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Bad accountant advice now audit due.

  • 19-10-2015 12:56pm
    #1
    Mao75
    Registered Users, Registered Users 2 Posts: 1 ✭


    Hi...in a sweat right now thought my accountant gave me bad tax advise and now I'm due for a vat and income tax audit. I was late one year paying my income tax because my accountant was going through a divorce and was not on the ball I felt. After this audit I'm getting a new accountant...anyone else have to deal with this. Thank you.


Comments

  • #2
    adrianw
    Registered Users, Registered Users 2 Posts: 236 ✭✭adrianw


    Are you in a sweat because you were a little less than honest with your returns?

    If you paid the correct tax, it is just a matter of procedure.

    If you were fiddling - your are looking at: best case interest and penalties or Worst case interest, penalties and a custodial sentence (but this would require some serious and intentional fiddling).


  • #3
    Alan Shore
    Registered Users, Registered Users 2 Posts: 735 ✭✭✭Alan Shore


    Mao75 wrote: »
    Hi...in a sweat right now thought my accountant gave me bad tax advise and now I'm due for a vat and income tax audit. I was late one year paying my income tax because my accountant was going through a divorce and was not on the ball I felt. After this audit I'm getting a new accountant...anyone else have to deal with this. Thank you.

    Being late paying your tax does not give rise to a Revenue Audit on its own. There are lots of factors.

    Are your returns correct?
    Are you margins right?
    Are your wages right?
    Do you have high levels of motor expenses?
    Do you operate in a cash business?


  • #4
    KlausFlouride
    Registered Users, Registered Users 2 Posts: 198 ✭✭KlausFlouride


    If you're that stressed, look into making a voluntary disclosure to Revenue before the audit, penalties etc. will be lower, & you'll have shown good faith. It might give you some peace of mind, you'll be taking control of the situation.


  • #5
    Sunny Dayz
    Registered Users, Registered Users 2 Posts: 5,517 ✭✭✭Sunny Dayz


    Mao75 wrote: »
    Hi...in a sweat right now thought my accountant gave me bad tax advise and now I'm due for a vat and income tax audit. I was late one year paying my income tax because my accountant was going through a divorce and was not on the ball I felt. After this audit I'm getting a new accountant...anyone else have to deal with this. Thank you.

    A late tax return doesn't automatically lead to a Revenue Audit. It's usually inconsistencies in the returns, deviations from the norms of whatever industry you are in or it could be just a sector audit, ie a certain type of business in an area and a few of them might be selected for audit. Or it might even be that you have been in business for a number of years and it's just your time for a quick audit. Doesn't necessarily mean that the accountant did anything wrong or is to blame.
    Have you met with your accountant to discuss the Audit and any possible findings?


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