late B1 form

MizMix

Loosing my mind- at around 2am last night I woke up as I had a niggling feeling this was missed. Emailed my accountant.

Background- Last year there was a whole mix up over paperwork- I had registered as a ltd co (up till then they acted as my accountant as a sole trader). I didn't know I would need to reappoint them- left in the correct paperwork in Jan, they confirmed they got it. There was an issue with ulster bank who took forever to switch my acc to ltd status but this was done late Feb/early March. I confirmed with the accountant and direct debit then commenced in march. Asked on the phone for them to check everything was up to date- they never got back to me.

Turns out my B1 deadline was early April and they claim they weren't notified (they said they were only appointed agents mid April). They confirmed they had the paperwork in Jan and I confirmed first week March they ltd company bank account was now active.

Who is liable here as there is a 400euro late fee and now I've lost my audit exemption? I've been considering winding things up for the last while now as it's been so tight cashflow wise but at the same time I don't want to make a rash decision

y0ssar1an22

MizMix wrote: »

Loosing my mind- at around 2am last night I woke up as I had a niggling feeling this was missed. Emailed my accountant.

Background- Last year there was a whole mix up over paperwork- I had registered as a ltd co (up till then they acted as my accountant as a sole trader). I didn't know I would need to reappoint them- left in the correct paperwork in Jan, they confirmed they got it. There was an issue with ulster bank who took forever to switch my acc to ltd status but this was done late Feb/early March. I confirmed with the accountant and direct debit then commenced in march. Asked on the phone for them to check everything was up to date- they never got back to me.

Turns out my B1 deadline was early April and they claim they weren't notified (they said they were only appointed agents mid April). They confirmed they had the paperwork in Jan and I confirmed first week March they ltd company bank account was now active.

Who is liable here as there is a 400euro late fee and now I've lost my audit exemption? I've been considering winding things up for the last while now as it's been so tight cashflow wise but at the same time I don't want to make a rash decision

even if not agent they can file your B1 on core.

and even if they use that as an argument, you have 28 after the ARD (presuming april is your ARD here) to file the b1 and then an additional 28 days to get the accounts into cro.

usually always when i forgot to file a b1 in work, the late fees will be paid by us - the agent.

if you want you can pm me the company name and i can check the dates for you.

as for audit exemption, that sucks. if its a relatively straight forward job the bill from accountant should be much the same. do you know if they can sign auditor reports? if not, you will need to find an auditor.

J.Ryan

MizMix wrote: »

Loosing my mind- at around 2am last night I woke up as I had a niggling feeling this was missed. Emailed my accountant.

Background- Last year there was a whole mix up over paperwork- I had registered as a ltd co (up till then they acted as my accountant as a sole trader). I didn't know I would need to reappoint them- left in the correct paperwork in Jan, they confirmed they got it. There was an issue with ulster bank who took forever to switch my acc to ltd status but this was done late Feb/early March. I confirmed with the accountant and direct debit then commenced in march. Asked on the phone for them to check everything was up to date- they never got back to me.

Turns out my B1 deadline was early April and they claim they weren't notified (they said they were only appointed agents mid April). They confirmed they had the paperwork in Jan and I confirmed first week March they ltd company bank account was now active.

Who is liable here as there is a 400euro late fee and now I've lost my audit exemption? I've been considering winding things up for the last while now as it's been so tight cashflow wise but at the same time I don't want to make a rash decision

Why did they think that they had not been appointed as accountants to the company? I assume that they did the work on the incorporation and registered the company with Revenue, also there should have been a B1 filed 6 months after the date of incorporation, who filed that.

TECH85

Hey , just wondering what you mean by audit exemption ?
What way does that work ?

Ta.

J.Ryan

TECH85 wrote: »

Hey , just wondering what you mean by audit exemption ?
What way does that work ?

Ta.

Companies under a certain size can avail of the exemption to have their accounts audited (not to be confused with a revenue audit).

However if your file a late B1 you lose that exemption for the year relating to the late B1 and the following year.