As a small business owner you will understand the importance of planning for your business. Now that we have begun the new year it is vital that you are prepared and aware of the taxation and company secretarial deadlines which you will be required to meet during the year ahead.
To assist you with these deadlines we have outlined below some of the key dates which we hope you find helpful.
1. P.35 – PAYE/PRSI Annual Return for the year ended 31st December 2013
One of the more significant dates for employers at the beginning of the new year will the completion and submission of their P.35 – PAYE/PRSI Annual Return. This return is required to be completed and submitted on or before 15th February 2015, with an extended deadline of 23rd February if both the submission and payment are made electronically through ROS.
2. Preliminary Corporation Tax
For most small companies in Ireland, Preliminary Tax is due for payment on the 21st of the month preceding your company’s year end. For example, if your company has a year end of 31st March 2015, Preliminary Tax will be due for payment on or before 21st February 2015, with an extension to 23rd of the month if returns are both submitted and paid electronically through the ROS system.
The liability due for small companies can be based on either 100% of the preceding year’s liability or 90% of the current year’s liability.
3. Corporation Tax
All companies in Ireland are required submit and pay their Corporation Tax within 9 months of the financial year end. For example, a small company with a financial year end of 31st December 2014 will be required to complete and pay its Corporation Tax Liability on or before 21st September 2015, again with an extension to 23rd September 2015 if the return is both submitted and paid through ROS.
4. Annual Return Date
A company’s Annual Return Date (ARD) is unique to each company and is normally on the same day each year. A company’s first ARD is six months after the date of incorporation with the company retaining this date as their ARD going forward. A company may change its ARD; however the new ARD can be no later than nine months after the company’s year end. For example, if a company has a financial year end of 31st December 2014, the Annual Return can be no later than 30th September 2015.
An Annual Return must be delivered to the Companies Registration Office (CRO) no later than 28 days after the ARD.
As with tax returns, Annual Returns can also be filed by electronic means. If you choose to file electronically a reduced fee will apply, along with an additional 28 days filing extension, from the date of completing the online submission, to forwarding the accompanying documents to the CRO.
It is important that all companies are aware of their ARD. If your Annual Return is not submitted on time the following consequences may apply:
- Late fining penalties
- Loss of audit exemption
- Prosecution of directors
- Company strike off
5. VAT / PAYE / RCT and Other Taxes
While most companies will submit their PAYE and RCT on a monthly basis, with VAT being returned on a bi-monthly basis, the Revenue Commissioners can reduce the frequency of the returns required for small companies.
If your company has been chosen for the reduced frequency of payments you will receive correspondence from the Revenue Commissioners outlining the new arrangements for your returns. If however you do not wish to avail of the reduced filing arrangements, you can contact the Revenue Commissioners and advise them of same.
During 2014 we saw significant improvements for Ireland’s economic recovery, with many believing this will continue into 2015. Many company directors will already be planning for the year ahead and will be focusing on the future growth of their business. However it is important for directors to monitor and be aware of their filing obligations with both the Revenue Commissioners and the Companies Registration Office to ensure their company remains fully compliant for 2015.
If you have queries on any of the above filing deadlines or would like assistance in calculating any possible liabilities that may arise for either yourself of your company in the year ahead please do not hesitate to contact a member of our team.