Tax Audit Services in 2023
Since 2003, Healy Consultants Group PLC has been providing our multi-national Clients with accounting and tax services, including tax audit. Leveraging our in-house accounting and tax team’s unparalleled expertise, Healy Consultants Group PLC has successfully completed multiple tax audits for our Clients all over the world.
What is a tax audit?
- A tax audit is carried out by the government to determine whether an organisation or individual’s tax return has been reported accurately;
- A government uses a computer scoring system known as Discriminant Information Function (DIF) which analyses and compares taxpayer data and tax deductions;
- Businesses holding funds in foreign bank accounts are more prone to tax audits;
- In the event you received a tax audit notice from the government, Healy Consultants Group PLC recommends you to immediately contact our Firm. Our accounting and tax team will assist you to help substantiate and validate information within the stipulated deadline.
Types of tax audit?
- Desk audit: This audit is conducted inside the office of the national tax authority of the country in which your company is tax resident. It will require you to clarify and explain your stance through written letters or emails. In most cases, the tax audit can be conducted without face-to-face meetings;
- Field audit: This is undertaken by the national tax authority at your office. In some of our Clients’ cases, this may take place at one of Healy Consultants Group PLC’s global offices, as we are hired to prepare your taxes. In most cases, the national tax authority will contact your firm one week in advance to schedule a face-to-face appointment. This form of tax audit is more time sensitive, and it is essential to engage a specialist.
How Healy Consultants Group PLC assists our Clients with tax audits
- In most cases, Clients receive a tax audit notice because they did not accurately file their taxes. Healy Consultants Group PLC will advise our Clients on the tax audit process, as well as the local tax laws;
- Healy Consultants Group PLC will arrange all necessary documentation to back up your numbers in the tax filing. These documents include i) financial statements ii) tax returns iii) tax computations and iv) bank statements;
- Our in-house accounting and tax team will conduct a tax compliance review before the tax audit. Thereafter, we will carry out a tax authority procedural review;
- Healy Consultants Group PLC will provide on-site support during the tax audit;
- Healy Consultants Group PLC will negotiate aggressively and skilfully with the local tax authority for a time extension. This ensures we have adequate time to prepare the necessary documents.
For more information on our accounting and tax services, see this page.