Don’t Let Your Company Miss the CRO Deadline!

October 27, 2015

Tomorrow, 28 October 2015 is the deadline for Companies Office (CRO) B1 returns for companies with an accounts year-end date of 31 December 2014.

If your company has prepared (or has yet to prepare) 2014 accounts, you must ensure your return is filed by tomorrow – at the latest.

If you haven’t filed, and your company’s annual return date (ARD) is before 30 September 2015, sadly you have already missed the boat.

CRO Filing Deadline

The smart course of action is to file the return online using the CRO’s CORE web filing facility. This buys you a further 28 days (ie up to 25 November next) to submit the Annual Return signature page and accounts to the CRO.

You can use this four-week period to prepare your company accounts and bring its CRO affairs up to date.

Once prepared, you can submit your accounts in paper form, or upload a PDF copy via the CORE system.

If you need to file a return by tomorrow, and don’t have access to CORE, you should immediately get in touch with an accountant with CORE access, and authorise them to file on your behalf.

If you miss the deadline, your company will be faced with late filing fees (€100, plus €3 per day) and the (costly) loss of audit exemption for 2 years, unless you successfully apply to the District Court for an extension of time – which involves its own costs.

Revenue’s Fascinating Report on Irish Farming

October 23, 2015

Revenue’s Statistics & Economic Research Branch have this week released a fascinating report into the Irish farming sector.

The report includes a wealth of interesting, and some plainly odd, facts on Irish agriculture.

Irish grain field

Here are a few that caught my eye:

  • Over half of all farms earned less than €20,000 in 2012.
  • Only 5% earned more than €100,000.
  • Off-farm PAYE earnings account for nearly half of average family farm income. The old “farmer v PAYE worker” divide is now a thing of the past.
  • Only 18 per cent of farmers who file tax returns are aged under 40.
  • Revenue data records 273 farmers over 90 years old, and a further 3,315 aged over 80.
  • “A small (unspecified) number of incorporated farmers” pay €28 million in Corporation Tax. If each pays the 12.5% rate, that’s a cool €224 million in profits.
  • 89% of farmers filed an online Form 11 tax return in 2013 – so the stereotype of farmers as tech luddites is very much unfounded.

The full report is on the Revenue website