- Annual Corporate Compliance
- Statutory Auditor
- Business Start Up
- Financial Outsourcing
- Liquidation / Voluntary Strike Off
- Mortgage Arrears Resolution Process (“MARP”) advice
- PAYE reviews
- Taxation Advice and Compliance
Annual Corporate Compliance
All companies must prepare statutory financial statements on an annual basis as required by the Companies Acts. In the case of limited liability companies, financial statements, or an abridged version thereof, must be filed in the Companies Registration Office (the “CRO”) along with the company’s annual return each calendar year.
Companies that meet specific criteria can avail of audit exemption from having their financial statement audited. However, this does not in any way diminish the director’s responsibility to prepare and file financial statements in accordance with the Companies Acts.
There are onerous responsibilities on the directors of a company to both maintain proper books and records and to comply with Company Secretarial duties on an ongoing basis.
Colleran Chartered Accountants will ensure that your company complies with all legal and regulatory requirements in an efficient and timely manner. We electronically monitor all companies for which we act to ensure that all company filing deadlines are met.
The vast majority of Irish limited companies are audit exempt. However certain companies require a statutory audit either on an ongoing basis, on possibly only for a number of years.
Companies in a group (ie parent or subsidiary company) cannot avail of audit exemption and the financial statements require to be audited on an annual basis – regardless of turnover or net asset value of the company.
Also, unlimited companies or company limited by guarantee and not having a share capital cannot avail of audit exemption.
Where a company (that could otherwise avail of audit exemption) does not file its accounts in the CRO on time, loses audit exemption and a statutory audit needs to be done for 2 years before audit exemption can again be availed of.
Most charities and property management companies require an annual audit as they are usually incorporated as a company limited by guarantee, not having a share capital.
Colleran Chartered Accountants are statutory auditors.
Business Start Up
Colleran Chartered Accountants have worked with a large number of business start-ups. We can tailor a specific package for you or your company to include company set up cost / tax registration and assistance with procedures for the maintenance of proper books and records.
There a numerous tax incentives for start-ups both for companies and for unincorporated entities.
It is common that individuals would start out in business and then incorporate a limited company and transfer the business into the corporate. We can assist in the legal and administrative process of such transactions.
We provide a full financial and bookkeeping outsourced service where we undertake all work from inputting source documents, reconciling banks, preparation of management accounts, preparation and filing of VAT returns on a monthly or bi-monthly basis. Many clients have reduced their overheads considerably by outsourcing their company’s finance function to us.
The provision of outsourced payroll services is a large part of our business where we would maintain payroll for employers with anything from 1 employee paid on a monthly basis to 120 employees paid on a weekly basis. This service has proved to be very cost effective as our fee includes software licencing fees and annual support. We issue all payslips electronically to employees.
This outsourced service can be very efficient whether you are expanding your business and need to free up personal time or downsizing your business and considering the cost benefit of maintaining a full time or part time bookkeeper in-house.
This service is provided on an annual basis payable in monthly installments.
Liquidation / Voluntary Strike Off
David Colleran has acted as liquidator over the last number of years for both solvent and insolvent companies. The winding up of a solvent company is known as a member’s voluntary liquidation (“MVL”) where all admitted creditors get paid in full. This process is initiated by the members and the excess assets are distributed to the members.
Where an insolvent company ceases to trade by virtue of the fact that it cannot continue to trade, by reason of its liabilities, the directors are required to cease trading and pass a resolution to wind up the company. In cases like this, where the liabilities exceed the assets, this is known as a creditor’s voluntary liquidation (“CVL”).
David is available to confidentially discuss the options for your company and to advise on the most appropriate way to proceed, based on your circumstances.
Where a company has ceased to trade and has no assets or liabilities, the most efficient way of closing the company may be to apply to have the company struck off the register. This process is straight forward and is relatively inexpensive as compared to the costs and outlays involved in a liquidation..
Mortgage Arrears Resolution Process (“MARP”) advice
Colleran Chartered Accountants are a registered firm of Chartered Accountants Ireland and hence on the panel of advisors for individuals who require financial advice in respect of mortgage renegotiation of forbearance.
You will find us on www.keepingyourhome.ie and in most cases our fee is covered by your financial institution whom we invoice directly.
If you are a PAYE employee, Colleran Chartered Accountants will, without charge, review your last 4 years pay and tax to assess your overall tax position. There are many circumstances and situations that can give rise to an individual overpaying tax. If it is apparent that you may be in a refund position, we would issue a quote to undertake the work with a view to having your tax affairs reviewed so as the correct amount of tax is paid.
Taxation Advice and Compliance
Self assessed individuals are required to file income tax returns (form 11) on an annual basis. This includes all sole traders and shareholding directors. There are significant penalties in cases where self assessed individuals do not file timely tax returns.
Sole traders usually require accounts to be prepared on an annual basis and these accounts will form the basis of the return filed. We assist in the preparation and submission of all necessary returns and examine specific circumstances and advise, where appropriate, any tax planning opportunities that may exist.
We have an electronic watch list to ensure that all income tax returns get filed on time each year. We file returns, where possible, online via the Revenue Online System which ensures timely and accurate assessments and we can avail of extended filing deadlines in certain cases.
A company is required to file tax returns on an annual basis. This service is provided as part of the annual corporate compliance engagement.
We will advise as to any corporate tax planning opportunities that may exist for the Company or shareholders.
Value Added Tax (“VAT”) / Capital Gains Tax (“CGT”) Capital Acquisitions Tax (“CAT”) Relevant Contracts Tax (“RCT”)
Colleran Chartered Accountants are Chartered Tax Advisors and can advise on the planning and compliance aspects of all taxes. This ranges from VAT compliance through to CAT and estate planning.
CGT is payable by an individual or a company when an asset is disposed of or transferred at nil or undervalue. Depending on the date of disposal the payment due dates for CGT could be as short as one month from the date of disposal. There are various allowances and reliefs available that can reduce or eliminate CGT. If you dispose of an asset and believe CGT may be payable, contact us and we will review your position.
CAT is payable by an individual on the receipt of a gift or inheritance. As with CGT, the rules are complex and again there are reliefs available which may reduce the charge to CAT. If you have received a gift or inheritance, we will review your situation and advise as to the tax issues arising. We work with solicitors in relation to the preparation and filing of CAT returns on behalf of beneficiaries. CAT is payable by reference to the Valuation Date and this date can be triggered by a number of different events. Even a reasonable straight forward Estate can have multiple valuation dates and tax becoming payable by beneficiaries on various dates.
RCT will be relevant to you if you are involved in the construction, forestry or meat processing industries. The rules covering RCT are again complex and can advise you or your company based on specific circumstances.