CRO ANNUAL RETURN

aitor120

Hi all,

I hope I am posting in the right forum.
I set up a company in February last year and started trading in may, so I guess my financial year goes from may 2010 to may 2011. Is that right?
My question is regarding filing my annual return in CRO. I did the first return 6 months after incorporation, so now my ARD is August 11th. My company is a small single private limited company. We have no profits, and all we did was to spend 10.000 € in a single film project. So the accounts are just a matter of showing how the money was spent.

I´ve been reading the CRO web site and this is what I understand:

-I must submit a B1 form (that I can do)

-I must submit accounts with this form, but I don't know in what way. Would a cost report be enough, lets say a document showing how the money was awarded and how it was spent, signed by the directors of the company?

-Which period should the accounts cover?

-Do I have to apply for an audit exemption ?

-Is there anything else I should submit? AGM meetings?


Thanks for all your answers!

srsly78

Go talk to an accountant. This is the kind of thing you need to be sure of doing properly (ie not random advice off internetz).

aitor120

I know I should, but I can't really afford ab accountant at the moment. Maybe I could check with the CRO office.

glennhysen

aitor120 wrote: »

Hi all,

I hope I am posting in the right forum.
I set up a company in February last year and started trading in may, so I guess my financial year goes from may 2010 to may 2011. Is that right?
My question is regarding filing my annual return in CRO. I did the first return 6 months after incorporation, so now my ARD is August 11th. My company is a small single private limited company. We have no profits, and all we did was to spend 10.000 € in a single film project. So the accounts are just a matter of showing how the money was spent.

I´ve been reading the CRO web site and this is what I understand:

-I must submit a B1 form (that I can do)

-I must submit accounts with this form, but I don't know in what way. Would a cost report be enough, lets say a document showing how the money was awarded and how it was spent, signed by the directors of the company?

-Which period should the accounts cover?

-Do I have to apply for an audit exemption ?

-Is there anything else I should submit? AGM meetings?


Thanks for all your answers!

Yes, you are right. You need to submit a B1 which is the annual return and accounts.

The accounts to be submitted are called abridged accounts. For a small company this a balance sheet plus some notes. There are details on the CRO website of what exactly has to be included in these accounts.

Your financial year must start from the company's date of incorporation, which I assume is 11 February. Your financial year doesn't have to be an actual year for the first accounts. I'd suggest the year end should be 31st December. So the accounts would be from 11 Feb to 31 Dec 2010. Therefore the abridged accounts would be the balance sheet of the company at 31 December 2010.

For the audit exemption you can tick a box on the annual return to say that you are availing of the exemption.

I hope this helps.

aitor120

Thanks for your reply. I have one doubt regarding my financial year. If I establish that it ends on December 31th, how does that affect my corporation tax return? Does it mean I have to file the CT1 with revenue by September, 9 months after? Checking ROS online, I find that my CT1 is due in February 2012, which is 9 months after may 2011, that's why I assumed my financial year was from May to May.

Thanks again

J.Ryan

When you first registered for tax you must name nominated May as your year end, you can change this with the Revenue.

You should get an accountant, as you need to have certain disclosures in the accounts filed in the CRO.