When to file tax returns and how

H

Herndon

Guest
Hi, I run a mother toddler group and registered in 2010 with CRO. I am operating at a loss at the moment (the equipment I had to buy is more than the income received and will be for another 6 mths).
Can somebody give me advice on :
a. when I must file my tax returns by
b. do I need to pay an auditor so that my records are audited (is it a requirement to have it professionally audited?)
Thanks.
Herndon
 
I find that the CRO website has lots of info. Try http://www.cro.ie/ for more info. If you find nothing useful, you can try the CRO office number. Once you give them your company registration number they will be able to help.
 
CRO Obligations: Your first annual return is due 6months from the date of incorporation. All you need to file is a form called a B1. This form will contain current director, secretary and share information. No accounts with your first annual return (with the CRO). So if you registered on the 1st Dec 2010, your first B1 is due 1st May 2011. You will have an Annual Return Date of 1st May every year then (unless you change it which is possible and info can be found on CRO website) and your second and subsequent annual returns must have a set of accounts attached. Very detailed info regarding this annual return and accounts can be found on the CRO website.
 
Did you register as a limited company or just a trading name? If company the above applies and additionally if you are a director holding > 15% of the shares you must submit an annual directors income tax return to the Revenue.
It would be a good idea to get recommendations of a few accountants and get quotes from them. Most small companies are audit exempt, full details are on cro website, but make sure annual returns are submitted on time or exemption will be lost. the following will be the minimum required to be prepared for the company, full set of financial statements, abridged financial statements, corporation tax return - CT1, return of third party information (46G), minutes of relevant meetings and annual return B1.
 
Last edited:
Sounds like you need some tax advice as well, equipment depending on it's nature may be considered capital expenses and cannot be deducted as an expense from income (you may be able to claim capital allowances but these will be spread over years), you might therefore already be making taxable profits. You Might also have been due to pay preliminary tax in 2010 as a result depending on when you started trading. The revenue have guide for people starting a business take a look at these and consider getting professional tax advice aswell.
 
You must log in or register to reply here.
Back
Top