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Business Newsletters - Winter 2005
Offshore Bank Accounts
Last year we reported that the Revenue were starting to use
targeted letters to taxpayers as part of their compliance activities.
They began with letters to small businesses regarding the possibility
of incorrect recording of income or expenses. This was followed
with letters to those in the construction industry regarding
status. More recently letters have been sent to holders of offshore
bank accounts. The Revenue have said that this is part of an
exercise to tackle the problem of offshore accounts being used
in tax evasion or to hide the proceeds of crime. Whilst this
is admirable the method leaves something to be desired. The letters
are strongly worded and request a response within 30 days. You
should be aware that receipt of such a letter is not an indication
that there is anything wrong and does not constitute the opening
of an enquiry into your tax return.
Please talk to us if you receive one of these letters.
