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Voluntary Disclosure Query ??

  • 26-10-2011 8:21am
    #1
    Luckycharms_74
    Registered Users, Registered Users 2 Posts: 6,684 ✭✭✭


    Hi All

    A friend of mind plays in a band part time. He has been submitting returns for the past few years via his bookkeeper. He got a letter from revenue a couple of weeks ago stating they were not happy with his figures that were returned ,he like many others didn't disclose the true figures. His bookkeeper also messed up the returns by claiming for all expenses in the one year when they should have been offset over 8 years which made the returns look implausible.

    He was called in to his local revenue offices and they went through his file. It transpires what records he had in his diary did not correspond with the bands updates on Facebook. The revenue had printouts from Facebook and photos of the band,etc.

    Basically the revenue told him if he is sticking by his original returns more than likely he will incurr a full audit. They told him to go away and discuss with the other band members the figures and come back to him sooner rather than later. He also mentioned a "voluntary disclosure"in regard to this.

    He went back to his bookkeeper and they are now saying to him to put in every booking the band did over these years. It seems to me by doing that it's gonna really open a big can of worms. I advised him to go to a proper accountant/tax consultant instead of his bookkeeper.

    The part that is worrying him most is this "voluntary disclosure". Will he incurr interest & penalties on the underestimated figures for those years.

    Any info to pass on to him will be appreciated.


Comments

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


    There are threads on this around but I am locking this as you may get more harm than help from some of the posters here.

    Firstly GO TO A PROFESSIONAL ADVISOR IMMEDIATELY

    No one else has the experience to mitigate penalties.

    In terms of undelcared income a lot of this may fall under the artists exemption- seek professional advise to mitigate your exposure.

    Thread closed.


This discussion has been closed.
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