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Barry Prendiville Partner Nolan & Partners Chartered Accountants www.nolanca.ie

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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Barry Prendiville Partner Nolan & Partners Chartered Accountants www.nolanca.ie

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  1. PracticeManager.ie National Meeting Radisson Hotel, Dublin Airport 23 March 2013 Barry Prendiville Partner Nolan & Partners Chartered Accountants www.nolanca.ie

  2. Avoiding & Surviving Revenue Audits

  3. 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

  4. 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

  5. Basis for Audit Selection • Sector wide • Late Returns • Unusual features • Insufficient drawings • Random • Third party information / comparisons

  6. Recent Development • Revenue interview • Per attached letter • Not a Revenue audit but not to be dismissed

  7. Preparation for audit On the day - the audit

  8. 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

  9. Any questions?

  10. Banking Facilities

  11. 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

  12. Questions?

  13. 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

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