Better to start new micro-company or pay to be audited?

IanOnBoards

Hi all

I have a small micro-company, grossing 10k to 30k depending on the year (I had a health incident and had to slow down, but need to invoice some consultant type services I still do, small potato stuff). This year I changed accountants and the Tax declaration got filed but not the Annual Return of Accounts.

So, these were filed late, and as a result for the next 2 years I will have my auditing exemption as a tiny company removed. I have to have a statutory audit each year for the next 2 years.

My questions are:

1) how much might such a thing cost, roughly? How does one get that done (I have no experience doing this, please explain as if to a child [before this I had another accountant who just took care of the whole thing, but he doubled his price 2 years running, so I looked elsewhere]).

2) Might it not be better to just close the company and start a new one?

Thanks for any help and guidance

Ian

MarcWP

Hi Ian,

I am having the same issue, CRO filed late and they are no requesting that my accounts are audited for the next two years. I priced an audit and its 5k year one and 7.5k year two. My accountant is suggesting we close the company and start a new one.

What did you decided to do?

capefear

https://www.boards.ie/discussion/comment/122705417#Comment_122705417

Did you file the late annual return and pay the late fees? if you didn't, don't and go the district court route. If you did audits can be expensive so I'd shop around as you'd be surprised at the differences in quotes. If the audit is still expensive and you can strike off the company and start again, then that is probably the cheaper option and companies do it often. Drop me a PM if you have any specific questions

Homer

I made a simple mistake with my returns date and as a result have to do 2 years audited accounts. Ballpark €1500 plus vat per year (on top of normal accountancy fees) Dublin based and a small one man operation with turnover circa €200-250k