Your Guide to Bookkeeping & Year-End Compliance for Irish Limited Companies

Running a business in Ireland is no small task, and once you’ve set up a limited company, there’s more to it than just finding customers and doing the work. Keeping your accounts in order and staying compliant with Revenue and the CRO is a must — not just to avoid fines, but to keep your business running smoothly.

Whether you’re a one-person consultancy or a small team managing e-commerce, this guide is here to help you understand how bookkeeping works, how to keep it simple, and what happens at year-end.

1. What Is Bookkeeping & Why Does It Matter?

Bookkeeping is just a fancy way of saying keeping track of what comes in and what goes out of your business. It’s not about being a maths whizz — it’s about knowing:

• What you earned
• What you spent
• Who owes you money
• What you owe to Revenue and others

Done right, bookkeeping helps you stay on top of your cash flow, make smart decisions, and avoid trouble with tax returns or penalties. Done wrong, and you’ll end up handing your accountant a shoebox of receipts — and a bigger bill.

2. How to Keep Your Books – Step by Step

Here’s a simple process any Irish limited company can follow:

Open a Business Bank Account

Keep personal and business money completely separate — this saves hours of confusion later.

Record All Sales

Whenever you invoice a client, log the details: date, customer, amount (including VAT if applicable), and when it’s due. Keep a copy of every invoice.

Track All Purchases and Expenses

Bought a laptop for work? Paying for Canva, QuickBooks, or stock images? Save the receipts and enter them into your system.

Reconcile Bank Statements

Once a month, go through your bank statements and match every transaction with your own records. If something’s missing or looks odd — you’ll spot it quickly.

Keep on Top of VAT (if registered)

• Record VAT on every sale and purchase
• File returns every two months (most common)
• Save all VAT invoices — Revenue can audit at any time

Payroll (if you have staff or pay yourself a salary)

Use payroll software to calculate PAYE, USC, PRSI, and report it to Revenue (ROS) in real-time. If you’re a director, you’re also considered an employee.

Use Simple Tools

Even a basic accounting tool like Xero, QuickBooks, or Surf Accounts can make life a lot easier. Or you can use Excel — just keep it tidy.

3. Smart Tips to Save Time (and Accountant Fees)

Here’s how to keep your books tidy and your accountant happy:

• Email or scan receipts once a week – don’t let them pile up
• Use categories like Rent, Advertising, Software, Mileage
• Use cards or bank transfers – avoid messy cash
• Store documents by month – easy for referencing
• Note unusual items (e.g. personal reimbursements or deposits)

The cleaner your books, the cheaper your accountant’s fee — it’s that simple.

Download a Business_Expense_Tracker

4. What Bookkeeping Might Cost You

Bookkeeping fees depend on the size and complexity of your business. Here’s a rough guide:

Monthly Bookkeeping Costs

Type of Business	Monthly Cost (ex. VAT)	Notes
Solo Consultant	€100 – €150	Low volume, no VAT
Small VAT-Registered	€150 – €300	30–100 transactions/month
E-commerce or Services	€300 – €600	Stripe, PayPal, VAT, etc.
Larger Company	From €600+	Multi-accounts, payroll

Add €25–€40/month per staff member if payroll is needed.

Catch-Up Work (Historical)

Catch-up or historical work refers to the process of rebuilding or cleaning up your accounts when bookkeeping hasn’t been done properly — or at all — for a certain period of time.

This could involve:

• Sorting through 6–12 months of bank statements, receipts, and invoices
• Recreating sales and purchase records
• Filing overdue VAT returns
• Preparing for late CRO or Revenue submissions

It’s a common need for busy business owners who’ve focused on running their business and let the admin slide — no judgement! But the longer you leave it, the more time and cost it takes to get back on track. Starting early saves stress (and money).

Months Missed	Estimated Fee	What’s Included
3 Months	€250 – €450	Sales, purchases, 1 bank account
6 Months	€500 – €900	Adds VAT returns & tidy-up
12 Months	€900 – €1,800	Full year, ideal for CRO/Revenue filing
More than 1 Yr	From €1,500+	Custom quote after reviewing records

If you’ve left your books untouched, it’s never too late — but catching up will cost more. Best to stay on top of it monthly.

5. What Happens at Year-End – Compliance Made Simple

Here’s what every limited company in Ireland needs to do at the end of their financial year:

Annual Accounts

Prepared by your accountant, these include:

• Profit & Loss Account
• Balance Sheet
• Notes to the Accounts

Even if you’ve made no money — you still need accounts.

Corporation Tax (CT1)

• Due 9 months after your year-end
• Must be filed by the 23rd of that month
• You’ll also pay your tax by this date

CRO Annual Return (Form B1)

• First one is due 6 months after setup (no accounts)
• After that, due every year with full accounts
• Filed on the CORE platform

How to Check if Form B1 Has Been Filed

Option 1: Use the CRO Company Search

1. Go to: https://core.cro.ie
2. Click on “Company Search” (top right).
3. Enter your company name or number.
4. Click on your company name in the results.
5. Scroll to see:
   • “Next Annual Return Date” – tells you when the next B1 is due.
   • “Last Annual Return Filed” – shows the date it was submitted.
   • You can also view/download past B1s under the “Submissions” tab.

