If you've never run a limited company before, Irish company accounting can feel like a maze of acronyms — CT1, CRO, ARD, iXBRL, B1. The reality is more manageable than it appears once you understand what each filing is for and when it's due. Below are the questions we answer week-in, week-out for Dublin SME directors.
What is a CT1 corporation tax return in Ireland?
A CT1 is the annual corporation tax return that every Irish-resident company must file with Revenue. It reports the company's profits, calculates the 12.5% trading rate (or 25% non-trading rate), and is filed via ROS within 9 months and 23 days of the company's accounting period end. Note: the UK uses "CT600"; the Irish equivalent is "CT1" via ROS — many business owners conflate the two.
How do I file my annual accounts in Ireland?
Limited companies file with two bodies. (1) Revenue: Form CT1 with iXBRL-tagged financial statements, due 9 months + 23 days after year-end. (2) CRO (Companies Registration Office): Form B1 annual return with abridged financial statements, due on your Annual Return Date (ARD). Missing a CRO deadline triggers €100 + €3/day penalties and loss of audit exemption for two years. We handle both filings for clients as a single package.
What financial records must I keep, and for how long?
Irish Revenue requires you to keep all business records for at least 6 years from the end of the accounting period to which they relate. This includes sales and purchase invoices, bank statements, payroll records, VAT records, expense receipts, asset registers and contracts. Records can be kept digitally provided they are legible, accessible and unaltered. We recommend cloud storage (Xero, Dext, Hubdoc) with automatic backups.
When does my company need a statutory audit?
Audit exemption applies if your company meets at least two of these criteria for the current and preceding year: turnover ≤ €12 million, balance sheet total ≤ €6 million, and average employees ≤ 50. Companies that file the CRO B1 late automatically lose audit exemption for two years, even if they otherwise qualify — a costly and avoidable mistake.
How much does accounting cost for a small business in Ireland?
For most Dublin-based SMEs, full-service accounting (year-end accounts + CT1 + CRO + bookkeeping review) ranges from €1,200 to €3,500 per year. Sole traders typically pay €500–€1,200. Pricing depends on transaction volume, sector complexity and whether VAT and payroll are included. We provide fixed-fee quotes so there are no billable-hour surprises.
Can I do my own accounting, or do I need an accountant?
Legally, you can prepare your own accounts as a sole trader. For a limited company, the directors are personally responsible for the accuracy of CT1 and B1 filings, but you do not legally need an accountant. Practically, the time cost, risk of Revenue audit penalties, and missed tax-saving opportunities almost always exceed the cost of professional support. Most clients tell us they recover the fee 3–5× in tax savings alone.
What's the difference between management accounts and statutory accounts?
Statutory accounts are the formal year-end financials you file with Revenue and CRO — they look backwards and serve a compliance purpose. Management accounts are typically prepared monthly or quarterly, are forward-looking, and include profit-and-loss, cash flow forecasts and KPIs that help you steer the business. Growing businesses benefit enormously from regular management accounts.
Key Irish accounting deadlines to bookmark
- CT1 corporation tax return: 9 months + 23 days after your accounting period end (e.g. year-end 31 December → due 23 September)
- Preliminary corporation tax: 23rd day of the month before your year-end
- CRO Annual Return (B1): 28 days from your ARD; financials filed within 56 days
- Directors' Income Tax (Form 11): 31 October (or mid-November via ROS)
- VAT3 returns: 23rd of the month following the bi-monthly period
Need a personalised deadline calendar? Download our free Irish Tax Calendar for the current year.
Related reading
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