LIST OF TRADE SECTORS

Contents

Executive summary

Sector overview

Nature of the trade

Start up

Legislation and regulation

Performance indicators

Investigation matters

Accountancy matters

VAT position

Statistics

Further information

Focus on : "investigation plan"

To ensure that all the necessary stages are completed and to avoid delays which might increase any penalty (delays are seen by the Revenue as lack of co-operation), an investigation plan should be prepared and records kept of actions taken.

 
Proposed date
Actual date
Investigation Plan   
Complete the critical review of   
    the accounts review
   
    the private side
   
Prepare an interview brief   
Interview client   
Further action - Client   
    record one week's work done
   
    estimate one week's costs
   
    record one week's retail sales
   
    record one week's chair rental income
   
    estimate the cost of wastage and theft
   
    record private use/own goods for a trial month
   
    estimate ancillary income if not fully recorded
   
    obtain and annotate private bank etc statements
   
    obtain evidence of income & personal expenditure
   
     
Further action - Practitioner   
    check cut-offs
  
    ensure nothing inappropriate in Purchases
   
    prepare business economics exercise
   
    complete means test
  
    review results with client
  
    review and revise Case 1 profit/loss
   
     
Prepare settlement proposals