1. Barry Prendiville Partner Nolan & Partners Chartered Accountants www.nolanca.ie PracticeManager.ie National Meeting Radisson Hotel, Dublin Airport 23 March 2013

2. Avoiding & Surviving Revenue Audits

3. Revenue Audits  Revenue’s focus on the medical profession  Basis for selection  Recent developments – interview  Preparation in advance of audit  On the day – the audit  Risk Areas

4. Revenue Focus  Background – locums  “Determining accuracy of a return, declaration of tax liability or claim to repayment” (Code of Practice for Revenue Audit)  Cash receipts and expenses

5. Basis for Audit Selection  Sector wide  Late Returns  Unusual features  Insufficient drawings  Random  Third party information / comparisons

6. Recent Development  Revenue interview  Per attached letter  Not a Revenue audit but not to be dismissed

9. Preparation for audit On the day - the audit

10. Risk Areas  Spouse & other family members on payroll  Pension contributions  One bank account for practice and personal  Maintenance of accurate and complete books and records

12. Any questions?

13. Banking Facilities

14.  Overdraft  Focus on annual review date  Term Loans  Mortgages  Commercial – committed or demand  Leasing  Tax efficient mechanism of financing surgery fit-out and purchase of equipment

15. Questions?

16. Contact Details Barry Prendiville Nolan & Partners Chartered Accountants 301 Q House Furze Road Sandyford Business Park Dublin 18 T: 01-2176510 E: barry@nolanca.iebarry@nolanca.ie W: www.nolanca.iewww.nolanca.ie