I am just wondering if there are certain things on a company return that will catch the attention of revenue and make an audit more likely?
We are a relatively new company, in year 3 now, and I just want to make sure that I do not do something basic that will bring on an audit. For example I don't have many addbacks of expense as when I take expenses I have already allocated which portion of say the phone bill is company and which personal and only pay out the business amount. We have high enough expense, but I keep travel logs and referenced client names for each, no receipts though as using civil service rate. No real profits to talk of as most goes on wages and expenses, but we are only starting out.
I am not late with Vat, paye...returns.
If we are to be audited would they contact us first to question us about things or arrive or what? Just wondering.
We are a relatively new company, in year 3 now, and I just want to make sure that I do not do something basic that will bring on an audit. For example I don't have many addbacks of expense as when I take expenses I have already allocated which portion of say the phone bill is company and which personal and only pay out the business amount. We have high enough expense, but I keep travel logs and referenced client names for each, no receipts though as using civil service rate. No real profits to talk of as most goes on wages and expenses, but we are only starting out.
I am not late with Vat, paye...returns.
If we are to be audited would they contact us first to question us about things or arrive or what? Just wondering.