Posted in Income Tax, Revenue Audit

Revenue have recently begun writing to self-assessed taxpayers to make sure they are aware of how to correct any errors that have been made in, or any omissions from, any tax return they have filed.

You will be aware that Revenue carries out a range of checks to ensure that returns are filed and are correct. If you are concerned that you may need to correct a tax return, it is important for you to know that there are significant advantages available, if you make any necessary corrections before Revenue contacts you. By doing this, you can avail of reduced penalties, avoid having your name published in a list of tax defaulters and avoid possible prosecution.

From 1 May 2017, significant changes are being made where any corrections to tax returns relate to a person’s offshore matters and matters outside the Republic of Ireland. These changes restrict a person’s opportunity to make a “qualifying disclosure”. If this affects you, you should correct your tax returns by making a “qualifying disclosure” before 1 May 2017.

You should get independent advice if you have such an issue.

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