We are noticing that more of our clients are getting calls direct from the IRD. If the IRD calls, our number one piece of advice is for you to advise them that you have a tax agent – and then ask the IRD to call us rather than discussing it with you. This is because we find that things get “lost in translation” between clients and the IRD, leading to a lot of unnecessary stress for you. We take that stress away because it is our job to explain your situation to the IRD in the technical language they use, while also ensuring that you understand the situation without the jargon.
In many cases, if you have taken out Audit Shield – Accountancy Insurance (www.accountancyinsurance.co.nz/products-services) then our fees will be covered by your policy.
If the Inland Revenue says your business is to be audited, the most important things to remember are: be prepared and don’t panic. You may even come out of it with a tax refund!
An Inland Revenue audit looks at your financial affairs to make sure you’ve paid the right amount of tax and complied with tax laws. It could be a simple check of your GST registration or a full examination of all your business and personal records.
For further information about how the IRD audit works, please have a read of the following article here.
If you HAVE had a call from the IRD, we strongly recommend that you ask them to contact us at EPPL (even if it sounds simple) on 09-636-3332