Option 2: Log into Your CORE Account

If you’re the director, secretary, or agent:

1. Login to your company’s CORE account at https://core.cro.ie
2. Go to “My Submissions”
3. You’ll see the status of each filing – including if the latest B1 has been:
   • Drafted
   • Submitted
   • Received
   • Registered

How to Set Up a CORE Account (for CRO Filings)

Here’s how to set up your own account on the CRO’s CORE system if you want to monitor submissions directly:

Step-by-Step:

1. Go to: https://core.cro.ie
2. Click “Register” at the top right.
3. Fill in:
   • Your name, email, and phone
   • Choose a username and password
4. After registering, verify your email.
5. Log in and click “My Companies”
6. You can now:
   • File annual returns
   • View submission history
   • Download certificates
   • See deadlines

Handy Tip:

Set calendar reminders for:

• 6 months after incorporation (for the first B1)
• Every 12 months after that for your ongoing returns

If you’re unsure or can’t find the info, your accountant or company secretary should be able to check it quickly via CORE or their filing software.

RBO (Register of Beneficial Ownership)

• Must be filed within 5 months of incorporation
• Update any time the ownership changes

What Is the RBO?

The RBO is a separate register from the CRO. It records who ultimately owns or controls the company.

“Beneficial Owner” = A person who owns more than 25% of the company’s shares or voting rights, or who otherwise controls it.”

How to File or Update the RBO

1. Visit: https://rbo.gov.ie
2. Login or register (you’ll need a MyGovID or ROS certificate)
3. Provide:
   • Company number
   • Beneficial owner’s full name, PPSN, DOB, residential address
   • % of shares owned or nature of control
   • Date they became a beneficial owner
4. Submit electronically — no fee for initial or updated filings

Penalties for Non-Compliance

• Failure to file RBO = criminal offence
• Fines of up to €500,000
• Can delay opening a business bank account, applying for funding, or tendering for contracts

Good Practice for Accountants

• Keep a copy of the internal RBO register with client records
• Set a review reminder (e.g. annually or at AGM)
• Re-file if:
  • Shares are transferred
  • New directors gain control
  • Existing beneficial owners resign or reduce shareholding below 25%

6. Deadlines & Penalties – What You Could Face

Missed Task	Penalty or Consequence
Late B1 Filing	€100 + €3/day (up to €1,200), audit exemption gone
Late CT1 Filing	5% surcharge if <2 months late, 10% if more
Late VAT Return	Interest + possible Revenue audit
RBO Not Filed	Criminal offence, fines up to €500,000

Missing even one deadline can be costly — not just in money but in admin headaches.

Estimated Fee Structure for CRO Annual Return Submission

Service Type	Typical Fee (ex. VAT)	Notes
B1 Submission Only (client prepares accounts)	€50 – €100	Straightforward, no financial formatting
B1 Submission + Financial Statement Upload	€100 – €250	You handle tagging, formatting, digital signatures
B1 + Year-End Accounts Preparation (small co.)	€350 – €750+	Includes full accounts prep, director reports, tax calcs
Late B1 Filing Support	€100 – €300 extra	Handling penalties, loss of audit exemption, backdating

7. Real-Life Example: Graphic Design Studio

Jane runs a graphic design business in Galway. She has one staff member and is VAT registered.

• 40–60 transactions/month
• Uses Stripe and bank account
• Pays herself via payroll

Her setup looks like this:

Task	Cost
Monthly Bookkeeping	€200
Payroll (1 employee)	€20/month
Annual Accounts & CT1	€750
CRO Annual Return (B1)	€50
Total Annual Spend	~€3,130/year

Jane keeps her receipts digital, reconciles her bank monthly, and avoids any late fees. Her accountant loves her.

8. In Summary

If you run a limited company in Ireland, bookkeeping and compliance are part of the job. They might not be the flashiest tasks, but they’re essential.

• Stay organised each month
• File everything on time
• Use a decent bookkeeper or accountant

It’ll save you money, reduce stress, and let you focus on growing the business you love.

Frequently Asked Questions (FAQs)

Filing Year-End Accounts in Ireland

If you’re self-employed or a sole trader, you can file your Income Tax Return (Form 11) through myAccount. This allows you to:

• Declare additional income
• Claim tax credits and reliefs
• Get a Statement of Liability
• Request refunds for any overpaid taxes

However, if you’re filing as a company, you’ll need to submit your year-end accounts in iXBRL format via ROS. This includes:

• Directors’ report
• Auditor’s report
• Statement of profit and loss
• Balance sheet
• Statement of cash flows
• Statement of changes in equity
• Notes to the accounts
• Detailed profit and loss account

For more detailed guidance on submitting financial statements in iXBRL, you can check out Revenue’s official page here: Revenue.ie – Submitting Financial Statements.

Steps to File Your Year-End Accounts

1. Register for ROS: If you haven’t done so already, you’ll need to register for ROS (Revenue Online Service). You’ll also need a digital certificate, which you can get through myAccount. For more details on registering, check out this guide: ROS Registration Instructions.
2. Prepare Your Financial Statements: Make sure your financial statements are in the correct iXBRL format. You may need accounting software or a professional accountant’s help to generate these.
3. Sign in to ROS: Once you’re registered, sign in to ROS at revenue.ie – ROS Sign In.
4. Submit Your Financial Statements: Head to the relevant section on ROS for submitting your financial statements, then follow the instructions to upload your iXBRL files.
5. Complete the Corporation Tax Return (CT1): Along with your financial statements, you’ll also need to complete and submit your CT1 form, which is also done through ROS.

A Few Important Things to Keep in Mind:

• myAccount vs. ROS: myAccount is mainly for personal taxes, while ROS is designed for businesses and tax agents, so your company tax filings should go through ROS.
• Deadlines: Make sure you’re aware of the deadlines for filing your returns to avoid any penalties.
• Professional Help: If you’re unsure about preparing your iXBRL statements, it might be worth speaking to an accountant or tax professional.

Need Help? Talk to Forti

At Forti, we work with Irish businesses every day — from start-ups to established SMEs. Whether you’re behind on your books or just want someone to take care of it every month, we’re happy to help.

Let’s make bookkeeping simple.