Most Company directors still don’t appear to be aware of the two great benefits that follow from a successful application to the local District Court to extend the date for the filing of an annual return that’s late!
The No.1 advantage is that the company gets to keep its very valuable audit exemption and now that audit exemption is available to “small companies” with annual turnover sales below €12 million. Audits have just got a lot more expensive and complicated and the latest Companies (Statutory Audits) Bill 2017 will bring even more formality to the table !
Irish companies have paid millions over the years in late filing fees and a successful application means that the late filing penalty of up to €3, 600 is waived.
The application can be made in any local District Court where the registered office is situated. However, that is liable to change with new proposals in the new Companies Bill 2017 to require this application to be brought in the High Court.