A Revenue audit covers income tax, corporation tax, and returns submitted in respect of PAYE/PRSI, VAT or Relevant Contracts Tax. Every employer needs to keep a full and accurate record of business transactions for a period of 6 years. As a customer of Tailored Payroll we will guide you through a PAYE Revenue audit should you be selected. We ensure your payroll is processed in compliance with Revenue requirements in line with the latest legislation changes.
There are three methods of selection for audits which include:
- Screening Tax Returns –Revenue examine the returns and review tax compliance history.
- Projects on different business sectors – Projects are conducted to examine tax compliance levels.
- Random selection – means that all tax payers have a possibility of being audited.
Once you have been selected for an audit:
- The auditor will explain the purpose of the audit and give an indication of the length of time it will take to complete
- You will be given the opportunity to disclose any inaccuracies in your tax return
- An inspection of your records will be undertaken to confirm if figures have been correctly filed and the tax declarations are exact
- If it is found that the majority of returns are correct you will be notified
- If adjustments are required, this will be discussed verbally with you and you will be notified in writing.
- The auditor will ask for your agreement to the total settlement figure before finalizing the audit.
- Once agreed, the full amount should be paid to the auditor and you will be issued with a receipt
Contact Tailored Payroll today for a competitive price. Our flexible service includes:
- PAYE,PRSI and USC Calculations
- Registration of Employer with Revenue
- All employer Revenue submissions to include: P30’s,P45’s, P35, P60’s and registration of new employees
- We provide email Payslips and P60s to employees
- Creation of Bank file for payment to employees
- No hidden costs
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