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Steve8472
Guest
Hi all, Desperately need advice here.
My girlfriend's dad is a self employed person for many years. He has over €100,000 in savings with the EBS and has been paying DIRT tax on this income. However, he never specifically "declared" it as he was advised on numerous occasions by both his accountant and the EBS that he was paying the correct tax and everything was "above board". So in other words, he was under the impression that the EBS savings were already declared due to him having paid DIRT tax, so to speak.
However, with the Voluntary Disclosure Initiative, his taxman seems to think that the tax company will take his house and everything for not declaring his income (even though he has been paying DIRT and has always paid his taxes). The G/F's dad is devastated with this obviously. Would this be true?
His taxman said he would likely owe the revenue €1,000,000 but then said he got the rate 'reduced' to €550,000. I dont know where he got these figures from as the revenue haven't mentioned any specific mitigated fees or anything.
Is his taxman just being an eejit? Or is this 16 hours a day for 40 years, hard working man in trouble for basically nothing?
Please let me know if you have any comment or advice on this situation.
Many thanks,
Steve8472
My girlfriend's dad is a self employed person for many years. He has over €100,000 in savings with the EBS and has been paying DIRT tax on this income. However, he never specifically "declared" it as he was advised on numerous occasions by both his accountant and the EBS that he was paying the correct tax and everything was "above board". So in other words, he was under the impression that the EBS savings were already declared due to him having paid DIRT tax, so to speak.
However, with the Voluntary Disclosure Initiative, his taxman seems to think that the tax company will take his house and everything for not declaring his income (even though he has been paying DIRT and has always paid his taxes). The G/F's dad is devastated with this obviously. Would this be true?
His taxman said he would likely owe the revenue €1,000,000 but then said he got the rate 'reduced' to €550,000. I dont know where he got these figures from as the revenue haven't mentioned any specific mitigated fees or anything.
Is his taxman just being an eejit? Or is this 16 hours a day for 40 years, hard working man in trouble for basically nothing?
Please let me know if you have any comment or advice on this situation.
Many thanks,
Steve8472