Corporation Tax Statement of Particulars – Section 882 TCA 1997

/in

Allow us to be Brief

Here at EcovisDCA it is always our top priority to ensure that our clients and friends are kept fully up to date on any and all issues that could be pertinent to the continued success of their thriving businesses. Today we will be focusing on a new update issued from Revenue which may have an effect on the registration status of some companies. On October 11th 2018, Revenue released a brief entitled “Corporation Tax Statement of Particulars – Section 882 TCA 1997”. The title isn’t exactly snappy or self-explanatory so we thought we would break down the details for you so that you can be fully informed.

As you are all aware, it is essential for all companies to register with the CRO (Companies Registration Office) this should be done immediately upon commencing trade operations. However, there are two other times that registration must take place which may be overlooked:

  • When a pertinent or material change in company details has occurred.
  • When issued with a notice to do so from a Revenue Inspector.

Therefore, it can be just as important to keep an accurate record of your business status with Revenue as it is to take that initial registration step. As these two conditions can sometimes be missed, issues have arisen which have required Revenue to issue notices. These notices concern companies who registered in 2017 but have yet to register their trading status with Revenue. It is essential that a reply is issued to this notice should you receive one, in order to provide an accurate update of your company’s status.

Should your company have begun trading, a tax registration will be required, as well as a notification of commencement. Details can be found on the Revenue website of what else may be required should trading have commenced.

Revenue also require a reply within 30 days detailing the company’s status in the event of any of the following:

  • The Company does not intend to trade.
  • The Company has not yet commenced trading but intends to do so.
  • The Company is non-resident by virtue of a Double Taxation Agreement.

This can all be done using the Revenue online services, which have vastly improved the usability and user-friendly status of dealing with these matters. As always, should you have any concerns or queries on any business or financial matters, please don’t hesitate to contact us we are always available to help.

– – – – –

~ DCA PARTNERS, DECLAN DOLAN & EAMONN GARVEY