CRO first annual return

Coala

Hi, advice needed with CRO.

New company was incorporated 31st October 2013 and ARD is 1st May 2014.


What year end accounts do I have to attach to the next return in 2015 - year end accounts 1st May 2014 (for 6 months) or 1st May 2015 (12 months)?

If it is year end 1st May 2015 then it leaves me to prepare accounts in only 28 days?

Alan Shore

Usually 12 months accounts so 31 October 2014

dbran

Hi

The accounting year end must be no earlier then 9 months before the ARD. The first set of accounts can be no longer then 18 months.

Regards

dbran

dominicbrooks

Sorry for jumping on bandwagon but i have a similar question to original query.
My set up date was 12/11/2012
My firts return was up to 12/05/13 without accounts.
I am now doing 2nd return to 12/05/14 and was wondering can i include accounts from 12/11/12 to 31/12/13 (nearly 14 months)
Also should I include a proper letter signed by directors claiming audit exemption (assuming this includes abridged accounts option).
Any help would be appreciated i seem to have a mental block on this whole process
Thanks
Dominic

dbran

Hi

Yes. You may attach the 14 month set of accounts 31 December 2013 to the annual return for 12 May 2014.

Presuming the company qualifies for audit exemption you may file unaudited accounts with all of the relevant disclosures.

dbran

Martin567

dbran wrote: »

Hi

Yes. You may attach the 14 month set of accounts 31 December 2013 to the annual return for 12 May 2014.

Presuming the company qualifies for audit exemption you may file unaudited accounts with all of the relevant disclosures.

dbran

Instead of filing the 31/12/13 accounts with the 12/05/14 annual return, he could file that B1 with a form B73 extending out the ARD to 30/09/14. Another annual return would then have to be filed for 30/09/14 and the accounts to 31/12/13 would be attached to that.

The ARD would then be 30 September for all future years. The advantage gained would be to have the maximum amount of time available to complete the accounts each year in case of any unforeseen delays.

Coala

dbran wrote: »

Hi

The accounting year end must be no earlier then 9 months before the ARD. The first set of accounts can be no longer then 18 months.

Regards

dbran

Thank you for reply.Just to clarify. If I choose year end 31st May 2014, then first return will be in 1 st May 2015 for the accounts set of 7 months? (taking that company was incorporated 31st October 2013).

And what do I put in current B1 form sections:

Return made up to (taking into account that there were no accounts ending in 2013 or just leave blank?)

and

Financial year

How do I notify CRO that I want year end ending in 31st May?


thank you for your patience

Martin567

Coala wrote: »

Thank you for reply.Just to clarify. If I choose year end 31st May 2014, then first return will be in 1 st May 2015 for the accounts set of 7 months? (taking that company was incorporated 31st October 2013).

And what do I put in current B1 form sections:

Return made up to (taking into account that there were no accounts ending in 2013 or just leave blank?)

and

Financial year

How do I notify CRO that I want year end ending in 31st May?

thank you for your patience

There will be no accounts attached to the B1 due now so just leave blank.

Why do you want to have a 31 May year-end? You can't attach a 31 May 2014 set of accounts to a return made up to 1 May 2015 as the accounts date would be more than 9 months before the ARD.

If you just do 12 months accounts to 31 October 2014 then everything will be straightforward. You don't have to notify the CRO about what year-end you want. Just fill in on the B1 the date of the accounts attached (no more than 9 months earlier, as above).

Coala

Martin567 wrote: »

There will be no accounts attached to the B1 due now so just leave blank.

Why do you want to have a 31 May year-end? You can't attach a 31 May 2014 set of accounts to a return made up to 1 May 2015 as the accounts date would be more than 9 months before the ARD.

If you just do 12 months accounts to 31 October 2014 then everything will be straightforward. You don't have to notify the CRO about what year-end you want. Just fill in on the B1 the date of the accounts attached (no more than 9 months earlier, as above).

I just thought it would be more advantageous to have year end somewhere at the start of year from the tax point of view.

Martin567

Coala wrote: »

I just thought it would be more advantageous to have year end somewhere at the start of year from the tax point of view.

It's a company. I can't think of any tax benefits of having a financial year-end earlier in the year.

Coala

Martin567 wrote: »

It's a company. I can't think of any tax benefits of having a financial year-end earlier in the year.

Oh that's only for self-assessment/sole traders. I see. Right then there is no reason to change year end.

dominicbrooks

Annual return dated 1/5/14 no accounts required.
Annual return dated 1/5/15 attach a set of accounts made up to 31/12/14 (31/10/13 to 31/12/14(14 months )
Annual return dated 1/5/16 attach 12 months set of accounts 1/1/15 to 31/12/15
And from there on just produce yearly accounts for following years annual return.
I found this forum very helpful but the accounts lay out for your 1/5/15 return are available from cro in information leaflet no 10 appendix1.

Coala

thank you I really appreciate every help