🇮🇪 Legislation16 Jul 2025
Ireland: a single late annual return no longer costs small companies their audit exemption
From 16 July 2025, Irish small and micro companies lose their audit exemption only if they file an annual return late and have also filed late in any of the previous five years. Before, one late filing was enough. Late returns filed before 16 July 2025 do not count, and late filing fees still apply every time.
The Minister for Enterprise, Tourism and Employment, Peter Burke, commenced section 22 of the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Act 2024 on 16 July 2025. It changes how late filing affects the audit exemption.
What changed
- Previously, a small or micro company lost its audit exemption for two years after a single late annual return.
- Now it loses the exemption only if it files late and has also failed to file on time in any of the previous five financial years. In practice, a second late filing within five years.
- Late returns filed before commencement do not count as earlier failures, and a company's first annual return is disregarded for this purpose.
- Late filing fees from the Companies Registration Office still apply in every case.
- The size thresholds for the audit exemption are unchanged.
Who is affected
Irish small and micro companies, and the people who prepare and file their annual returns.
What to do
Keep filing on time. A late return now starts a five-year count.
Sources
- Department of Enterprise: Minister Burke introduces an amended audit exemption regime for small and micro companies (16 July 2025)
- Companies Registration Office: Section 22 of the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Act 2024 commenced
- Arthur Cox: Changes to exemption for companies from filing audited financial statements