First Year Audit (Exempt)

stainluss

I am considering incorporating a single person LTD as I'd like to protect myself from liability (I have a range of little commercial side businesses going on, creating a health and fitness app along with selling product on Amazon - both areas where I could be sued).

My turnover in year one will be below the audit threshold (or so I understand), but must I still hire an auditer in year 1 in order to obtain and exemption for year 2 or can I have it from the get go? I searched on boards and revenue but couldn't find anything relating specifically to this requirement, except for one thread whereby the business was late to post their returns...

I plan on doing the accounts myself as they are not complex (no employees, premises etc.) so this auditing requirement, at EUR1k and up, seems to be the biggest mandatory incorporation cost if necessary. Although please correct me if I'm missing something :P

Lockedout2

No audit as long as your CRO returns are filed on time.

superb choice of username

As Lockedout says, no audit is required, however, for the first year or so, it would not hurt to have at least accounts prep done. Your accountant, whilst doing the accounts prep, should check that you have been compliant with all tax requirements, or notify you of any issues.

If you wanted to continue after this doing it yourself then go for it, but it isn't worth the risk, in my opinion, early on to do everything yourself.