TAXATION HOTSPOTS
The re-emergence of the black economy has attracted the interest of the Revenue Commissioners. Its special investigations unit is focusing on local, cash-intensive businesses taking in everything from pubs, restaurants, hairdressers and takeaways to builders and cash-for-gold stores, says the Sunday Business Post. These “streetscape” investigations involve officials visiting all cash intensive businesses on a street to check the quality of records and cash management.
Medical practitioners are also under the microscope with locums in doctor’s surgeries and chemists already in the crosshairs. Experts believe pharmacists, dental nurses and physiotherapists could come under similar scrutiny in the months ahead. Others professions under investigation include: meter readers, university staff, translators and interpreters.
Some areas of concern for Revenue include:
- Cash businesses only putting some transactions through the books
- Concerns that locum income was not being returned
- Misclassification of employment status
- Proper application of the new Universal Social Charge (USC)
- Underpayment or non-payment of taxes
Contact Noone Casey for impartial, independent advice if you are concerned about your taxes.