The importance of completing your financial returns on time

If you are a limited company, financial statements have to be prepared and submitted to the Companies Registration Office (CRO) by your Annual Return Date.

Failure to return year end statutory accounts to the CRO can incur a late filing penalty of €100 with effect from the expiry of the company’s filing deadline, with a daily penalty of €3 accruing thereafter, up to a maximum of €1,200 per return.

So it’s worth returning your accounts on time.

Your accounts.. know the difference

While we talk about year end and management accounts, there is a difference between management and statutory accounts. Management accounts help you manage your accounts so you know, at any given time, how your business is progressing, what your cash flow situation is and how best to move your business forward. Management accounts are not an obligation, they simply help you run a better business.

Statutory accounts on the other hand, are an obligation. Accounts must be filed with the CRO. Typically they follow a standard format and would include a profit and loss report and a balance sheet. 

The profit and loss contains a list of all trading expenses, such as stock, and other expenses such as light, head, training, travel, etc. The balance sheet lists all the company’s debtors, creditors, cash in the bank and all other assets and liabilities.

What we can do for you

We can prepare your year end accounts based on the information that you provide us – expenses, payslips, invoices, bank statements and other relevant information.

Once we have the information compiled, we can sit down with you and review your accounts at the end of the year so we can see how your business has progressed. Once you’re happy with the accounts, we will submit them on your behalf to the relevant statutory bodies, making life a little easier for you.

Our goal is help you to maximise your profits and support you to grow your business, all year long.

The main benefit of using Taxplus Accountants for your year end statutory accounts is that you will be compliant with Revenue and the CRO. You won’t encounter any charges or liabilities.

Contact us today to be compliant with Revenue and CRO

Are you one of the following?

If so, we can help you to get better control over your finances.

We help clients who operate in many sectors. Here is a small list:

  • Hairdressers & Barbers

  • Carpenters

  • Electricians

  • Plumbers

  • Construction

  • Health/Wellness

  • Landlords

  • If your industry isn’t listed, contact us today. Our website just gives an insight into some of the trades and services that we work with.
Book a Consultation with TaxPlus Accountants

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Still have Questions?

Need more answers to your accounting questions? Get in touch today so we can help you with your accounts.

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