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liklihood of audit once business ceases trading?

  • 16-08-2012 12:00pm
    #1
    monkey8
    Registered Users, Registered Users 2 Posts: 386 ✭✭


    If a business ceases trading is there a significantly less chance they will be chosen for an audit or do they even get chosen at all for an audit anymore?


Comments

  • #2
    srsly78
    Registered Users, Registered Users 2 Posts: 7,157 ✭✭✭srsly78


    You have to hang on to all documents for years afterwards, so yes there could be an audit afterwards.


  • #3
    monkey8
    Registered Users, Registered Users 2 Posts: 386 ✭✭monkey8


    srsly78 wrote: »
    You have to hang on to all documents for years afterwards, so yes there could be an audit afterwards.

    would it be very unlikely?
    more likely to happen if they were investigating you for something else?

    *edit* i've nothing to hide btw, just curious!!


  • #4
    srsly78
    Registered Users, Registered Users 2 Posts: 7,157 ✭✭✭srsly78


    Even if you keep your nose clean there is always a chance of being audited I think, they could pick your name out of a hat. This is what keeps us all on our best behaviour after all :pac:

    They do look for "red flags" tho, certain types of business activity are more likely to be audited than others. We would all love to know what this is ofc... Anyone dealing with a lot of cash would have a higher risk for example.

    The best course of action is to assume that YES you will be audited. Then you can't be surprised. Note I'm not sure exactly how long you are supposed to keep records - I THINK it's 5 years.


  • #5
    kdowling
    Registered Users, Registered Users 2 Posts: 375 ✭✭kdowling


    just out of interest does anyone know what percentage of business' get audited?


  • #6
    barneystinson
    Registered Users, Registered Users 2 Posts: 4,685 ✭✭✭barneystinson


    kdowling wrote: »
    just out of interest does anyone know what percentage of business' get audited?

    Well here's the detail of Revenues audit programme, but you'll have to do your own figuring out on how many taxpayer cases there are in order to have a %...
    http://www.revenue.ie/en/about/publications/annual-reports/2011/objectives-3.html#table15


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  • #7
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    Depends where you are.

    Counties that have the CREST system are higher but they do have a percentage of their audits every year that are just pure random.

    A wind down, depends on the turnover levels tbh


  • #8
    barneystinson
    Registered Users, Registered Users 2 Posts: 4,685 ✭✭✭barneystinson


    Mr. Incognito wrote: »
    Depends where you are.

    Counties that have the CREST system are higher but they do have a percentage of their audits every year that are just pure random.

    A wind down, depends on the turnover levels tbh

    I don't think you mean CREST?

    REAP maybe? If so, it's EVERYWHERE... :eek:


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


    barneystinson wrote: »
    I don't think you mean CREST?

    REAP maybe? If so, it's EVERYWHERE... :eek:

    Ah yes, confusion there. Is it? It was only being trialled in a few districts last I heard but that was three odd year ago.

    Cool.


  • #10
    Shane732
    Registered Users, Registered Users 2 Posts: 4,998 ✭✭✭Shane732


    Mr. Incognito wrote: »
    Ah yes, confusion there. Is it? It was only being trialled in a few districts last I heard but that was three odd year ago.

    Cool.

    My understanding is that REAP is now every district.


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