What a tax audit teaches you — even if you have done nothing wrong

A tax audit is a tense moment for most entrepreneurs. Understandable. But those with their administration in order have nothing to fear.

Better still: a well-conducted audit gives you certainty. You know what the Tax Authority has seen — and what they have accepted.

What the Tax Authority examines

The reconciliation between the return and the accounts. Do the taxable amounts match what is in the books?

Purchase and sales invoices. Are they genuine, complete and correctly posted?

Private withdrawals. Are private and business strictly separated?

Payroll administration. Do the payroll tax returns match the salary administration?

What you can do to be prepared

Ensure a logical, searchable administration. The Tax Authority may look back up to five years — and they do.

Keep all supporting documentation with your file. Not only invoices, but also agreements, contracts, quotations.

And make sure your accountant knows what is happening in your business. Surprises during an audit are always worse than surprises beforehand.

At Futura we maintain the quality of your file continuously. So that a tax audit is not a surprise — but a confirmation.