revenue vat audit-weeks ago?

M

meadowmellow

Guest
We had a revenue vat audit on March 11th. She came and took a full back up of our system, then left. We havent heard anything from them til about a month ago when she rang to say she hadnt looked at our case yet cos she was on numerous training courses.....its now over 2 months since they visited and still nothing!?!?!? Does this sound right??
 
Not going on the Revenue audits I have handled ( as a practising accountant ) . Do you mean she took a back up of the accounts package only and left? Usually the audit is conducted at the traders premises following initial interview with owners. Then there may be some follow up issues by leter/phone call and either agreement on settlement of any additional tax due or a letter saying no matters arising. I would suggest perhaps having your accountant contact her with a view to seeing what is going on. It is not fair to have the taxpayer hanging on like that.
 
Graham - I've been called for a full Audit (personal) and i'm planking it. All tax owing has been paid, but from the state of the public finances, they will be looking at every nook and cranny. The expert opinion i have received states this is a comprehensive study. so what do you think ??
 

I think it's paranoid to think that deteriorating public finances mean you'll be singled out for special treatment.

If you've nothing to hide, you've nothing to worry about. If you've cut a few corners, come clean and settle up ASAP.
 

If you're satisfied that everything is in order then as Extopia has said, you should have nothing to fear. But make sure you've read & understood the notice with the Audit letter. Make sure you have everything available for the Revenue Auditor. If you have an accountant then they will review their files for the year and may attend the opening meeting with you. Comprehensive means all tax heads, i.e. Income Tax/VAT/PAYE for employees etc. The RA is not looking to catch you out. They want to verify that the returns were fairly compiled and the correct (both to you and to Revenue) taxes have been paid. Public finances are irrelevant in the RA's brief.
 
Graham, Thank you for that advice. All my taxes are paid up to date, nothing outstanding. It's just the fear factor - did I forget something etc.etc. I have already copied thousands of sheets of paper with more to do.
 
mercman said:
Graham, Thank you for that advice. All my taxes are paid up to date, nothing outstanding. It's just the fear factor - did I forget something etc.etc. I have already copied thousands of sheets of paper with more to do.
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Don't panic. If you forgot to print something or look something out the RA will give you time to get it. They're not looking for reams and reams of paper. They know no-one is infallible (except ClubMan of course ) . One thing I find very very important though in any Revenue Audit....the choccie bikkies. Guaranteed to break the ice every time.
 

I had an RA at the end of last April, verbally advised that all looks ok but I am still waiting for a letter after following up with a polite enquiry.....
 
werner said:
I had an RA at the end of last April, verbally advised that all looks ok but I am still waiting for a letter after following up with a polite enquiry.....
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End April to now is not overdue. Letter can take a few weeks, even longer.
 
Graham_07 said:
One thing I find very very important though in any Revenue Audit....the choccie bikkies. Guaranteed to break the ice every time.
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Very true! Years ago we'd a VAT audit where I was working. The VAT man was shown into a room at 11 am where a full packet of choclate goldgrains had been left for him on a plate with a cup of coffee. He said he needed an hour or two alone to check our files. At 1 pm he came out and announced he would be back after lunch to finalise the audit.

All the biscuits were gone! We reckon he'd put them all in his brief case and he was spotted sitting in his car across form the office during lunchtime - no doubt eating the biscuits for lunch. He reappeared at 2 pm - told us everything was fine with the audit - and was gone by 2.05pm.

We reckon he'd been putting in time with us so he could claim lunch allowance!
 
After some 25 years in this business I've lost count of the funny stories at tax audits. However one in particular stands out. The female RA was in a room at our office doing the audit of the client. I was in another room chatting with the client. Next thing a scream came from the RA's room. We dashed in wondering what could have happened. Our 8 year old tabby cat, who loves boxes of paper, had made herself comfortable in the box of records next to the RA. The RA had reached down for something without looking and encountered this ball of fur. She screamed, the cat tore out in panic. She concluded the audit, with no adjustments after a further 15 minutes or so. The cat is on payroll since.
 
Graham, they have already asked me to bring contracts, finance agreements etc.etc.etc.
 
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