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Can anybody help me, Like most small businesses I am finding it really difficult to stay afloat.
My main worry at the moment is having to return my accounts to the companies office. I was late for 2006 as I simply hadnt got enough money to pay the accontant, when I did get the money together my accountant charged me 9,000 + vat last year to get them returned urgently as I was threatend with strike off. He is now doing my 2007 accounts and I reackon it will be the same charge. We have a turnover of about 230,000 a year and employ 19 people (mostly part-time), we dont even make 9,000 profit, in fact we have suffered losses for the past 3 years. There is very little to do with our accounts as we employ a bookeeper and there is no VAT returns as we are classed as eductional status. My question is, in order for me to simply be compliant and return a piece of paper to the CRO I have to get my self into huge debt each year to do this, does anyone know if the CRO are making allowances for small companies like me who want to be compalint but are finding it impossible to come up with the accountants fees. I have to pay the CRO 1200 + VAT in fines before I even pay the accountant.
This is keeping me awake at night as I am due to return my accounts in July.
Any advice is greatly appreciated. Thanks in advance.
And i think it's extremly unfair that your account didn't make returns on time because you didn't have the money to pay him, which caused you to have to pay more. Talk about not giving someone a break in a hard time. You had been using him for a while it's not like you were a new customer and were going to up and disappear.
Thank you to everyone that has replied. I meant to say in my original post that I paid him 9,680 (vat was 1680 of this). I also paid him 1240 for CRO late filing fees a total of 10,920.
Just for the record I never phone our accountant from one end of year to the other and we have no bad debts we keep our heads above water just about, but the amount that is charged is a huge dent in our cash flow. I just received a letter today from CRO to say that our 2007 accounts are overdue and they will begin strike off in 8 weeks if we dont reurn our accounts so here we go again.
We have a very good bookeeper who submits everything on computer and hard copy for the accountant as we try to make everything neat for him.
I have taken in and listened to all your advice and may aproach the CRO for an extension on time - not sure if they will do that for us.
Thanks again to you - all you've been great.
Also this idea people have that accountants should more or less work for nothing because they are not supplying anything tangible is crazy.
The late fee may be waived, but the requirement for audit cannot be waived.There are circumstances in which CRO will give relief. If you're a not-for-profit, you may actually fall into it. The details are in this link...
http://www.cro.ie/ena/annual-return-penalty-waiver.aspx
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