Qualifying disclosure

What is a qualifying disclosure?

A qualifying disclosure is information you give to Revenue if you:

1. have not reported all of your income or gains
2. have made an error on your tax return.

This qualifying disclosure may be unprompted or prompted.

There is reduced penalties available making qualifying disclosures.

Unprompted qualifying disclosure

An unprompted qualifying disclosure is a disclosure made at any time before a Revenue audit notification letter issues, or an investigation starts.

Prompted qualifying disclosure

A prompted qualifying disclosure is a disclosure made after you have received notice of a Revenue audit. The disclosure must be made between:

1. the date we inform you of the audit start date
2. the date the audit starts.

How do I make a qualifying disclosure?

To make a qualifying disclosure you must:

1. give all relevant information about the issues that have resulted in tax being due.
2. state the amount of tax and interest due, and the periods for which they are due.
3. send this to us in writing, sign it, or have it signed on your behalf.
4. include a declaration that as far as you know all information in the disclosure is correct and complete.
5. include a payment for any tax or duty, and interest due for late payment.

To be accepted by us a disclosure must be accompanied by a payment of the tax or duty, and the interest due. It is possible to arrange for payment in instalments.

You can find further details about tax default and tax behaviour in Chapter 5 of The Code of Practice for Revenue audit and other compliance interventions.

Subject to qualifying criteria and acceptance by Revene

Any queries on the above give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie