September 2, 2015
Revenue have fired a warning shot pointed in the direction of Building Contractors and Shadow Economy Contractors advising them that those who are non-compliant are living on borrowed time. They advise them to clean up their act before they get the tap on the shoulder and asked awkward questions about their activities.
As the construction sector slowly recovers from its long recessionary slump during a period in which it was a case of survival of the fittest or the most ruthless (depending on your perspective) Revenue will be waiting in the long grass for their opportunity to pounce. Remenber they fell on hard times also with the floor falling out of taxes from construction - they are determined to ensure this time they get first call on their dues; today. John Shanahan of John M Shanahan Accountants, Tullamore, Co Offaly outlines the actions being taken over the coming months.
Revenues focus will be on compliance risks including the following:-
Revenue strongly encourage self-review of those operating in the construction sector and recommend that principals/sub-contractors regularise their affairs before any Revenue compliance intervention begins.
Builders, tradesmen and their Agents can expect additional aspect queries, profile interviews and audits as well as unannounced visits to construction sites.
In many cases such review of tax compliance will entail making an “unprompted voluntary disclosure” and settling taxes, penalties and interest.
With this avenue open to you as an option, we at Shanahan's strongly recommend that you engage the assistance of our professional expertise and ensure that your proposal stands up to Revenue scrutiny.
See also Revenue Code of Practice link
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