Help! I need Audited Accounts and I don't know What to Do!

EnigmaFish

I am really hoping someone here can help me.
First, a bit of background...
I work in the IT sector as a low-paid helpdesk telephonist - really nothing more than a glorified receptionist. In 2008, I took a sub-contracting job where I was told by the agency that I would need to either use an umbrella company or set up my own limited company. Not knowing what an umbrella company was, I set up my own limited company.
I worked in that subcontracting job in 2008. I was unemployed in 2009 and now I have another subcontracting job in 2010.
So I have a limited company for two years now, and I am director, secretary, and sole employee. The company couldn't be smaller - my father is the other director, simply because I had to have two!
I do all my accounts in Excel, and I keep good straightforward accounts. Everything in order, paperwork filed, etc.

My problem and question is related to my Annual Return. Due to some personal problems I have just filed my B1 two months late. Now I need to have my accounts audited and I don't know what to do. I am sorry about the lengthy backstory, but I thought it might be relevant.

Here are my questions:

1.) Can any accountant in Dublin do an Audit? If not, how can I find one who does?
1-b.) Can I ask for recommendations of good accountants from people here on Boards?
2.) I filed my B1 through the CRO's website, www.core.ie. I have it completed and ready to send to my father to sign. Should I go ahead and send it now, or will he need to sign other things from the Auditor? (He lives in the States so it would take awhile.)
3.) Is there a way of getting the audit waived, either based on having no income for the year in question (2009) or for the medical condition that led to me filing late in the first place?

CompFix

If I remember it right, you'll have the year which had it's B1 submitted late audited as well as the following year.

thecleverone

To the best of my knowledge the only 2 basis on which CRO will consider waiving the late filing fee's and mandatory audit is if (1) There was a death in the immediate family in the time surrounding the annual return date or (b) if you had a serious medical condition that can be backed up by a letter from your hospital or GP. I'd contact CRO and double check with them to be on the safe side.

I'd like to point out that on those two basis CRO will consider waiving the mandatory audit but its not guaranteed.

thecleverone

Here is a link to CRO waiver terms: http://www.cro.ie/ena/annual-return-penalty-waiver.aspx

Hope this helps

Boom Boom

EnigmaFish wrote: »

Here are my questions:

1.) Can any accountant in Dublin do an Audit? If not, how can I find one who does? Not just any accountant must be registered auditors (but most chartered accountants are registered auditors aswell)
1-b.) Can I ask for recommendations of good accountants from people here on Boards? PM sent to you on that one
2.) I filed my B1 through the CRO's website, www.core.ie. I have it completed and ready to send to my father to sign. Should I go ahead and send it now, or will he need to sign other things from the Auditor? (He lives in the States so it would take awhile.) He will need to sign accounts also (you might think of changing him to someone closer to home for future signing accounts etc.)
3.) Is there a way of getting the audit waived, either based on having no income for the year in question (2009) or for the medical condition that led to me filing late in the first place?I think cleverone has covered this for you

Just a point to note as your return is late you will be accruing late filing fees and initial late filing fee is 100 then 3 per day plus the cost of the submission itself so whichever accountant you choose must be in a position to turnaround the job fairly quickly for you to minimise you penalties.

Also i'm assuming that if you have not had accounts prepared or filed have you filed your corporation tax returns for the company?

EnigmaFish

Thank you all for your helpful advice!
I looked at the CRO's waiver guidelines (thanks, cleverone) and unfortunately I don't think they apply to me.
Also, when I filed the B1 on the CRO's website I got a message that said my late fees were €xxx and that I had 28 days to get the accounts and the signature page to them. I have to say - their website is brilliant for ease-of-filing!

I've contacted the accountants recommended to me by PM, and the prices I'm getting are in the region of €600-800. Does this seem good?

I have thought of adding someone local as a director, but my concern in doing so is tax related. If my second director is a PAYE employee, would being a (nominal) director mean they would need to do a Pay and File return every year?

infamous

can someone also pm me reccomended accountants in dub.