Your Tax Audit

First of all, a reassuring, but little-known fact. It’s so important that we spell it in bold:

Most Revenue Audits end with no additional tax liability for the person or business being audited. 

Tax inspector investigating financial documents through magnifying glass

Sadly this reassurance will, at least initially, be of scant comfort to you if you receive a dreaded Audit Notification letter.

Even if your tax and business records are fully in order and blemish-free, a Revenue Audit can be a difficult experience. Fear, uncertainty and self-doubt often are your first emotions when you learn of an upcoming audit.

In the weeks leading up to the audit, you will need to prepare for it and this will inevitably involve some degree of disruption to your normal work schedule.

Once the Audit meeting takes place, the worst may well be over, especially if you are able to quickly and easily resolve the Audit Inspector’s remaining queries. This is very important, as prolonged audits and unresolved audit issues are in nobody’s interest.

Our Promise

If you’re selected for an audit, we will work with you to ease your worries throughout the audit,

We will ensure, to the best of our ability, that your audit is conducted and handled in a sensitive, confidential manner, with the minimum of fuss and disruption, both to you and your business.

We can’t guarantee the result of the audit, but we will do our very best to work with you to achieve the best possible outcome for you.

How Can We Help?

Before your Revenue Audit, we will

  1. Meet with you, and advise you of your rights and obligations under the current Revenue Audit Code of Practice – the de-facto rulebook for all Revenue Audits.
  2. Review your business, your records and other relevant factors (for example recent Revenue developments in your business sector), with the aim of identifying in advance the potential problems that are likely to arise during the audit.
  3. Advise you of potential issues in advance of the audit, and work with you to devise a strategy for the audit.
  4. Discuss with you the proposed timetable for the Audit, and the merits or otherwise of requesting its rescheduling to a later date.
  5. Advise you on the issues surrounding whether you need to make a Prompted Qualifying Disclosure.
  6. Consider practical issues such as the presentation of records and schedules to assist the Audit Inspector, and communications with the Audit Inspector in advance of the audit.

During your Revenue Audit, we will:

  1. Join and represent you at the Audit Meeting,
  2. Assist you in responding to the Inspector’s questions and
  3. Answer the Inspectors’ queries relating to the preparation and content of your accounts and tax returns.
  4. Negotiate with the Inspector in relation to the future progress of the audit, transfer and handling of records, procedure for communication of queries etc.

After your Revenue Audit, we will:

  1. Take charge of all follow-up correspondence with the Inspector.
  2. Negotiate with the Inspector to resolve any remaining queries and information requests, with a view to having the audit concluded.
  3. Review and analyse any settlement proposals presented by the Inspector and discuss these, and their implications, in detail with you.
  4. If you wish to make counter-proposals to the Inspector, we will present these to them on your behalf.
  5. Represent you at subsequent audit meetings and negotiate final terms with the Inspector.
  6. Advise you, after the audit, of issues and recommendations for the future, eg improvements to your business records, procedures etc.

Your Next Step:

If you’ve been notified of a Revenue Audit, or you are worried about the possibility of an audit, contact us today.