existing EU Data Protection Directive. The new Regulation transfers ownership of an individual’s personal data from the data holder to the individual concerned, the data subject. In future all companies and organisations are legally bound to respect not only the data but also the rights of the individual over all of his or her personal data. These rights […]

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 […]

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