CRO Late Fees

Dades

Finally getting around to dealing with a LTD company I naively let run up penalties. The company itself has NIL returns and I should probably just have it struck off.

I assume there's no way of having the company terminated so as to avoid late filing fees owing? Or are there any circumstances where fees are waived anymore?

Ted001

Dades wrote: »

Finally getting around to dealing with a LTD company I naively let run up penalties. The company itself has NIL returns and I should probably just have it struck off.

I assume there's no way of having the company terminated so as to avoid late filing fees owing? Or are there any circumstances where fees are waived anymore?

This is your only option: https://www.cro.ie/annual-return/missed-deadlines

However it's likely the cost will equal or outweigh the late filing fees and there's a risk it will not be successful. If you have two years or more of late returns, it would be worth considering the court application or a cheap liquidation, assuming there are no complications.

CIARAN_BOYLE

Dades wrote: »

Finally getting around to dealing with a LTD company I naively let run up penalties. The company itself has NIL returns and I should probably just have it struck off.

I assume there's no way of having the company terminated so as to avoid late filing fees owing? Or are there any circumstances where fees are waived anymore?

Are there any assets or liabilities in the company. You could just allow the company to be struck off involuntarily for not filing returns. Bare in mind that the directors can be chased for any outstanding debts of the company and the company does not enjoy limited liability given that it has been struck off.

Dades

Yeah, rather than do it the hard way with the risks associated with being stuck off etc. we might have to suck it up.

pedroeibar1

Dades wrote: »

Yeah, rather than do it the hard way with the risks associated with being stuck off etc. we might have to suck it up.

You should pay the fine and close it properly (see below - voluntary strike-off). It's not hard, or if you do not want the hassle it can be done for you for £500 including the newspaper adverts.

Many do walk away from dormant companies, but the record persists, and your name will be there as someone associated with a company that was struck-off. This would have an impact on the credit rating of any company with which you are/will be involved. The CRO also has said that it is chasing those who have simply walked from the late filing fees, but I’ve not yet heard of a case. (It would be a nice earner, so it’s only a matter of time before they start!)

There is a ‘late filing’ fees calculator here

What you need to do is a voluntary strike-off.

nompere

Ted001 wrote: »

This is your only option: https://www.cro.ie/annual-return/missed-deadlines

However it's likely the cost will equal or outweigh the late filing fees and there's a risk it will not be successful. If you have two years or more of late returns, it would be worth considering the court application or a cheap liquidation, assuming there are no complications.

Did you overlook this post?

It's worth comparing the cost of a voluntary liquidation against the CRO fees. The potential late filing fees die with the commencement of the liquidation because there is no longer any requirement to file the returns. In the absence of having to file a return there can be no late filing fee.

And there's nothing hanging over the directors folowing a liquidation.

pedroeibar1

nompere wrote: »

Did you overlook this post?

It's worth comparing the cost of a voluntary liquidation against the CRO fees. The potential late filing fees die with the commencement of the liquidation because there is no longer any requirement to file the returns. In the absence of having to file a return there can be no late filing fee.

And there's nothing hanging over the directors folowing a liquidation.

No, on my part I did not. Perhaps you might be less cryptic? Or give comparisons of costs, the late filing fees being capped and all that.......

davindub

Did you get an quote on an audit as well? Now that you are late you will be not able to claim dormant company or small company exemption for this year and next.

If you wish you can apply to the DC for an extension to the ARD, you can handle it yourself or it will prob cost 3-500 euros to get a solicitor to handle.

Late fees are €100 & €3 per day. So work that out.

Audit fees, can range from €300 to €2000 even for nil returns, no bank accounts, etc.

Dades

I have an accountant looking after the basics right now and we're preparing a first years accounts. Really, I just wanted to see if there was a way of walking away from the whole thing. Accountants will always give you the black and white when occasionally there can be a grey solution.

Liquidation is one thing I'll have to look at. There is a company bank account with money owing it from another director. I assume this would have to be settled before anything would happen.

Bandara

My own personal view has always been never ever to stick my head above the parapet for Revenue to notice me.

I duck and dive, get grey and murky with the best of them. But I'm never doing it stupidly.

Don't make it easy for them to notice you. Close the company correctly, if that means pay the late fees, then suck it up, pay them and move on etc.

I promise you at some point in the future you'll be glad you did.