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Tax Professionals Forum - Career (5) - Nairaland

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Re: Tax Professionals Forum by labiola: 7:04am On Dec 26, 2015
We should all be ready to pay taxes by next year. Govt is looking at that sector to finance budget. So brace up for next year. You need a tax consultant? My firm is ready to serve you.
Re: Tax Professionals Forum by labiola: 3:44pm On Jan 30, 2016
I will like to address all the business men/women on this forum on the risk and threat to their business. It is important that every business owners should not play ignorant with the issue of taxation. The present administration consider taxes as major revenue generation to finance the budget, hence there is going to be an aggressive implementation of tax laws in Nigeria. I know we are aware of the stamp duty on every 1,000 transactions. It is important for us to be aware of all this things. Tax evasion and avoidance are serious crime, please don't be caught on the wrong side of the law. Let me quickly tell you some basic things you need to know .
1. Get your TIN if you are yet to do so. TIN is your Tax Identification Number. The law allow you to register with FIRS within 6mth of your company incorporation. Failure to do so will expose you to unnecessary penalties.
2. Do your monthly VAT remittances. If you have commenced business ensure you do your monthly remittance of 5%VAT to the firs. Don't say I didn't collect VAT, go and do a nil return.
3. Get a tax clearance for your business. It will help your business.
4. Get an audited financial account and ensure you keep records of your expenses. If possible make sure you do your business through banks. It will help you to tracks your expenses.
5. Call me as your financial advisory, auditor and your tax consultant. Labiola@yahoo.com or labiolanlpcpfa@gmail.com.
Re: Tax Professionals Forum by emelicoby(m): 6:19pm On Jan 30, 2016
Please am having a challenge in accounting entry.
Assuming company A makes a contribution of N20,000 as pension contributions and also the company deducts from the employee his own quota at source which is N20,000 from his salary which is in line with the pension act, which account should b debited and credited?
Looking forward to your prompt response.
Thank you
Re: Tax Professionals Forum by emelicoby(m): 6:33pm On Jan 30, 2016
If one has a life insurance in which he mks contribution of N120,000 monthly will it b a relief?
Re: Tax Professionals Forum by labiola: 9:36pm On Jan 30, 2016
emelicoby:
Please am having a challenge in accounting entry.
Assuming company A makes a contribution of N20,000 as pension contributions and also the company deducts from the employee his own quota at source which is N20,000 from his salary which is in line with the pension act, which account should b debited and credited?
Looking forward to your prompt response.
Thank you
Let me give you an example.
Let say your grosss salary is 120k. You pay tax of 10k and 20k as your pension deduction.
Dr salary with 120k
Cr Accrued PAYE (liability) with 10k
Cr Accrued pension (liability) with 20k
Cr means of payment bank/chq with 90k that is what come to you as a salary.
That is the first leg.
The second leg is to Dr Acrrued paye and Accrued pension ledger above with 10k & 20k respectively and Cr the means of payment. That means the ledger above become nil.
For the employers deduction, Dr your GL in your SFPL with 20k and credit your bank.
Hope is clear to you.

1 Like

Re: Tax Professionals Forum by emelicoby(m): 9:39am On Jan 31, 2016
What do u mean by SFPL?
Re: Tax Professionals Forum by emelicoby(m): 1:12pm On Jan 31, 2016
How is capital allowance calculated?
Re: Tax Professionals Forum by funkyjms: 4:34am On Feb 01, 2016
emelicoby:
What do u mean by SFPL?

Statement of Financial Position Ledger.


emelicoby:
How is capital allowance calculated?

This would require a class you know.
Re: Tax Professionals Forum by Propertyville: 6:18pm On Feb 03, 2016
Directors of a Limited Liability Company earns 500,000 per month as Director Allowance. Please what is tax calculation
Re: Tax Professionals Forum by labiola: 8:15am On Feb 04, 2016
Propertyville:
Directors of a Limited Liability Company earns 500,000 per month as Director Allowance. Please what is tax calculation

10% Withholding tax to State Inland Revenue.
Re: Tax Professionals Forum by JONAPEX: 7:58am On May 18, 2016
CAN ANYONE LINK ME UP WITH ANY TAX FIRM IN LAGOS, I NEED PRACTICAL EXPERIENCE

JONATHAN (ACA)

08065191162
Re: Tax Professionals Forum by Nobody: 3:22am On Jul 06, 2016
sad
Re: Tax Professionals Forum by nwaire: 7:08am On Jul 22, 2016
labiola:


10% Withholding tax to State Inland Revenue.
Please the withholding tax on directors salary is it monthly?
Re: Tax Professionals Forum by labiola: 8:42am On Jul 22, 2016
[quote author=nwaire post=47773312] Please the withholding tax on directors salary is it monthly?[/quo

This is depend if the money is being paid monthly. Anytime you are paying, just deduct the 10% and ensure is remitted.
Re: Tax Professionals Forum by Nobody: 3:39pm On Oct 11, 2016
let continue the conversation online
where we talk to experts on this matter. https:///6GFVG96FsGbCAb8m8TwPvB
Re: Tax Professionals Forum by RuQoz(m): 3:14pm On Feb 01, 2017
God bless the op
Re: Tax Professionals Forum by Ugosample(m): 12:25am On Mar 29, 2017
@Jarus please I have this question for you.
How can an ACA (ICAN) become a member of CITN,?
Re: Tax Professionals Forum by Jarus(m): 8:12am On Mar 29, 2017
Ugosample:
@Jarus please I have this question for you.

