Annual Return

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Mrs Vanecamp

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Just a quick question for someone in practice - sorry if it's been covered already.

I have to submit a set of accounts to the CRO for a new company (first return with accounts)

The company was set up on 17/12/08, so should I submit accounts for a year and 2 weeks? (December Year End would be easiest going forward) under the heading "54 Week Accounting Period Ended 31/12/09"?

Just doesn't sound right to me
 
Mrs Vanecamp said:
Just a quick question for someone in practice - sorry if it's been covered already.

I have to submit a set of accounts to the CRO for a new company (first return with accounts)

The company was set up on 17/12/08, so should I submit accounts for a year and 2 weeks? (December Year End would be easiest going forward) under the heading "54 Week Accounting Period Ended 31/12/09"?

Just doesn't sound right to me
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I would advise you to do following:

1. File B1 and B73 to move B1 Date to 30/09/10 if 31/12/09 is year end

2. For cro on accounts put for the period ended 31/12/09 on cover sheet and put the (54 weeks reference in a note to the accounts about lenght of accounting period)
 
You need to check whether you can submit company accounts to Revenue for an accounting periiod greater than 12 months.
 
There is absolutely no problem whatsoever in filing with the CRO, a set of accounts for a period longer or shorter than 12 months.

(The CRO prohibits companies from filing what are termed "amalgamated accounts" ie accounts covering more than 1 year, but this only applies where companies are filing several years' returns at the one time - for more google "cro amalgamated accounts" and follow the links)

I would suggest to the OP that they file 13 months accounts with the B1 return. I don't see the point in using Form B73 to extend the annual return filing date. The Form B73 facility can only be used once every five years, so it is best not to use it unless absolutely necessary.

Corporation tax returns to Revenue cannot be for periods longer than 12 months, but in practice this doesn't cause any difficulty. Where the period is longer than 12 months, simply allocate the profits pro-rata between years, enter on each CT1 as appropriate, include the accounts details of the entire period on the first period CT1 and select the "accounts already submitted" option on the remaining CT1s.

If in doubt, refer to specific professional advice.
 
T McGibney said:
I would suggest to the OP that they file 13 months accounts with the B1 return. I don't see the point in using Form B73 to extend the annual return filing date. The Form B73 facility can only be used once every five years, so it is best not to use it unless absolutely necessary.

.
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As the person year end is going to be 31/12/09 and 31/12/ year end in future she might as well move to a new ard of 30/09/10 to give max time to file in every year going forward and avoid losing audit exemption if something happen mid year and she was unable to file.

if she stays they way she is now, every year accounts will have to be filed in cro june/july(a lot of people on holidays at that time)

I can a number of valid points for moving it. The only reason she will need b73 in future is if she changes accounting year end
 
papervalue said:
The only reason she will need b73 in future is if she changes accounting year end
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That's correct and I agree with the broad thrust of your logic, but I still think that the B73 option is a handy safety net to have. It can prove very useful if there are unexpected delays in finalising the accounts, delays in obtaining info from banks etc, or if she simply makes a mistake and doesn't leave enough time to prepare accounts in advance of a CRO deadline. As it can only be used once every 5 years, its important not to waste it.
 
T McGibney said:
That's correct and I agree with the broad thrust of your logic, but I still think that the B73 option is a handy safety net to have. It can prove very useful if there are unexpected delays in finalising the accounts, delays in obtaining info from banks etc, or if she simply makes a mistake and doesn't leave enough time to prepare accounts in advance of a CRO deadline. As it can only be used once every 5 years, its important not to waste it.
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That was my orginal point from moving it from June to September If a person cant get it done in 9 months between Jan to sept no point extend date in future beyond sept as you have to move accounting date at same time to meet nine month rule between accounting year end and annual return date.

She might as well move it now, get it done and have ard 30/09 for years to come
 
ARD can be moved to 30/09 without using the B73.

If 31/12/2009 accounts are ready now, file them with the B1 that is due for filing.

Then anytime between 30/09/2010 and 28/10/2010 file another B1 dated 30/09/2010 with the same accounts - 31/12/2009 and tick the NO box on the B1. Not only is it cheaper but it also saves the B73 for emergancies.

This is only available if the accounts are ready now.
 
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