We’ve all been there — that dreaded CRO filing deadline looming over your head, and suddenly, it’s too late. But missing that deadline can lead to costly penalties or even worse, a struck-off company. Trust me, it’s a mistake you want to avoid at all costs.
As someone who works closely with businesses, I see these same issues come up time and time again. So here are three things I see trip up businesses when it comes to filing their annual returns with the Companies Registration Office (CRO):
1. The Deadline Is Hard to Remember
The first thing that catches people out is the filing deadline. It’s not based on the calendar year-end, which is what most people think. Your company’s accounts are actually due on the anniversary of your incorporation. This can easily slip your mind, especially if your company was incorporated during a busy time of the year.
Tip: Mark the anniversary of your incorporation in your calendar and set a reminder well in advance to avoid rushing at the last minute.
2. Filing Isn’t Automatic
Just because your accountant files your accounts doesn’t mean the required CRO form is filed as well. This is a separate task, and many businesses miss it entirely.
The forms need to be filed electronically through the CRO portal, and it’s essential that this is done correctly and on time. If your accountant does your annual accounts but doesn’t complete the form, you could end up facing penalties for non-compliance.
3. The Forms Change
The CRO updates its requirements regularly, so just because your forms were accepted last year, doesn’t mean everything is the same this time around. Changes in legislation or form formatting can make your previous filings invalid or outdated.
Pro tip: Get your accountant to file early to avoid any last-minute scrambles. Early filing gives you plenty of time to ensure everything is in order, especially if there are any new requirements.
Conclusion
CRO filings don’t have to be a stressful experience. But they do require careful attention to detail and proper planning. By keeping track of your filing dates, ensuring the correct forms are submitted, and staying up-to-date with the latest requirements, you can avoid the penalties that come with missing deadlines.
Don’t let it sneak up on you. Get in touch for a quick compliance check and ensure your business stays on track.
