Compliance Reporting Challenges During Crisis

The current crisis that has taken over the globe has had significant economic impact on companies and their seamless functioning. Business owners face pronounced administrative and financial burdens during this time. Compliance and payment of taxes is one such activity that has the potential to cause distress considering the legal ramifications involved. Inability to stick to deadlines and lack of access to resources – monetary and human to fulfill the requirements of the government during this uncertain period is the primary concern for most businesses today.

In light of this, it may be a relief to Irish companies’ finance teams and overburdened business owners to know that the Registrar of Companies announced a crucial directive with regards to filing annual returns. According to their statement, all annual returns that are due to be paid between now and 30^th June 2020, will be considered to have been filed on time, provided all facets of the annual return are accurately completed and filed by that date. This news comes as a blessing to Irish businesses and their finance advisers. They will now have the ability to delegate more time and focus towards other administrative and financial challenges that need addressing immediately. The Registrar of Companies has also said that this may not be the final extension. Depending on the progress of the virus and its damages, the date will be reviewed and may be extended further than 30^th June 2020. Process of filing To file your returns, all you need to do is download the B1 form, upload all financial accounts and statements, pay the dues and submit it online. The signature page is to be delivered to the CRO by June 30^th as is normally done. Revenue Online Services (ROS) signatures are also acceptable. If the COVID-19 situation has not caused you too much damage, and you continue to be in a position where you can file your annual returns, you can go ahead and continue the same process as usual. Here are a couple of concerns, duly answered, to help you get clarity on this mandate.

1. I am working from home and will not be able to get the necessary signatures. What do I do?

Well, you now have time until June 30^th to make the necessary arrangements to ensure that the signatures are obtained and the annual returns are duly filed.  

2. Can I file online?

Absolutely! If you’ve been filing online until now, every year, continue the same process that you’ve been following. If it’s your first time, the process is given above and the CRO website can walk you through.  

3. Will there be delays in processing?

Given the current situation, the processing times may be impacted. Your filing will be added to the queue and processed at the earliest.  

4. What if I miss the June 30^th deadline?

There can be certain consequences. But as of now, 30^th June is not set in stone and is being reviewed. An extension may be put in place, depending on the situation.   As always, if you require any assistance on this, you can always get in touch with us at enquiry@datatracks.ie