First B1 filed late - Audit Exemption

Easterly Beasterly

Hi

I am the Director of a Limited Company incorporated 22/07/2016, I filed my first B1 to the CRO online in January 2017 (no accounts) but they never received the signature page, by the time I realised, I was one day late (21/02/2017) so had to pay the €100 late fee, I clarified with the lady on the phone that my Audit Exemption wouldn't be affected because it was my first 6 month return, I just tried to file this years B1 and it's telling me that I'm not eligible for an audit exemption because my last B1 return was filed late??

Can anyone shed any light? Thanks

BowSideChamp

Easterly Beasterly wrote: »

Hi

I am the Director of a Limited Company incorporated 22/07/2016, I filed my first B1 to the CRO online in January 2017 (no accounts) but they never received the signature page, by the time I realised, I was one day late (21/02/2017) so had to pay the €100 late fee, I clarified with the lady on the phone that my Audit Exemption wouldn't be affected because it was my first 6 month return, I just tried to file this years B1 and it's telling me that I'm not eligible for an audit exemption because my last B1 return was filed late??

Can anyone shed any light? Thanks

You used to be able to file the first six month B1 late and still claim audit exemption on the first years accounts. This changed however with the introduction of the Companies Act 2014.

Manofthewest

BowSideChamp wrote: »

You used to be able to file the first six month B1 late and still claim audit exemption on the first years accounts. This changed however with the introduction of the Companies Act 2014.

I spoke to a lady in the CRO in January about this and she said that while the CA2014 changed it, they would still let you claim audit exemption even if the first annual return (6 month) was late.

J.Ryan

Manofthewest wrote: »

I spoke to a lady in the CRO in January about this and she said that while the CA2014 changed it, they would still let you claim audit exemption even if the first annual return (6 month) was late.

She is wrong, first two years accounts need to be audited.

hjr

This link would appear to concur withe the loss of audit exemption, but does indicate that you could apply to District court....but not sure if your too late for that?

https://www.bakertillyhb.ie/companies-act-2014-and-annual-returns/

Manofthewest

BowSideChamp wrote: »

You used to be able to file the first six month B1 late and still claim audit exemption on the first years accounts. This changed however with the introduction of the Companies Act 2014.

J.Ryan wrote: »

She is wrong, first two years accounts need to be audited.

That is what I thought also. We will find out soon enough!

hjr

Manofthewest wrote: »

That is what I thought also. We will find out soon enough!

Are you waiting on a reply from them? Its going to be a big shock to a lot of people if this change is true!

Easterly Beasterly

hjr wrote: »

Are you waiting on a reply from them? Its going to be a big shock to a lot of people if this change is true!

Just a quick update, It turns out that because it was my first B1 return (without accounts) that I didn't lose my audit excemption. I phoned the CRO and they logged into my account while I was on the phone and fixed the issue.

hjr

Thanks for the update, it'll put some people at rest thats for sure!