It is generally acknowledged that Ireland has one of the most complex taxation systems in the world. It is also acknowledged that the Irish Revenue Commissioners are probably the best collectors of tax in the world. While tax compliance is critical for the well being of our country, it does impose onerous obligations on those running businesses.
Almost every financial transaction has a taxation implication for either the buyer or seller. In order to survive in business or as an individual, it is essential that you are well advised in taxation matters. While there are serious obligations upon taxpayers as imposed by legislation, the tax taxpayer also has rights and entitlements, which many are not aware of. To a large extent Revenue will advise you of your rights and entitlements and are helpful, but they are not personal tax consultants.
Under the system that operates in Ireland, the obligation to declare the correct amount of tax on time and to pay same on time rests squarely with the tax payer and no one else. Therefore, it is vital that you are aware of your tax obligations and engage an Accountant that will bring you through this maze of obligation, while at the same time place your interests first.
The following are the tax headings in which we can advise;
Income Tax, VAT, PAYE, Relevant Contracts Tax, Capital Gains Tax, Capital Acquisition tax and Stamp Duty.
It is the right of Revenue to check the correctness of returns made on all of the above tax headings. Such checks are termed "Revenue Audits" and vary considerably in terms of their seriousness and detail.
Irrespective of the detail, they must be taken very seriously and the implications of Revenue finding underpayments/under declarations are enormous. At MCM care is taken to ensure that returns are correctly made and on time, on the basis of the information provided by the client. In the event of an Audit, we liaise with Revenue on your behalf.
Financial transactions and their backgrounds are not always "black or white" and our aim will always be to present the case in favour of our client. In this regard, we have an excellent record in terms of the results obtained for our clients and compliance with Revenue regulation