It's that time of year again when corporation tax and personal tax compliance deadlines will be the preoccupation of Chartered Accountants in practice, business and industry. Coinciding with the lead up to the tax compliance season, Chartered Accountants Ireland has launched its updated successful series of compliance checklists "Procedures for Quality Tax".
Information capture can be one of the main costs in the preparation of tax returns. The 2008 Form 11 spans a daunting 22 pages involving over 250 possible data input sections with the ROS return no less detailed in possible data requirements. In addition to the task of gathering the personal tax details, compliance deadline time can also be the trigger point for uncovering compliance issues with VAT, PAYE and RCT. Procedures for Quality Tax has been designed to help ensure that the busy Chartered Accountant asks the right questions to capture essential details for Personal Tax, Corporation Tax, PAYE, VAT, RCT and indeed Revenue Audits.
With increased tax rates and the broadening of the tax base, the cost of getting tax compliance wrong has never been so great. This coupled with Revenue's vigorous audit and assurance activities means that sound information gathering systems are key to staying out of some of the many pitfalls that lie in wait when managing the tax compliance risk. The user friendly Procedures for Quality Tax (Republic of Ireland - July 2009) will assist practices and businesses alike in staying on top of the information required for optimum tax compliance.
The new look Procedures for Quality Tax is updated for relevant changes in legislation. The hardcopy is available in a loose leaf, tabbed, binder format and the CD version has a number of added new features this year.
To find out more please see here.