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All Limited Companies and DAC’s are obliged to file a Corporation Tax return annually.
Failure to file a corporation tax return can result in severe penalties including a court appearance by directors of the company and a possible prison sentence. Failure to file a corporation tax return will also result in cancelation of tax clearance for the company which can be detrimental to businesses which must have tax clearance to renew licences such as businesses which carry out
Government contracts.
Late filing returns will result in the Revenue Commissioners levying a surcharge of 5% on tax liabilities due on income tax returns which are filed up to two months later than the tax filing deadline and a 10% on tax liabilities due on income tax returns which are filed later than two months after the tax filing deadline. The filing deadline for filing corporation tax returns is nine months and twenty-one days after the company’s financial year end.
Late payment of corporation tax can result in the Revenue Commissioners charging interest on the tax liability. If a company ignores the request for payment letter, Revenue may take enforcement action to collect the outstanding tax. Enforcement action can include:
- referral to the Sheriff
- referral to an external solicitor and initiation of a court action
- attachment of bank accounts or debtors
- liquidation or bankruptcy
Our services:
We compile corporation tax returns from the company’s annual financial accounts, adjusting for non-taxable expenses such as depreciation and including taxable deductions such as capital allowances. We advise company’s about tax saving measures which can be taken to reduce their annual corporation tax liability.
If a company has outstanding corporation tax liabilities that it is not in a position to pay and cannot obtain external finance for this purpose we assist it in applying for a Phased Payment Application (PPA) to the Collector-General. To be able to apply for a PPA, the company must:
- have a total debt outstanding (including interest and penalties) greater than €500
- have submitted all tax returns due to Revenue
- not have an existing PPA
and - agree to pay their current taxes, as they fall due.
During the application process, the company will be asked to:
- select a repayment period (maximum 60 months)
- select a down-payment amount
- provide their bank details
and - select their preferred repayment date.
Completion of the Electronic Phased Payment Application Form (ePPA1) is a requirement for all companies (all sections must be completed by companies). Companies may also be asked to submit additional information or documentation such as:
- bank statements
- six-month cash-flow projections
and - management accounts.
All requests for a PPA are reviewed by Revenue. The company will receive a response to its application within ten days. Where Revenue request further information, the company will receive a notification through ROS. If they do not respond in the timeframe specified, their application will be automatically cancelled.
We also assist clients when preparing for corporation tax inspections and tax audits. A tax audit can be very worrying for company directors and we take the stress and strain out of this situation. Preliminary corporation tax is either 90% of the current year’s income tax liability or 100% of the previous year’s tax liability. Preliminary corporation tax is payable on the same date as corporation tax.
If you have an questions call us on +353 (0)1 457 8138 for a FREE consultation. or fill out our contact form