Revenue cold-calling cash businesses.

Revenue are now frequently visiting businesses unannounced.  The practise of ‘cold calling’ recently extended by Revenue on a national basis has proved to be highly successful for them and this will continue into the future. In Clare, restaurants, hotels, bars and construction sites will be particularly at risk and Revenue intend to operate in tandem with other state agencies as required in certain projects.

Revenue are particularly concerned as to the quality of record keeping in relation to cash business type operations and have indicated that significant audit resources will be deployed to this sector. Auditors have been instructed to ensure compliance with obligations under Sec 16 and Regulation 8 of the VAT Acts. Businesses should be aware of the recent e-Brief issued nationally by Revenue to every VAT registered person in the country, which clearly sets out the legislative requirements. IT software (IDEA) has recently been rolled out nationally by Revenue, which facilitates a forensic analysis of cash register data.

Photo Credit: House of Sims.

Leave a Reply