Last modified – 04/04/2024
- RBO registration :
All relevant entities are required to submit data to the Central Register of Beneficial Ownership (“the RBO”), except for companies listed on a regulated market.
A newly established entity has a period of 5 months from its incorporation to register its beneficial ownership with the RBO.
If a relevant entity fails to file a record with the RBO, it may be liable for an offense and, upon summary conviction, subject to a Class A fine of up to €5,000. In the case of conviction on indictment, a fine of up to €500,000 may be imposed.
For more information, click here.
For more information, click here.
- VAT registration :
Before applying for a VAT number, it is crucial to determine whether your business requires one. VAT registration is generally not necessary to start a new business in Ireland, except under specific conditions. Your business must meet certain criteria before applying VAT to your products or services.
Keep in mind that sole traders and limited companies may be eligible for VAT registration. If you decide that your business needs to register for VAT, we recommend consulting with an accountant, as VAT registration can add administrative work to your business.
To apply for a VAT number in Ireland, you typically need to provide the following:
- Proof of necessity.
- Business activity in Ireland.
- Invoices from Irish suppliers and customers.
- Information about the residence of directors.
- Physical office address.
- Supporting documents may include contracts, business plans, bank statements, and other relevant records.
For more information, click here.
- First annual account (6 months) :
The first annual return of a LTD (Limited Company) in Ireland must be prepared within 6 months after the date of incorporation, without attaching financial statements.
For example, a company incorporated on February 10, 2023, must file its first annual return (without financial statements) by August 10, 2023.
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- Annual return :
A company’s annual return date is the last date by which an annual return must be prepared. The annual return must be filed with the CRO within 56 days from the date it is made up to.
For example, a company incorporated on February 10, 2023, must file its first annual return (without financial statements) by August 10, 2023. Upon filing this return, its next annual return date becomes August 10, 2024.
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- CT1
A company must file its return and pay any tax due nine months after the end of the accounting period. The company must make this payment on or before the 23rd of the ninth month. Companies that fail to pay and file electronically must submit their return and pay any associated tax. These companies must pay this tax on or before the 21st of the month.
Interest is due at a daily rate of 0.0219% on late payments or payments that are not made in full. The interest is calculated by multiplying together the:
- amount of tax a company has underpaid
- number of days the tax is late
- interest rate.
You cannot appeal an interest charge to the Tax Appeals Commission. Once interest has been charged you must pay the full amount outstanding, it cannot be reduced.
If the company sends the return after the deadline they will also have to pay a surcharge of:
5% of the tax due up to a maximum of €12,695 if filed within two months of the filing date or 10% of the tax due up to a maximum of €63,485 if filed more than two months after the filing date.
If the company sends the return after the deadline there will be restrictions on certain reliefs claimed. The restrictions will apply by reference to length of the delay in filling on claims for:
- excess capital allowance
- loss relief
- group relief.
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