{"id":80135,"date":"2018-03-30T09:30:28","date_gmt":"2018-03-30T09:30:28","guid":{"rendered":"https:\/\/mcgleenan.com\/?p=80135"},"modified":"2023-10-23T17:18:37","modified_gmt":"2023-10-23T17:18:37","slug":"management-of-a-revenue-audit","status":"publish","type":"post","link":"https:\/\/mcgleenan.com\/management-of-a-revenue-audit\/","title":{"rendered":"Management of a Revenue Audit"},"content":{"rendered":"<p><strong>Management of a Revenue Audit resulting in a sustainable settlement, based on clients repayment capacity.<\/strong><\/p>\n<p>This long-standing client was in the process of finalising a property refinancing to avail of attractive early redemption terms offered by a departing UK bank triggered by the great property crash.<\/p>\n<p>&nbsp;<\/p>\n<p>What started out as a routine Revenue audit case, following normal surveillance activity of a trade event in the sector, the Co\u2019s tax-affairs became a multi-faceted series of linked potential liabilities across all taxes.<\/p>\n<p>&nbsp;<\/p>\n<p>Over a two year period McGleenan &amp; Co managed the audits technical &amp; negotiation process as follows:<\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li>Initial meetings with Revenue\u2019s technical personnel were broadened to include site-visits with the client, to get a better appreciation of the features of the business and the personal qualities &amp; integrity of the client Co\u2019s Directors.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li>After a stalemate was reached with Revenue regarding the treatment of five different material mitigating factors that the Co required agreement in order to be in a position to continue trading, Revenue sought a high level one-to-one without prejudice meeting with McGleenan &amp; Co\u2019s principal to establish if agreement without could be reached &amp; the case possibly closed.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li>Revenue\u2019s draft all-in liability was standing at \u20ac1.3m however, after a calm &amp; reasonable exposition of all the counter-claims and allowing for a uniquely positive atmosphere following Irelands defeat of Italy the night before in the Euro\u2019s, both sides agreed to an all-in settlement of \u20ac360k, payable over five years in line with the Co\u2019s ongoing trading resources.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>The outcome to this case shows that in some instances it is better to work \u201cwith the grain\u201d where Revenue is concerned. We believe at McGleenan &amp; Co that it is important to assess all options in the broadest terms when negotiating for clients, while acknowledging that Revenue\u2019s perspective is equally important.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Management of a Revenue Audit resulting in a sustainable settlement, based on clients repayment capacity. This long-standing client was in [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":81193,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[149],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Management of a Revenue Audit - McGleenan &amp; Co<\/title>\n<meta name=\"description\" content=\"We are a focused and efficient practice which seeks to keep the basics as uncomplicated as possible. 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