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 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 & Company 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.
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
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 & Company are registered tax consultants 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.
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.
Reduce your overheads by outsourcing your company's finance function to us. We
take the source documents and maintain the company's books and records.
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 instalments.