The Companies (Statutory Audits) Act 2018 (the “2018 Act”) was signed into law on 25 July 2018 and commenced, in the most part, on 21 September 2018. The 2018 Act amends The Companies Act 2014 (the “2014 Act”) in a number of areas of including filing deadlines.
The key change for company directors introduced by the 2018 Act relating to filing annual returns and financial statements is outlined below.
Filing annual returns and financial statements
The 2018 Act proposes changes to the annual return filing process so as to make it easier for companies to file on time. Currently, a company can electronically submit its annual return 28 days after its annual return date and it then has 28 days from the date of e-filing in which to upload its financial statements and submit the original signed annual return to the Companies Registration Office. This effectively gives a company up to 56 days from its annual return date to file the return on time.
The 2018 Act will delete Section 344 of the 2014 Act which means that the option of electronically filing an annual return 28 days after the annual return date will be abolished. Instead, the annual return and the financial statements must be filed within 56 days after the annual return date so companies will have just one filing deadline instead of two.
This section of the 2018 Act has not yet been commended as further amendments are needed to the 2014 Act to implement the new filing process.
If you have any queries in relation to this or any other aspect of your corporate compliance requirements, please do not hesitate to contact our Company Secretarial Department or any of your normal contacts in the firm.