Losing My Audit Exemption

Q. If I missed the filing date for my Limited Company accounts with the Companies Registration Office do I automatically lose my audit exemption or have I any other options?

29th March 2017

A. Yes you do have another option. Under the current legislation you can apply to the district court to have the Annual Return Date (ARD) of your company extended.  

As a company, must be able to show that there were genuine reasons why it was not possible for you to file the Annual Return within the prescribed time (rather than merely accidentally missing the deadline). For example... Ill health/family illness, but this will vary from case to case.

If the judge decides that there are sufficient grounds to extend the ARD they will do so and you have until this date to file accounts. This means you will not lose your audit exemption.

It should be noted, however, that draft legislation is before the Dáil which proposes to amend this process whereby audit exemption would not be restored regardless of the decision of the courts. So, if this is a route you are considering you should do it soon.

If you would like to discuss your limited company accounts please get in touch with your local TaxAssist Accountant today. 

Disclaimer: Advice shared in this blog is intended to inform rather than advise. Taxpayer's circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this forum, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.

Call us today to make an appointment at your local office

1890 98 76 09

Or submit an enquiry

Call us today to make an appointment at your local office

1890 98 76 09

Or submit an enquiry