Tax problems – the best way to deal with revenue ?

Qualifying disclosure

If you have a tax problem, that has not been reported to revenue, the best way to deal with it, is to do a qualifying disclosure to revenue.

The benefits of a qualifying disclosure are reduced penalties, non-publication and most importantly stopping the revenue interest clock which is up to 8% or 10% per annum depending on the tax involved.

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 revenue 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.
6. To be accepted by revenue 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 subject to agreement with revenue.

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