Friday, February 27, 2009

Good News for Small Business!

You may have spotted this on the news during the week - Brussels are trying to make life easier for people running small businesses. They are hoping to do away with the rule that annual returns have to be made with the Companies Registration Office for every Limited Company operating in Ireland. The new, better, regulations are going to be all over Europe of course, but here's what it means for us...

If you are running a Ltd. Co. and have annual turnover of less than €1,000,000, you will not have to make an annual return to the CRO. At least that is what I understood from RTE...

This process is one of the costs that a company is burdened with, a cost that sometimes makes people decide to run a Sole Trader business rather than an Ltd. from the get go. It can range from €1,000 upwards - a lot of smaller business like to get their trusted accoutant to do it for them, which is where the costs come in. It also takes up quite a bit of time - paperwork of course - so hopefully this ruling will mean that businesses can get back to running efficiently.

Ryanair are doing away with check-in desks to make themselves more effiecient and cost effective - here is what small businesses can do - soon, I hope.

To get the full information, read about the European Commission's proposal on EU Business.

Just to clarify, this "return" is different to the submission of Annaul Accounts to the CRO, which Ltd. Co's don't have to do unless their turnover hits €7,300,000 which is pretty great too... For more information on that one, hit the CRO website.

It's nice to see someone being practical and proactive about reducing small business costs! It's getting easier to start up a Ltd Co...hoorah.

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