Trusted Accountants Limerick
Year End Accounts
We know that sinking feeling. The financial year end is approaching, there’s boxes of receipts to sort, and you’re not entirely sure what’s due when. Sound familiar? Whether you’re running a busy pub in the city, managing a family farm near Adare, or juggling the books for your retail shop, the process is actually quite straightforward once you’ve got the right support in place.
At Coffey & Co, we’ve been helping Limerick businesses navigate their annual accounts for over 35 years. We handle everything from accounts preparation through to filing with Revenue and the CRO: translating technical requirements into plain English along the way. Book a free consultation to chat about what you need.
What Are Year End Accounts?
Think of year end accounts as your business’s annual health check: what came in, what went out, and what you’re left with. In formal terms, they’re the statutory accounts and financial statements required under the Companies Act 2014: typically a profit and loss account, balance sheet, directors’ report, and supporting notes.
For a limited company in Ireland, these financial statements must be filed with the Companies Registration Office using Form B1. Good news for smaller businesses: small company and micro company categories allow you to file abridged accounts (a simplified balance sheet without full profit and loss disclosure). We’ll advise which option suits your situation and keeps things as simple as possible.
Self-Employed? Here's What You Need
If you’re a sole trader, maybe you’re a tradesperson, consultant, or running a small shop, your year end accounts feed directly into your Form 11 self-assessment tax return. The deadline is 31 October each year (or mid-November if filing through ROS).
Can you do this yourself? Technically, yes. But here’s what we’ve seen: business owners who go it alone often miss tax reliefs they’re entitled to, such as capital allowances, the earned income credit, or legitimate expenses that could reduce the tax bill.
We work with plenty of sole traders across Limerick, and what they value most is having someone in their corner who understands the system.
Deadlines and Penalties
We understand deadlines can creep up when you’re busy running your business. Here’s what matters:
CRO (Form B1): 56 days from your ARD. Late penalties: €100 plus €3/day (max €1,200). Repeated late filing can cost you an audit exemption.
Corporation tax (Form CT1): 23rd of the 9th month via ROS. Late surcharges: 5% under two months, 10% over, plus daily interest.
Self-assessment (Form 11): 31 October (mid-November via ROS).
Here’s where we add value: we track all your deadlines proactively. No calendar anxiety, no last-minute panics, and no penalties you didn’t need to pay.
Running a Limited Company? Here's What's Required
A limited company has more compliance hoops, but they’re all manageable with the right accountant. Here’s the reality:
Statutory financial statements: Complete accounts showing your company’s performance—profit and loss, balance sheet, and directors’ report. These must comply with Irish accounting standards. Most SMEs qualify for audit exemption (two of three: turnover under €15m, balance sheet under €7.5m, fewer than 50 employees).
CRO annual return (Form B1): Your financial statements must be filed within 56 days of your Annual Return Date. Late penalties start at €100 plus €3/day. Need to change your Annual Return Date? That’s done via Form B73 (available once every five years).
Corporation tax (Form CT1): Due by the 23rd of the 9th month after your accounting period ends, filed via ROS. Preliminary tax is separate; due by the 23rd of month 11. We handle the iXBRL tagging requirements for digital Revenue filing.
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How We Help Irish Businesses
How We Help Irish Businesses
We tailor our accounting services to what you actually need:
Accounts preparation: Compliant annual accounts for sole traders, partnerships, or limited companies, including abridged or micro company formats where appropriate. Behind on bookkeeping? We’ll sort that too.
Tax returns and planning: Form 11 self-assessments, Form CT1 corporation tax returns, and legitimate tax-saving strategies. For farmers, income averaging; for company directors, the right salary/dividend mix. We ensure preliminary tax calculations are accurate.
CRO filings: Annual returns (Form B1), Form B73 applications for ARD changes, and company secretarial compliance. We keep your limited company in good standing.
VAT, payroll, and advisory: Regular VAT returns, payroll processing, and business advisory when you need strategic guidance beyond number-crunching.
We’re Xero Gold Partners: If you’re wrestling with spreadsheets, we can move you to cloud accounting for real-time visibility of your finances.
Why Limerick Businesses Choose Coffey & Co
Fixed fees, no surprises: We agree your fee upfront based on what you need. No clock-watching, no unexpected bills.
We speak your language: As chartered accountants with 35+ years in Limerick, we’re particularly expert with publicans (VAT complexities), retailers (stock accounting and cash accounting), and farmers (income averaging, succession). We understand Irish business realities.
Local and accessible: Based in Annacotty, serving clients across Limerick and Ireland. Meet in person or online; we fit around you.
Let’s Have a Chat
If year end accounts feel like a headache, we’re here to help. Call us book a free consultation online. No obligation, just a conversation about your business and what you need.
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FAQ
When are year end accounts due in Ireland?
Limited companies file Form B1 with the CRO within 56 days of their Annual Return Date (ARD), and Form CT1 by the 23rd of the 9th month after their accounting period ends. Sole traders file Form 11 by 31 October (mid-November via ROS).
What's the difference between full, abridged, and micro accounts?
Under the Companies Act, smaller companies can file simplified financial statements. A small company (two of: turnover ≤€15m, balance sheet ≤€7.5m, employees ≤50) can file abridged accounts. Micro companies (turnover ≤€900k, balance sheet ≤€450k, employees ≤10) have simpler requirements still.
What happens if I file late?
Late CRO filing means €100 plus €3/day (capped at €1,200), plus potential loss of audit exemption. Corporation tax late filing attracts 5-10% surcharges plus daily interest. Entirely avoidable with proper planning.
Can I switch accountants mid-year?
Absolutely no tax implications, switch any time. We handle the transition smoothly, liaising with your previous accountant. Many clients wish they’d moved sooner.