Have you been selected for a Revenue Audit Yet?
Revenue Audits fill most business owners with fear, annoyance, and business interruption. However being selected for an Audit is not the end of the world and in fact many audits conclude with minimal penalties and publication for the taxpayer if handled correctly.
Revenue use three methods for selection
1. By screening tax returns. Where returns are examined for a variety of tax payers and a review of their compliance history. The figures identified are analysed against trends and patterns in that particular business sector and also evaluated against other available information to them.
2. Projects on business sectors. Where returns in a particular sector are screened in detail and a proportion of these are selected for Audit. At present Revenue have indicated the following sectors for Audit.
A) Any industries in which they suspect cash may be a factor
B) Landlords in housing estates
3. Random selection. As the name implies, taxpayers randomly are selected for Audit.
What should you do if you receive an Audit letter from Revenue?
Firstly contact your tax advisor if you have one. We at Amatino Partners regularly meet with our clients to help them prepare for their Audit and to ensure all taxes are dealt with correctly.
We can then meet with you to discuss areas in which the Auditor is likely to focus on and help you to plan and prepare for any issues which may be queried. We will accompany you at both the initial meeting right through to the conclusion of the Audit and also provide ongoing consultation during the entire course of the Audit.
Meeting with the Revenue
It is vital that you have professional advice on dealing with an Audit and subsequent meeting with Revenue. We at Amatino Partners have extensive experience in dealing with the Revenue Auditors and in negotiating a satisfactory conclusion on your behalf.
Given the current challenging economic climate, cost reduction is a key element of many businesses and we are now delighted to announce that we also provide Revenue tax Audit insurance scheme which pays for your tax adviser fees in the event of being selected for a Revenue Audit.
Be proactive and make sure your business is prepared for a Revenue Audit. Good preparation and advice to match will help minimise any potential liability arising from an audit.
The tax office will be conducting greater numbers of Revenue audits. This is inevitable given the urgency to collect taxes.
Get your tax “health check” completed today and Call us now on 049 4371211 to arrange a free consultation with no obligation.