THE BAD NEWS

At recent CPD lectures (Continuing Professional Development) the presenter confirmed the following facts you may find of interest:

Revenue Audits


(A)
Only 6% of Revenue Audits are random – the other 94% is as a result of statistical analysis and monitoring of taxpayers returns.

(B) In 2019 , Revenue are targeting a number of relatively simple areas to retrieve tax that has not been paid. Some of these are:
– People who claimed Tax Relief at Source (TRS) on a mortgage. Basically certain people could claim an element of tax relief on a mortgage taken out to buy their home – i.e. their principle private residence. In a number of cases, people moved out of this house, and bought another property to live in (or moved back in with their parents), and rented out the original property but continued to claim the tax relief. Revenue spotted this and are now seeking to recover the tax relief given incorrectly. If you need any assistance with this matter please contact Fergus in the office.

(C) Airbnb – This continues to be a rich source of easy picking for Revenue. Revenue merely went to Airbnb in 2017, and asked them for a listing of whom they paid fees to over the last 5 years. Revenue then cross matched this list with the persons Tax Return. Again if you know of someone who this applies to, please contact Laura and she will help you to minimise the tax liability.

Date Posted: 12 September 2019