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Potential Tax Fines

  • 09-02-2011 6:47pm
    #1
    LFC1981
    Closed Accounts Posts: 1 ✭


    Hi,

    An old friend of mine has been working for himself for about 20 years and not paying any tax. He wants to go straight and bring himself up to date. What does he need to do and what are the potential fines going to be?

    Cheers
    Tagged:


Comments

  • #2
    nompere
    Registered Users, Registered Users 2 Posts: 1,678 ✭✭✭nompere


    He needs professional help.

    Revenue will be looking for:

    a) All the tax

    b) Penalties that can extend to 100% of the tax - but are unlikely to be more than 20% of the tax if he gets to Revenue before they get to him.

    c) Interest on the tax underpaid. It's charged at about 10% per annum; so liabilities going back 20 years will have interest added of about twice the tax. The amount of interest will be lower on more recent years.


  • #3
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    He needs to contact a registered tax consultant to negotiate with Revenue.

    I'm going to close this as legally compromising.


This discussion has been closed.
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