More and more businesses are currently having to deal with Revenue Audits and enquiries. These can either be comprehensive audits or single tax head audits or sometimes straightforward verification checks.
In any event, intervention by the Revenue will require a serious input from the taxpayer’s advisor in particular in considering whether a qualifying disclosure is to be made. This will invariably involve a review of the tax affairs initially for the period under review and indeed may extend to other periods if discrepancies arise.
The preparation of a disclosure is a very important issue and not one to be taken lightly. Professional advice should be obtained prior to engaging with Revenue in relation to any matter which is likely to involve the application of penalties. Often, matters that seem initially to be routine end up with significant cost in terms of penalties, publication and sometimes criminal prosecution.