B1 Annual Return to CRO & Revenue

DORMANT COMPANY
RETURNS

€295+vat

For companies with NO transactions in bank/cash accounts

*Submission of B1 Form to CRO
*Submission of Financial Statements
*CT1 Corporation Tax return

NON-TRADING
COMPANY
RETURNS

€395+vat

For companies with up to 10 transactions in bank/cash accounts

*Submission of B1 Form to CRO
*Submission of Financial Statements
*Preparation of Annual accounts
*CT1 Corporation Tax return

START-UP
COMPANY
RETURNS

€495+vat

For companies with up to 50 transactions in bank/cash accounts

*Submission of B1 Form to CRO
*Submission of Financial Statements
*Preparation of Annual accounts
*CT1 Corporation tax return

MICRO
COMPANY
RETURNS

€595+vat

For companies with up to 100 transactions in bank/cash accounts

*Submission of B1 Form to CRO
*Submission of Financial Statements
*Preparation of Annual accounts
*CT1 Corporation tax return

Priority application with CRO

€50+VAT

Get a Quote for more established companies

B1 QUOTE

Our package includes Submission of 4 Documents:

CRO

CRO Form B1 in CORE

Document submitted to CRO containing information about the company,  shareholders, directors, secretary and share capital.

CRO

Financial Statements

Financial Document prepared in accordance with Companies Act 2014 and CRO guidelines. It is submitted to CRO along with Form B1.

Revenue

Annual Accounts

Income and Financial position statement prepared under the accounting standards FRS105 submitted to the Revenue along with CT1 form.

Revenue

Revenue
CT1 Form

Corporation Tax Return submitted to the Revenue Commissioners in accordance with the tax laws (TCA 1997 amended) & Revenue guidance.

Do you also require VAT returns?

VAT Returns

ALL YOU NEED TO KNOW ABOUT B1 ANNUAL RETURN

What is B1 Annual Return?​

Annual Return B1 is an electronic document setting out certain prescribed company information which is required to be delivered by an Irish company, whether trading or not, to the CRO (Companies Registration Office).

When to file B1 Annual Return?​
Each company has an Annual Return Date allocated to it by CRO and it can be checked using the CRO Company Search facility. Annual Return Date (ARD) of a company is the latest date to which an annual return must be made up. The annual return must be filed with the CRO within 56 days of the Annual Return Date (ARD). 
 
For example, a company incorporated on 10 February 2022 is due to make its first annual return up to 10 August 2022, its Annual Return Date (ARD). On filing this return, its next annual return date becomes 10 August 2023.
Penalties for late Annual returns​
Returns which are filed late with the CRO incur a substantial Late Filing fee.
A company will also lose eligibility for Audit Exemption for the following two years if the annual return is filed late. As a result, the company will be obliged to engage registered auditors to perform an annual audit on the company accounts. The cost of a basic small company audit can be €1,000 (plus VAT) if there are very few transactions but the average price is €4,500+VAT on top of the cost of regular accounting.
 
If a company requires extra time to file its return, application may be made to the District Court or the High Court by a company, on notice to the CRO, for an order extending the time for filing of a particular annual return. If granted, this allows the company extra time to file that return before the late filing fee is incurred.
How to submit the Annual return?​

An annual return must be completed online and presenters can use CRO CORE platform. The payment for B1 must be made by customer account or debit/credit card.

You have 56 days from your Annual Return Date to file your annual return (B1) online, to upload your financial statements and to have your signature page received in the CRO.

Your financial statements must be uploaded before your signature page is sent in to the CRO and both must be completed within 56 days of the date of your Annual Return Date (NARD).

Who needs to sign the Annual return?

Form B1 – the annual return requires the signatures of both the director and the secretary.

A single director company cannot satisfy CRO requirements by the signature of the sole director in a dual capacity as both director and secretary. Two different people have to sign off on the form.

Equally companies with two directors signing off on the form B1: the one individual as director cannot sign the same form as both secretary and director. The second director is required to sign as well.

CRO fees

If the annual return is submitted in a timely fashion within 56 days after Annual Return Date (ARD), CRO charges a fixed filing fee of €20 which is payable by your company directly to CRO.

ALL YOU NEED TO KNOW ABOUT CT1 ANNUAL RETURN

What is Company Tax?​

Irish resident companies and non-resident companies who trade in Ireland through a branch or agency pay Corporation Tax (CT) on the taxable profits they make.

Corporation Tax is levied on all companies tax resident in Ireland. A company is deemed to be tax resident here if it was incorporated in Ireland on or after 1 January 2015.

Corporation Tax is charged on the profits in a company’s accounting period no longer than 12 months. These profits include both income and capital gains.

What are Corporation Tax rates?​

There are two rates of Corporation Tax (CT):

  • 12.5% for trading income, and
  • 25% for income from an excepted trade, non trading income, for example rental and investment income.
When to file Corporation Tax Return (CT1)?

A company must file its return nine months after the end of the accounting period. The company must make this payment on or before the 23rd of the ninth month.

For example, if a company's financial year ends on the 31st December 2020, it must file and pay by the 23rd September 2021.

A company must use the Revenue Online Service (ROS) to file its return  under Mandatory eFiling and ePayment.

How to pay Corporation Tax?

There are 2 payments required to discharge the corporation tax liability of a company:

1) Preliminary Corporation tax (90%) - due 31 days before the end of the company's financial year and before the 23rd of that month.

and

2) Balance of Corporation Tax (10%)- due on or before the 23rd of the ninth month after the end of the company's financial year.

For example, if a company's year ends on the 31st December 2020, the company must pay:

  • Preliminary Corporation tax (90%) - due 23rd November 2020, and
  • Balance of Corporation Tax (10%) - due 23rd  September 2021.
A company must use the Revenue Online Service (ROS) to file its return and pay any tax due under Mandatory eFiling and ePayment.

 if a company's financial year ends on the 31st December 2020, it must file and pay by the 23rd September 2021.

A company must use the Revenue Online Service (ROS) to file its return  under Mandatory eFiling and ePayment.

Preliminary Tax for small companies​

Companies whose tax liability is not above €200,000 in the previous accounting period, can pay their preliminary tax as lower of:

  • 90% of their CT liability for the current period (a top up payment to be made next year) or
  • 100% of their CT liability for the previous accounting period.

New or start-up companies do not have to pay preliminary tax for their first accounting period if they have Corporation Tax that is less than €200,000. Instead, they must pay their final CT charge for the first accounting period when submitting their CT return.

Why to file & pay Corporation Tax on time?​

Companies that fail to pay and file electronically must submit their return and pay any associated tax. These companies must pay this tax on or before the 21st of the month.

Interest is due at a daily rate of 0.0219% on late payments or payments that are not made in full. 

If the company sends the return after the deadline they will also have to pay a surcharge of 5% to 10% of the tax due.

If the company sends the return after the deadline there will be restrictions on certain reliefs claimed:

  • excess capital allowance on equipment purchased, and
  • loss relief.

Inquire about Annual B1 return

- we will reply with all information you need

To inquire, please fill out the information request:

GET A FREE B1 ANNUAL RETURN

with our Low-cost Accounts package

COMPANY ACCOUNTS

Proxima Tax Services Ltd

Unit 3G North Point House
North Point Business Park
Mallow Road, Cork
Ireland

info@proxima.ie

021 237 30 87

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Company Registration No: 613314
Revenue Tax Agent No: 76472U
CRO Electronic Filing Agent No: 613314C

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