I am a director of a company and I am selling a non-cash asset to this company or am transferring this non-cash asset to the company in return for shares. What company law considerations need to be considered?

When a company is purchasing an asset from a director or its connected persons, the company law considerations that must be followed are: Section 238 requirements Section 238 of CA 2014 states that a director of a company or its holding company or their connected persons (as defined in Section 220 of CA 2014) cannot enter into an arrangement […]

I am a director of a company and I am selling a non-cash asset to this company or am transferring this non-cash asset to the company in return for shares. What company law considerations need to be considered?

When a company is purchasing an asset from a director or its connected persons, the company law considerations that must be followed are: Section 238 requirements Section 238 of CA 2014 states that a director of a company or its holding company or their connected persons (as defined in Section 220 of CA 2014) cannot enter into an arrangement […]

I am a director of a company and I am selling a non-cash asset to this company or am transferring this non-cash asset to the company in return for shares. What company law considerations need to be considered?

When a company is purchasing an asset from a director or its connected persons, the company law considerations that must be followed are: Section 238 requirements Section 238 of CA 2014 states that a director of a company or its holding company or their connected persons (as defined in Section 220 of CA 2014) cannot enter into an arrangement […]

I am an employee RI. Can I act as a Law Society reporting accountant?

Your eligibility to act as a reporting accountant is dependent on whether you meet the definition of regulation 26(4) of the solicitors accounts regulations as a “reporting accountant”. Section 26(4) defines the reporting accountant as follows; (4) A “reporting accountant” (which shall where the context so admits or requires include a firm of accountants), for […]

I am unsure if a CLG is entitled to the section 1A exemption and audit exemption. Can you confirm?

Yes a CLG can claim audit exemption provided all members wish to claim this and don’t object. Please see below text from the CRO website. A Company Limited by Guarantee can avail of the audit exemption/dormant company audit exemption and the exemptions available to small/medium sized companies. Such a company can qualify for audit exemption, […]

I have a client company with 2 directors, one has a 99% shareholding and the other holds 1%. Do both directors have to sign the accounts? The 1% shareholder/Director primarily acts as a Non-Executive Director?

Question: I have a client company with 2 directors, one has a 99% shareholding and the other holds 1%. Do both directors have to sign the accounts? The 1% shareholder/Director primarily acts as a Non-Executive Director? Answer: The Board of Directors, in your case both Directors, are required to approve and sign under 324(1) […]

I have a few companies where the B1 has been submitted. I now need to amend some of the share transfer dates. Is this possible and if so how do I go about this?

A B1B is used to correct a B1 that has already been submitted where it contains an error. This is a B1 in paper form where you write B after it and then at the top state ‘this B1 replaces the B1 submitted on submission number XXX’. You then insert the original annual return date […]

I have received an enquiry from an unincorporated charity about preparing their accounts for the Regulator. Do these require to be audited as the turnover is circa 500k?

Under revenue rules assuming the charity has tax exemption, then the unincorporated charity must prepare audited financial statements once its income is over €100,000. In your case as the income is over €100k then an audit is required.

I want to register as Electronic filing agent for my clients, do I have to do this through a ROS signature?

Question: I am registered as agent to file a number of clients Company returns under my own name, as in they were on my Watchlist. But I am not registered to sign B1 forms as electronic filing agent. I have recently incorporated my practice. And want to register as Electronic filing agent for my clients, […]

If a client losses a legal case, how should the award against them be shown in the Profit and Loss Account?

Question: I am preparing financial statements for a client who lost a legal case arising from his work during the financial year and there was an award of €XXXk against them. As the judgement is not being appealed I will need to accrue this amount in the balance sheet but how should I present it in […]

If a company breaches the small company threshold for one year, must it be audited?

No as the company must have breached the threshold for two consecutive years (bullet point 4 below). S.358 Companies Act 2014 sets out that a company qualifies for audit exemption if it fulfils at least two of the three qualifying conditions listed below as a small company under the Act: In relation to its first […]

If a company has already gone through a Section 343 Application can they apply again?

If a company is Irish incorporated but is centrally managed and controlled outside the state and is not Irish tax resident does it continue to have to file annual returns with the CRO?

Question Our client has engaged tax advisors in NZ, and they have advised us that the easiest way for them to progress in NZ is that we prepare financial statements up to December 2020 and file 2020 CT1 with Revenue here in respect of same. They are proposing that we keep the company status alive […]

If all companies with a group of companies will meet the annual return date (ARD) for the current financial year but all of the companies did not meet the ARD in preceding financial period, can the group claim small group audit exemption under S.359

No. The ARD date for all companies must have been met as required by S.343 Companies Act 2014 for the current financial year and the preceding financial year (S.364(2)(3)(4)).