What will the Revenue look for if I am under Revenue audit?

During a Revenue audit, they will check the accuracy and completeness of your tax returns, focusing on the following:

Key Areas:

• Records & Documentation: Ensure all income and expenses are backed by proper records (e.g., bank statements, receipts).
• Accuracy: Verify that all income is declared and expenses are legitimate.
• Tax Law Compliance: Confirm correct reporting of income tax, VAT (if applicable), and Capital Gains Tax.
• Evidence of Evasion: Look for undeclared income, improper claims, or discrepancies.
• Audit Process: Revenue will assess your business activity, examine your records, and ask for any overdue taxes.

Preparation:

• Keep records for at least six years and be transparent during the audit. If you spot errors in advance, consider making a qualifying disclosure to minimize penalties.