Revenue
Services Contractors Project – Nationwide.
Recently, Revenue ran a project (Services Contractors Project) which involves the reviewing expenses claimed (travel, subsistence and similar expenses) by companies set up by individuals as a vehicle to provide contracting services are being targeted in the South West of the Country. They are now extending this project nationwide.
It is reported that Revenue are treating the amounts of tax involved and the pattern of “persistent behaviour over time”, Revenue is treating cases that fall within this project as deliberate default cases. Therefore, contractors who make an unprompted disclosure will be subject to penalties of 10% plus interest, whereas the penalty for prompted disclosures will be 50%.
Patrick O Rourke, O’Kelly Sutton, Chartered Accountants, Tax Consultants & Business Advisors.
Revenue Enquiry into Deposit accounts
Revenue has started a national enquiry into deposit accounts where interest paid in 2011 exceeds €635. Focus is on money undeclared for tax.
Patrick O Rourke,Partner OKellySutton, Chartered Accountants, Tax Consultants & Business Advisors.
Revenue Pension Review
Revenue is currently comparing the pension information received from DSP with the return of income Form11 for individuals who received a DSP pension payment in 2010 and prior, with a view to identifying those
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Internet selling…. BEWARE
Selling on the internet, may not be as straight forward as you might think…..The Irish revenue are reviewing what the Revenue and Customs have done in the United Kingdom recently.
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Top Ten Tips when dealing with Revenue.
Article by Patrick Sutton, Partner, O’KellySutton, The Sunday Business Post, 2nd Sept, 2012.
Taxpayer’s compliance record:
A compliant taxpayer is significantly less likely to be selected for Revenue audit. Revenue can also assist in obtaining a phased payment plan in the future, should you ever find yourself unable to pay your tax liabilities on time.
Accurate returns:
As we all know, it is a legal requirement that tax returns are accurate. The penalties for false returns are severe and can include prison sentences in some cases. If you fine a return already submitted is not correct, we advise that a corrected return or supplementary return be submitted. Continually correcting returns can attract the Revenue’s attention.
Timely returns:
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O'Kelly Sutton
