Resignation of Directors

When a director resigns from a company, he/she sends a letter of resignation to the company. The company then needs to file a Form B10 with the Companies Registration Office within 14 days and appoint another director if required. In general, private limited companies must have a minimum of 2 directors. What happens if a director sends a resignation letter to the company but the company continually fails to file Form B10? As a last resort, the person concerned can follow this procedure: The resigning director must notify the company in writing of his/her resignation. If the […]

Filing Annual Returns – Common Errors

The CRO have issued a list of the most common errors in filing Annual Returns and how to avoid them on their website at The most common errors are: failing to enclose the late filing fee where the annual return is late and claiming audit exemption when the company isn’t entitled to. As always, if you have any queries about CRO filings or other company secretarial matters, please feel free to contact me If you enjoyed this post, you can subscribe to get free updates by email or RSS. PDF

Introduction to Payroll

The following is a brief introduction to payroll including how to register the business and employees, how best to operate a payroll system and details of what Revenue returns are required. Registering as an Employer The first step in registering employees is to register the business as an employer. This is usually done when first registering for tax by submitting either Form TR1 (sole-traders and partnerships) or Form TR2 (companies) to the local tax district. Tax registrations are now mostly completed online using the Revenue Online Service – ROS at .   Registering an Employee When employees […]

Quick Checklist for Setting up your New Company

I’ve previously posted some guidelines on setting up your company and registering for taxes. The following is a quick checklist of the steps involved in getting your new company on the road with links to previous posts where relevant: Decide whether a company is the best structure for your business. Decide on who the directors, shareholders and company secretary will be and form your company. When your company is formed, register for taxes using Form TR2, paying particular attention to VAT registration. Open a bank account. You will need the company’s Certificate of Incorporation and Memo & Articles of Association. […]

Business Expansion Scheme (BES)

Guest blog by Kieran Kennelly, Parfrey Murphy. The BES was introduced to allow individuals a tax deduction for the cost of investing in certain Irish companies.  The purpose of the relief is to encourage investment and to create or maintain employment in such companies.  It is well documented that Irish business are currently facing major difficulties in raising finance from banks.  Given the current circumstances Irish companies would be extremely well advised to consider the BES as an alternative method of raising finance for the purposes of creating or maintaining employment, enlarging capacity, increasing sales, engaging […]

Small Companies: Don’t Forget to Claim Audit Exemption

Did you know that many small companies do not require an audit of their Financial Statements? Companies that meet certain criteria can qualify for audit exemption. Audit exemption removes the need for an audit but accounts still need to be prepared and submitted to the Companies Registration Office (CRO) and Corporation Tax returns will still need to be filed. Proper books and records will also still need to be kept, even if an auditor is not delving into them in detail. Instead of filing audited accounts with the CRO, a company can either prepare and submit […]

Capital Gains Tax Retirement Relief

Anyone who is planning their retirement has numerous considerations on their mind – can a family member take over the business, when can I afford to retire, how will I occupy my time after retirement? The tax considerations can be well down the list of priorities. Yet, tax planning for retirement needs to take place well in advance of the final decision to retire. Provided certain conditions are met, it is possible to dispose of your business assets and pay zero Capital Gains Tax using CGT retirement relief. As you know, Capital Gains Tax (CGT) is […]

My top 6 most used websites

Anyone who knows me will tell you that my second home is on the internet. So besides Twitter and Facebook, the following are the websites I used most often, in no particular order: 1. Revenue Online Services – ROS (access through  I log on to ROS a few times a day to get details of which returns are due for my clients, details of taxes that have been paid and most importantly to file returns. Practically all our client tax returns are filed online now. As well as being convenient (no need for stamps and […]

Employer Job (PRSI) Incentive Scheme

If an employer hires a new employee during 2010 and that employee meets the qualifying criteria, then the employer will not have to pay employers PRSI in respect of that employee for one year. The rate of employers PRSI is either 8.5% or 10.75% of the employee’s gross pay. The scheme can cover employees already hired since the start of 2010 as well as any hired before the end of 2010. The main criteria are that the job must be a new position of at least 30 hours work per week, that the new employee must […]

Closing Down a Company

If you are one of the many directors in the unfortunate position of having to close down your company, you may be wondering how you go about it. In general there are there are two ways a company can be dissolved – by strike-off and by liquidation – with strike-off being more straightforward and relatively cheaper. This blogpost covers the technical aspects of removing your company from the Register of Companies and with the Revenue Commissioners only. There will obviously be other considerations when closing down a business, including HR issues, which are outside the scope […]

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