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Tax Inspection

  • 24-01-2009 9:33am
    #1
    magic roundabou
    Registered Users, Registered Users 2 Posts: 246 ✭✭


    was wondering if anyone has had a revenue inspection in the last while , i have been given notice of one and have no idea what they will be looking at - any help would be great
    thanks


Comments

  • #2
    douglastubbs
    Users Awaiting Email Confirmation Posts: 69 ✭✭douglastubbs


    Yep,
    Talk to your accountant. You can make a disclosure if there is any issue but talk to your accountant first. Answer the question asked and only that. Review your accounts for the period selected and know accounts inside out. The institute of taxation have a guide on audits which might be of benefit. At the end, do not expect an opinion overnight but as my experience with Revenue Auditors is that they are fair and as long as you are not taking the wire with your income and expenses, you should have nothing to worry about.
    Good luck


  • #3
    magic roundabou
    Registered Users, Registered Users 2 Posts: 246 ✭✭magic roundabou


    thanks doug - the time span is 2 years and covering the vat and rct (building section) and i am aware of 1 mistake in that time on the rct and when you take in the volum of transactions its not even a % but even still
    the vat side is easier and more straight forward but i dont know if they accept it was just a mistake and not a decision to fraud ! and since i am the person responsible for all the stuff its major worrying


  • #4
    Ancient1
    Registered Users, Registered Users 2 Posts: 2,592 ✭✭✭Ancient1


    magic roundabou wrote: »
    the time span is 2 years and covering the vat and rct (building section)

    You can expect them to concentrate on areas that they said they'd look at in the notice you received. If they find cause to look beyond that, they will. If your books are 100% for the area and the period in question, then they won't need to dig further.
    magic roundabou wrote:
    i am aware of 1 mistake in that time on the rct and when you take in the volum of transactions its not even a % but even still
    the vat side is easier and more straight forward but i dont know if they accept it was just a mistake and not a decision to fraud !
    You need to inform them of this and any other discrepancies with a written voluntary disclosure.
    magic roundabou wrote:
    and since i am the person responsible for all the stuff its major worrying
    If you've been doing your homework you shouldn't be worried. Talk to your accountant.


  • #5
    magic roundabou
    Registered Users, Registered Users 2 Posts: 246 ✭✭magic roundabou


    just to let you know that we had the inspection last thursday and even thought they said it was vat and rct they checked EVERYTHING , and at 3.30 said they would be back on friday, at the end of it all they said we had a very clean set of books !!! i cant tell you how releived we felt - i have never felted so stressed out before and hope not to again


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