What are the Important Accounting Deadlines for Companies and Sole Traders?

Introduction 

Navigating the intricacies of tax and accounting deadlines in Ireland is crucial for businesses and sole traders alike. From company annual accounting to VAT returns and PAYE PRSI obligations, staying on top of these dates ensures compliance and avoids penalties. In this comprehensive guide, we’ll break down the essential deadlines set by the Ireland Companies Registration Office, offering valuable insights to help you manage your financial responsibilities efficiently.

When are the Annual Return Deadlines?

Companies in Ireland must file annual returns with the Companies Registration Office (CRO) within 56 days of the ARD. Financial statements covering the last financial year must also be filed, within 9 months of the year end.

The ARD can be changed going forward, but not for the first annual return:

• First ARD: 6 months after incorporation 
• Subsequent ARD: Within 56 days of previous ARD

When are the VAT Return Deadlines?

VAT returns are filed to Revenue by the 19th (23rd for ROS users) of the following month :

• Bi-monthly returns: Default filing period
• Annual returns option: Pay liability by monthly DD

A lot of our clients choose to file an annual return and pay the liability by monthly DD.  This has the following advantages:

• Less work i.e. 1 return instead of 6
• Greater control and visibility of cash-flow for planning and analysis
• Reduce risk of late returns and Revenue attention. 

An annual Return of Trading Details (RTD) is also required. 

When are the PAYE and PRSI Deadlines?

PAYE, PRSI and USC payments have a monthly deadline by the 15th of the month following.

However, in reality, the new PAYE regime from 2019 means that payroll needs to be submitted in real-time and before the payments are made.

When is the Company Corporation Tax Return Deadlines?

The standard deadline for limited companies to file and pay their annual corporation tax returns is 23rd of the 9th month following the year end. So 23rd September for the  for December  year-ends

(For Preliminary tax payment the deadline is 23rd of the 11month of the current year. So 23rd November for December  year-ends. 

When is the Sole Trader Tax Return Deadlines?

The standard deadline for sole traders to file and pay their annual income tax returns is 31 October of the following year, but usually extended to around 15th November for ROS users.

(For Preliminary tax payment the deadline is the same day of the current year. So 15th November for that calendar year.)

Key Takeaways

• Companies in Ireland have several important accounting deadlines to comply with, including
  • annual return filing within 56 days of the Annual Return Date (ARD),
  • filing audited or unaudited financial statements within 9 months of the financial year end.
  • filing corporation tax returns by 23rd of the 9th month after year-end
• The standard VAT return filing deadline is the 19th of the month following the tax period end. Companies can usually file bi-monthly or annually depending on VAT liability. 
• Payroll must be submitted in real-time but 
• PAYE and PRSI payments are due monthly by the 15th 
• Taxable Persons (e.g. Sole traders and Proprietary Directors) must file annual income tax returns by 31 October (extended for ROS users in 2023).

Conclusion

Companies in Ireland face several important deadlines for VAT, PAYE, annual returns, financial statements and corporation tax. Sole traders also have annual tax return deadlines. Meeting these deadlines is essential to avoid penalties. The CRO and Revenue websites provide key resources to help businesses comply.

Sources

1. Calendar of key dates
2. When VAT becomes payable
3. Filing your tax return
4. Irish VAT Returns – Avalara
5. CRO – Annual Return Date
6. CRO – Filing Annual Return
7. Filing of Annual Returns in Ireland | Irish Company Annual Return
8. CRO – Peak Filing