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Getting back an audit exemption

  • 01-03-2022 11:24am
    #1
    KpsCowley
    Registered Users, Registered Users 2 Posts: 175 ✭✭



    I run a small limited company and lost my audit exemption last year due to an accountant error. The late filing was returned and I paid a fee (Aug 2021, based on 2019-20 not returned).

    These guys claim that it is possible to get the exemption and fee back (https://www.companysetup.ie/2015/12/01/get-your-audit-exemption-back-2/). I have been waiting for them to call me back on the topic.

    I haven't been able to find any other companies offering a similar service. Would any of you know if their claim is true?

    Thank you,

    Kevin.



Comments

  • #2
    ari101
    Registered Users, Registered Users 2 Posts: 2,835 ✭✭✭ari101


    I know of one company that managed it, and I'm aware of another that is late and planning to go this route. (Not aware who either used/is using to do it). I was discussing it with another accountant and it seems like it is becoming more common. I can't say if the success is contingent on any specific factors but it sounds like a good idea to use someone experienced so that you can make the best possible application.



  • #3
    KpsCowley
    Registered Users, Registered Users 2 Posts: 175 ✭✭KpsCowley


    Hi Ari101,

    Thank you for your reply, it's encouraging to hear that someone has managed it.

    In the meantime, that company linked above got back to me. Said it was possible to get one year audit back & fees (no guarantee, decided by a judge) even after making the late filing & paying the late fees. The cost for them to do that is circa €1300+VAT.

    I'm not sure if I will go down that road yet, but maybe you will find this info useful.



  • #4
    capefear
    Registered Users, Registered Users 2 Posts: 783 ✭✭✭capefear


    Once you have submitted the return that was late you can’t get the audit exemption back. You have to apply for the courts to get the exemption back on the return that’s late. If the court allows you to get your audit exemption back you are giving 28 days to file the return that is late and you are not charged late fees and you carry on as normal.



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