Annual Accounts

Limited Companies
DFX Accounting Services can prepare statutory financial statements for limited companies claiming audit exemption. It is our goal to satisfy statutory requirements with the least disruption to the business.

The main conditions to be satisfied before a company will be able to claim audit exemption are as follows:The company must be a company to which the Companies (Amendment) Act 1986 applies i.e. a Private Limited Company

• The amount of turnover of the company must not exceed  €8.8 million
• The balance sheet total of the company is less than €4.4 million at the end of its financial year
• The average number of employees must not exceed 50
• The company must not be a parent company or a subsidiary company
• The annual return must be delivered to the CRO not later than 28 days after the company's annual return date.

We prepare statutory financial statements at very competitive rates. We focus our attention on improving efficiencies within the company and ensuring that the financial statements are filed on time with the CRO.

Sole Traders & Partnerships
DFX Accounting Services also prepares annual accounts for sole traders and partnerships. A sole trader is not required to file an annual return and accounts with the CRO as in the case of a limited company. However, sole traders have an obligation to file tax returns each year. Therefore, annual accounts need to be prepared in order to provide a profit figure for the tax computation.

Allowable Expenses
You can claim for any business expenses which you have incurred in order to earn your profits. These expenses are normally referred to as revenue expenditure.
Revenue expenditure is your day to day running costs and covers such items as:

• Purchase of goods for resale
• Wages, rent, rates, repairs, lighting and heating etc.
• Running costs of vehicles or machinery used in the business
• Accountancy fees
• Interest paid on any monies borrowed to finance business expenses/items
• Lease payments on vehicles or machinery used in the business

If you are registered for VAT the expenses you claim should be exclusive of VAT. The general rule is that you cannot claim for any private expenses i.e.

• Any expense, not wholly and exclusively paid for the purposes of the trade or profession

• Any private or domestic expenditure e.g. food, drink, clothing (except protective clothing), etc.
• Business entertainment expenditure i.e. the provision of accommodation, food, drink or any other form of hospitality.

You cannot deduct capital expenditure in calculating your taxable profits, however you can claim what are known as capital allowances on certain expenditure. Where expenditure relates to both business and private use, only that part which relates to your business will be allowed. Examples of such expenditure are rent, electricity, telephone charges etc., where the premises involved is used partly for business and partly for private purposes. These expenses will need to be apportioned to exclude the private use.