Audit issue

Aaron Rodgers

I've a revenue on my company going on. Gonna do a voluntary disclosure.
My current accountant has uncovered a figure of €7k for travel and subsistance. Unfortunately the previous accountant put it in as an expense even though there's no basis for it.

Where do I stand regarding the original accountants indemnity? I know I've to pay the tax but is it an arduous process getting the indemnity provider to pay the interest and penalty?

Immy

Chances are you signed off on the figures saying they were based on information provided by you.

viztopia

i think it would be very unlikely that the previous accountant came up with this figure on his own. For one thing how was he to gain by putting in this amount?

Aaron Rodgers

seriously......
He concocted it. T'was great at the time, it reduced my liability but now I'll have to pay the tax along with the interest/penalties. Would his PPI cover the int/pen?

Marcusm

Aaron Rodgers wrote: »

seriously......
He concocted it. T'was great at the time, it reduced my liability but now I'll have to pay the tax along with the interest/penalties. Would his PPI cover the int/pen?

If you knew he concocted it I doubt you have any standing to claim on his insurance.

ebbsy

Not much chance of that now. Figure out what your total liabilties are and offer the Revenue half that.

You might be lucky.

abibomar

Hi Aaron Rodgers,

Hope you have reached a satisfactory resolution.
Can you please advice on your outcome, as I am in a very similar situation, I am an IT contractor for the first time, and my accountant was processing all my expenses with disputing them, now I have received an Audit from Revenue as they suspect that I have over claimed for 2 years, I am willing to make a disclosure and get it sorted. It it possible to workout the overpaid expenses, and was this nogociale with Revenue, and was it the fine and interest for 7K. really appreciate your feedback and advice Roger.


Sam

Loughc

abibomar wrote: »

Hi Aaron Rodgers,

Hope you have reached a satisfactory resolution.
Can you please advice on your outcome, as I am in a very similar situation, I am an IT contractor for the first time, and my accountant was processing all my expenses with disputing them, now I have received an Audit from Revenue as they suspect that I have over claimed for 2 years, I am willing to make a disclosure and get it sorted. It it possible to workout the overpaid expenses, and was this nogociale with Revenue, and was it the fine and interest for 7K. really appreciate your feedback and advice Roger.


Sam

Hi Sam,

Please refrain from digging up old threads, if you have a question for the forum please start your own thread.

Thanks.