Revenue audit of rental income returns

Brewster

Registered User
Messages
12
Hi folks, I decided to keep my current house to rent out when I trade up to a larger house. I am familiar with most of the rules as I rented out current house when abroad for a few years. I will be maintaining one bank account for all payments, receipts, rental income etc and obviously the revenue would ask to see these account details and receipts if I had an audit. However, take a personal ebs monthly savings account that I had 3 years ago, I closed account after 12 months and transferred money back into my current account. I don’t have statements for this account? Should I keep records of any savings accounts I keep/close going forward? Would revenue ask to see these or how would it work? Just want to make sure I’m prepared if I was audited. Thanks
 

Leper

Frequent Poster
Messages
1,215
HI Brewster, You need a competent qualified tax advisor working for you. It will cost you, but it's worth its weight in gold.
 

Brewster

Registered User
Messages
12
Thanks, would this be something additional to an accountant who could submit my tax return on form 11??
 
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