med1 audit

These are definately becoming more frequent. Both I and a friend recently received requests for all receipts for Med 1 claims we submitted in November 2007. They are definately getting stricter and rightly so, I think laying the process in the hands of public and relying on honesty may be a bit innocent! OP - browse the revenue website and make sure you ar claiming for all tax credits you are entitled to. Hold your hands up and be honest, best policy always.
 
revenueaudit said:
Will they just look for the money back and whatever penalties or could they prosecute me ?
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I reckon you shouldn't worry about it. It's small beer. If it were me, and it wouldn't be, I'd tell them that my claim was inaccurate, an accurate figure being closer to 200 than 2000. I'd present what few receipts I did have and I'd stress that I was keen to co-operate in remedying the situation. I suspect you'll have to write a cheque for a monkey and that'll be the end of it, lesson learned; keep your bib clean thereafter.
 
Added an extra zero?! That's an interesting one!

Anyway your exposure, assuming it was a Med1 of the 2006 tax year, will be interest of 0.0273% per day on the amount of under-claimed tax.

Make a 10% disclosing payment and Revenue will look favorably upon you. Arrange for to deduct the liability due from your tax credits. If you are unaware of how to go about this ask the auditor and he/she will explain it.

It's not going to be massive money.... Around €840 plus the interest.

Just don't do it again, what a stupid thing to do! Now be on your way!
 
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