Revenue Audit FAQ
What does a capital allowances / tax depreciation audit entail?
A capital allowances audit is an examination of compliance with the relevant capital allowances legislation and consists of a thorough review of the claim from a construction, financial and tax technical perspective.
Claimants must ensure that they maintain records to back up their claim. KPMG can help ensure that you are best placed to support your claim in the event of an audit and that you have the necessary documentation in place.
How likely am I to be audited?
As a matter of course, we advise our clients that it is most likely a case of “when” not “if” your claim will be audited by Revenue.
KPMG can advise you on your capital allowances claim and on the best way to be prepared for an audit.
What should I do to be best prepared for an audit?
The best way to prepare for a Revenue audit is to make sure that your claim has been compiled in accordance with the appropriate legislation, e-briefs, tax briefings and best practice.
It is critical that you review whether the claim is likely to meet Revenue’s requirements under audit and consider whether appropriate action should be taken. In this regard, it is advisable to seek professional advice.