I'm a PAYE worker for last 10 years (previously self employed for 5).
I have one rental property and therefore have been doing self-assessment for years. I have been selected for a Revenue Audit for year 2010, the auditor is coming to my home next week.
It is quite a basic situation as I see it (I'm no Sean Quinn) and don't want to pay an accountant for advice. There are minor Return issues. What happens with minor issues/discrepancies ? do they invest lots of time asking for information on all your financial affairs, bank accounts going back many years? Can I declare to the auditor on the day and just ask to be billed for this couple of hundred euro owed (with penalty/ Interest ?) without a major deep dive into my affairs and history ?
The minor issues are as follows (don't laugh):
A paid a small sum to the tenant of 120 Euro cash for items he purchased on my behalf for the apartment but I don't have a receipt.
I overstated my bin charges in the Return by 90 Euro as I estimated them (20% relief)
I have all the what I would call important items ready that made up 98% of the Tax Return:
I have one rental property and therefore have been doing self-assessment for years. I have been selected for a Revenue Audit for year 2010, the auditor is coming to my home next week.
It is quite a basic situation as I see it (I'm no Sean Quinn) and don't want to pay an accountant for advice. There are minor Return issues. What happens with minor issues/discrepancies ? do they invest lots of time asking for information on all your financial affairs, bank accounts going back many years? Can I declare to the auditor on the day and just ask to be billed for this couple of hundred euro owed (with penalty/ Interest ?) without a major deep dive into my affairs and history ?
The minor issues are as follows (don't laugh):
A paid a small sum to the tenant of 120 Euro cash for items he purchased on my behalf for the apartment but I don't have a receipt.
I overstated my bin charges in the Return by 90 Euro as I estimated them (20% relief)
I have all the what I would call important items ready that made up 98% of the Tax Return:
- P60 from my employer (is correct as per Return)
- Mortgage interest statement from the Bank (against the Rental)
- Current account statement for 2010 that I run the property related transactions through, showing the 12 months Rent correctly
- The same current account statement showing the 4 quarterly property management fees direct debit for the property
- The same current account statement shows the mortgage going out
- My Med2 statement matches the Return for my health expenses