IRD Audits

Tax audits are a vital tool the Inland Revenue uses to protect the integrity of the tax system. However no business owner looks forward to receiving a letter from the IRD notifying them of an audit.

An audit is an examination of your financial affairs to check that you’ve paid the correct amount of tax, and that you are complying with the relevant tax laws.

It is human nature to panic if you have received an audit letter from the IRD, however the best thing to do is to “Prepare”.

We can help you compile the relevant information as requested by the IRD, we can also go through your accounts to make sure everything is in order before submitting this to the case officer.

Outside of audits, it is becoming more common for certain taxpayers to have risk reviews undertaken. A risk review is not an audit (even though it might feel like one at times!) however items identified in a risk review may in some cases result in an audit being commenced. Please make sure you get your advisor involved in this process so that we can respond to the Inland Revenue in the most appropriate manner. In this regard there is some advice that might be “privileged” or “confidential tax advice” which should not be provided to the Inland Revenue.