A small company is a company that meets two of the three following criteria;
§ Balance sheet total does not exceed €6m
§ Turnover does not exceed €12m
§ Number of employees does not exceed 50
A micro company is a company that meets two of the three following criteria;
§ Balance sheet total does not exceed €350,000
§ Turnover does not exceed €700,000
§ Number of employees does not exceed 10
For small companies and micro companies to avail of audit exemption, the annual B1 return along with the abridged / abbreviated financial statements must be submitted on time with the Companies Registration House (CRO). If the financial statements and B1 are filed late in that year, the company can still claim audit exemption in that year. However, the company will then be required to submit audited financial statements in the subsequent two years, along with the annual B1’s, where these financial statements would have normally been audit exempt.
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Richard Greally ACCA, AITI (CTA) Chartered Tax Advisor, BSc Mgmt
Richard Greally – FCCA, AITI (CTA) Chartered Tax Advisor, B.Sc Mgmt, Cert in Business Studies