Annual Accounts & Corporation Tax Return in Ireland

In Ireland, companies are required to file their Annual Accounts and Corporation Tax Return with the Companies Registration Office (CRO) and the Revenue Commissioners respectively. Here’s an overview of the process:

Annual Accounts & Corporation Tax Return in Ireland

Annual Accounts:

Every company in Ireland is legally obliged to prepare annual financial statements in accordance with the Companies Act and accounting standards (e.g., Irish Generally Accepted Accounting Principles, International Financial Reporting Standards).

The financial statements consist of the balance sheet, profit and loss account, cash flow statement, and notes to the financial statements.

Companies must also prepare a director’s report and an auditor’s report (unless the company is exempt from audit requirements).

The financial statements should be prepared within 9 months of the company’s financial year-end.

Private limited companies (LTDs) must file their financial statements with the CRO, while public limited companies (PLCs) must submit them to both the CRO and the Companies Announcements Office (CAO).

Corporation Tax Return:

  • The Corporation Tax Return reports the company’s taxable income and calculates the amount of corporation tax payable.
  • Companies must complete a Form CT1, which is available from the Revenue Commissioners’ website.
  • The Corporation Tax Return should include details of income, expenses, capital allowances, and any tax credits or reliefs applicable to the company.
  • The filing deadline for the Corporation Tax Return is 9 months after the company’s financial year-end.
  • Companies may be required to pay preliminary corporation tax based on an estimate of their current year’s tax liability. The balance of tax owed is usually due with the filing of the Corporation Tax Return.
Corporation Tax Return:
  • Both the Annual Accounts and the Corporation Tax Return can be filed online through the Revenue Online Service (ROS) or using commercially available accounting software.
  • The deadlines for filing vary depending on the company’s financial year-end. Typically, companies have 9 months from the year-end to file their Annual Accounts and Corporation Tax Return.
  • It’s important to note that late filing can result in penalties and interest charges, so it’s crucial to meet the deadlines.

It’s worth mentioning that this information is based on the regulations in effect up until my last knowledge update in September 2021. It’s always advisable to consult the latest official guidelines from the CRO and the Revenue Commissioners or seek professional advice to ensure compliance with the most up-to-date requirements.

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