Where extenuating circumstances contributed to the annual returns not being filed on time, Section 343(5) permits the company to make an application before a District Court Judge for an order extending the time for filing the returns.
Annual return extension may be necessary, although as an accountant, you do your utmost to help your clients file their annual returns on time. Unfortunately, for one reason or another, some companies will inevitably miss their deadline and, as a result, face penalties and, where relevant, the loss of their audit exemption for two years. This is something that you will particularly want to avoid, as auditing small and micro entities can be especially challenging, and if your client is reluctant to pay, you may be left facing the financial burden of the audit.
Companies late filing their statutory returns and financial statements with the CRO for multiple years may avail of Section 343(5) of the Companies Act 2014 to avoid the penalties and audit-exemption loss.
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Discover how a Section 343 application can help your client navigate these circumstances and secure additional time. Find out more about ho they can avoid penalties and audit-exemtion loss.
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