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PracticeManager.ie National Meeting Radisson Hotel, Dublin Airport 23 March 2013. Barry Prendiville Partner Nolan & Partners Chartered Accountants www.nolanca.ie. Avoiding & Surviving Revenue Audits. Revenue Audits. Revenue’s focus on the medical profession Basis for selection
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PracticeManager.ie National Meeting Radisson Hotel, Dublin Airport 23 March 2013 Barry Prendiville Partner Nolan & Partners Chartered Accountants www.nolanca.ie
Revenue Audits • Revenue’s focus on the medical profession • Basis for selection • Recent developments – interview • Preparation in advance of audit • On the day – the audit • Risk Areas
Revenue Focus • Background – locums • “Determining accuracy of a return, declaration of tax liability or claim to repayment” (Code of Practice for Revenue Audit) • Cash receipts and expenses
Basis for Audit Selection • Sector wide • Late Returns • Unusual features • Insufficient drawings • Random • Third party information / comparisons
Recent Development • Revenue interview • Per attached letter • Not a Revenue audit but not to be dismissed
Preparation for audit On the day - the audit
Risk Areas • Spouse & other family members on payroll • Pension contributions • One bank account for practice and personal • Maintenance of accurate and complete books and records
Banking Facilities • Overdraft • Focus on annual review date • Term Loans • Mortgages • Commercial – committed or demand • Leasing • Tax efficient mechanism of financing surgery fit-out and purchase of equipment
Contact Details Barry Prendiville Nolan & Partners Chartered Accountants 301 Q House Furze Road Sandyford Business Park Dublin 18 T: 01-2176510 E: barry@nolanca.ie W: www.nolanca.ie