How can an ACA (ICAN) become a member of CITN,?

Before you didn't need to write exam, just to apply for direct membership. But today, you will write the last two stages.
Re: Tax Professionals Forum by Ugosample(m): 8:29am On Mar 29, 2017
Jarus:


Before you didn't need to write exam, just to apply for direct membership. But today, you will write the last two stages.

Thank you
But how many papers does the last two stages entail together?
Like we know the last two stages of ICAN papers are eleven in total, so what is it for CITN?

Thanks once more
Re: Tax Professionals Forum by monteriza(m): 9:41pm On Apr 25, 2017
I just created a thread seeking help in computing Taxes, preparing and filing tax returns. Here's the link: https://www.nairaland.com/3762693/please-need-computing-taxes-filing#55916679

Please, I need your help. My career is on the line here. Thanks.
Re: Tax Professionals Forum by Realex007: 11:45pm On Jun 06, 2017
I am an economics graduate. Nd I want to venture into as professional in tax accounting. I have little knowledge of accounting due to my course. I'm unemployed and I don't even know where to start. Anyone help me?
Re: Tax Professionals Forum by labiola: 2:54pm On Jun 30, 2017
Tax matters, let's talk here
Re: Tax Professionals Forum by Nobody: 11:17pm On Jul 25, 2017
how do I reduce my tax in my salary. they taxing much. pls, what can I do?
Re: Tax Professionals Forum by johnime: 7:57am On Jul 26, 2017
olugere:
how do I reduce my tax in my salary. they taxing much. pls, what can I do?
I know someone that can help
Re: Tax Professionals Forum by johnime: 7:58am On Jul 26, 2017
emelicoby:
How is capital allowance calculated?
With the use of google?
Re: Tax Professionals Forum by Nobody: 8:23am On Jul 26, 2017
I am an employee , I work for an organization. let the person tell me what to do, this is a fee phorum so that others can learn. thank you

quote author=johnime post=58838449]
I know someone that can help[/quote]
Re: Tax Professionals Forum by johnime: 11:40am On Aug 02, 2017
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Re: Tax Professionals Forum by sincerlyyo(m): 8:28am On Aug 05, 2017
Hello ,
I have been working for 8 years now with different companies and tax had always been deducted but I don't have a Tax Identification Number. Am told if I go through the office it will take like six months, but I can get it personally by paying 5k for 3 years and it would be ready in a week.
Please kindly advise as I need my TIN urgently.
Re: Tax Professionals Forum by johnime: 8:47am On Aug 05, 2017
sincerlyyo:
Hello ,
I have been working for 8 years now with different companies and tax had always been deducted but I don't have a Tax Identification Number. Am told if I go through the office it will take like six months, but I can get it personally by paying 5k for 3 years and it would be ready in a week.
Please kindly advise as I need my TIN urgently.
TIN is for FIRS and relates to comonay directly not individual
TCC is what you talking about.
Drop your mail let's talk.
Re: Tax Professionals Forum by jaz(m): 11:16am On Aug 05, 2017
Not entirely correct. While TIN (Tax Identification Number) are for companies, employees or Partners have Tax Identification Number which is what your taxes are paid against. You would also only receive an employwe TCC upon registration as a tax payer and receipt of your tax identification number.

Regarding your employers not remitting your taxes I would suggest you bring it up with the employer as it is to your detriment and you also cannot claim ignorance.

There are some naira land profiles like NigeriaTax that provide free tax advice . You can try to reach them
Re: Tax Professionals Forum by sincerlyyo(m): 7:11pm On Aug 05, 2017
johnime:

TIN is for FIRS and relates to comonay directly not individual
TCC is what you talking about.
Drop your mail let's talk.

bakare994@yah...c o m
Re: Tax Professionals Forum by johnime: 5:40pm On Oct 05, 2017
how do u enter this on an accounting software?
labiola:

Let me give you an example.
Let say your grosss salary is 120k. You pay tax of 10k and 20k as your pension deduction.
Dr salary with 120k
Cr Accrued PAYE (liability) with 10k
Cr Accrued pension (liability) with 20k
Cr means of payment bank/chq with 90k that is what come to you as a salary.
That is the first leg.
The second leg is to Dr Acrrued paye and Accrued pension ledger above with 10k & 20k respectively and Cr the means of payment. That means the ledger above become nil.
For the employers deduction, Dr your GL in your SFPL with 20k and credit your bank.
Hope is clear to you.

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