Companies Registration Office online filing system is very good

In previous years, I paid the auditors to keep the Companies Office forms up to date. It tended to be left to the last minute with forms getting lost in the post and just narrowly meeting deadlines.

I got the notice of the notice to file the B1 and logged on to Core as suggested.

I am impressed how simple and straightforward it is.

it's also useful. I found that the directors' information was not correct for two directors. I corrected those using B10s - very simple.

One of the reasons I suggest to people not to set up limited companies is the Companies Office hassle. But this really does streamline it.

Is there anything I should look out for? My big worry would be missing the date because the form was wrong and losing the audit exemption.

Brendan

Once you are registered on CORE the company status comes up for companies you are watching. 1 for normal 2 for annual return due etc. It's handy but you need to log in to check. It would be great if you could get an email to tell you when a company changed from say a 1 to a 2 etc. I use CORE for all clients now. I do the B1 there, submit & pay using customer account, ( €20 online B1as against €40 for paper B1) print signature page, get the client to sign it & submit with the accounts. Works fine. Once the form passes validation checks on submission I have never had anything come back due to wrong data. Highly recommend it.

Problem I had with the system initially was that although the form was logged online, the changes would not be registered until the signed form was scanned in. Initially a fair few of the signed forms never got to their destination. This was due to the changes within the CRO.

The system has improved and I use it all the time now. It is especially handy for correcting information, ie small errors in address, B10, etc.

If you do not need to do much filings with CRO, it is perfect.

Like Graham above, I use CORE to monitor the company status for my watched companies, which I find handy for scheduling B1's for clients.

Brendan said:

Is there anything I should look out for? My big worry would be missing the date because the form was wrong and losing the audit exemption.

Brendan

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This is my second year doing my Annual Return at CORE, they still sent a paper reminder through the post.

Also, so long as your form is submitted by the ARD and the date they give you when you file online (printed on the signature page) you won't lose your audit exemption, even if they have to return it. Not something I'd advise you test but I was in that sitation and I didn't get penalised as the forms were all stamped within the due date.

Brendan said:

Is there anything I should look out for? My big worry would be missing the date because the form was wrong and losing the audit exemption.
Brendan

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Do others feel that this penalty is far too extreme for missing a deadline? Would a late filing fee not be more appropiate given the cost of an audit runs into thousands?

webtax said:

Do others feel that this penalty is far too extreme for missing a deadline? Would a late filing fee not be more appropiate given the cost of an audit runs into thousands?

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Most definatly agree it's excessive, especially as a lot of limited companies would be small with fairly basic accounts. On the plus side though a strict deadline with excessive penalties is some good motivation to get it done. It's always nice to sit back and tick the job off as done...til next year anyway.

webtax said:

Do others feel that this penalty is far too extreme for missing a deadline? Would a late filing fee not be more appropiate given the cost of an audit runs into thousands?

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There is already a late filing fee in place of €100 + i think €3 or so per day. ( exact amount on CRO site somewhere )

No-one should have to miss the deadline. You have to file a balance sheet made up to not more than 9 months from the ARD. So if you stretch it to the limit someone with a 31/12/07 year end has say an ARD of 30/09/08. They have then 28 days from the ARD to file so you have until 28/10/08. You can produce a baby in that time ! If someone cannot get their accounts/returns done within 9 months after the year end then (a) the accounts are pretty useless as an information tool for their business by that point and (b) their or their accountants systems must not be tuned to getting the work done in a timely and useful fashion.

I send out a letter to the client 1 week or so before their year end. I give the items required and a "latest date" by which I need the records to ensure timely submission. That latest date is usually no more than 3 months after the year end. I find that largely people run with this and I have several audit and audit-exempt cases completed and submitted for years ending in 2008 already, one was a y/end for 30/04/08. It makes for more useful information for the client and less headaches for everyone. Yes there are times when things get on top of people and time runs on and everyone is busy but it doesn't take a lot of work to get this right and stay on top of it.

I have to say that I find it very motivational.

People were ignoring the CRO. You would look up a company and find information which was years old. These days, the information on most companies is up to date.

Brendan

Brendan said:

I have to say that I find it very motivational.

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Maybe a bit too motivational? I'm sure cutting peoples hands off for robbery would very motivational in reducing theft, but that doesn't mean the punishment fits the crime!

My issue is that it could be possible for a small company unfamiliar with the administrative side of their business to miss their deadline and the costs involved could be crippling, espescially with many companies struggling to make ends meet at present. And not all companies can afford good accountants who will look after their requirements.

Even if you are late paying tax you might not get stuck with as stiff a penalty. And who gains if you lose you're audit exemption? The auditing profession & not the government coffers!

webtax said:

And who gains if you lose you're audit exemption? The auditing profession & not the government coffers!

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Believe me, there are very few auditors who would prefer the thought of an audit where they could do an audit-exempt case instead despite the fee. I would much prefer 10 audit exempt cases at a fraction of the fee than 1 audit one. Auditing has become too much a risk for many small practices and many ( myself included) are no longer taking on audit work.

My issue is that it could be possible for a small company unfamiliar with the administrative side of their business to miss their deadline

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Its their business to be familiar with these things. Its one of their responsibilities as Company Directors.

Graham_07 said:

Believe me, there are very few auditors who would prefer the thought of an audit where they could do an audit-exempt case instead despite the fee.

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Definitely correct

I would much prefer 10 audit exempt cases at a fraction of the fee than 1 audit one.

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Me too.

Whilst the level of penalties is severe, there seems to be very little enforcement action against companies who fail to file accounts/returns with the CRO. The only action the CRO will take is to strike off errant companies who are then free to set up again without penalty.

bond-007 said:

Whilst the level of penalties is severe, there seems to be very little enforcement action against companies who fail to file accounts/returns with the CRO. The only action the CRO will take is to strike off errant companies who are then free to set up again without penalty.

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I agree. These are the worst cases. Directors should not be allowed get away with this.