MALONE & CO.
We have significant experience in representing clients, both corporate and personal, in Revenue audits and investigations. The importance of planning for Revenue audits cannot be overstated due to the strict compliance approach taken by Revenue in the way they conduct audits and the low monetary threshold after which publication of default can arise.
Should you be selected for enquiry by the Revenue Commissioners our firm can be of assistance as follows:
- We can meet with you to discuss areas which the auditor is likely to focus on and help you to prepare for issues which are likely to be queried.
- Explain the scope and limits of Revenue enquiries, and what is reasonable
- We will inform you of the possible penalties which could arise if irregularities are uncovered and the advantages of making a voluntary disclosure of any irregularities prior to commencement of the audit in order to mitigate any penalties.
- We can assist you in taking the best strategy to mitigate the effects of the audit and conclude matters to the satisfaction of both you and the Revenue Commissioners.
- We can represent you at all stages during the course of the audit and negotiate on your behalf directly with the Revenue Commissioners.
- Where necessary negotiating an extension to a deadline where information has been requested
- Providing guidance should an agreement fail to be reached with the Inspector
It is important to be aware that Revenue’s methods for selecting which businesses and taxpayers to audit are becoming increasingly sophisticated. With better use of IT systems, Revenue are gathering more and more data and also finding increasingly efficient ways of processing this data to their advantage.
Also, with Government expenditure well in excess of tax revenues, Revenue are coming under increasing pressure to identify errors and omissions in tax returns which will lead to higher returns on their audit investigations. Being mindful of this, ensuring a good compliance record and being pro-active in communications with Revenue over unusual transactions or trading histories will take you a step closer to minimising your chance of becoming the subject of an audit.