While it may not be welcome, dealing with the Revenue Commissioners is an unavoidable fact of life for all business owners
Communicating with the Revenue can be time consuming and confusing. We know what Revenue needs at each stage of the accounting process and we know the deadlines that you need to meet. Let us take the stress and strain away and keep you focused on running your business.
You might shudder at the thought of Revenue scrutinising every aspect of your financial affairs, but the reality is an audit can happen to anyone.
Revenue picks its targets for auditing using the REAP mechanism (Risk Evaluation and Profiling) system. This programme identifies the riskiest cases using data collated from over 50 sources. Revenue uses the results to target what it sees as taxpayers they suspect of under-declaring. They might target a specific sector or just randomly pick people.
As we all know, it is a legal requirement that tax returns are accurate and it is imperative that tax payers file their tax returns on time. If you meet the requirements clearly set out by the Revenue, your dealings with them should be minimal.
In the event of problems arising in your business that may affect your ability to pay tax debts, we strongly recommend early engagement with Revenue. Our experience shows that Revenue, in the main, are reasonable, fair and understanding.
Revenue is very good at sending out updates in changes to legislation. Make sure that you keep up to date with the changes. You can sign up for tax briefings and e-briefings through the Revenue website, which is the main channel through which Revenue updates taxpayers on an ongoing basis. Ignorance is no defence when it comes to breaches of tax law.
A Tax Clearance Certificate is confirmation from Revenue that a person's/entity's tax affairs are in order at the date of issue of the certificate. On application, customers who are tax compliant receive a Tax Clearance Access Number, which along with their PPSN/Reference number they give to a third party who can then verify their tax clearance status on ROS.
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