You will be able to access your company's account from anywhere and at anytime, with your laptop, desktop or mobile phone.

Call Patrick on 08104502652, if you're interested.

NOTE: This offer is for 5 businesses only and expires at 12 noon, on Saturday, 20 January 2018

I have sent the template to you. Kindly acknowledge.

silicon:
Has anyone received d excel calculator?

I will send to you immediately.

silicon:
Am interested

Evening Friends.

hello.

₦airasum Accounting Services (Outsourced Accounting Solutions)

We are a team of qualified accountants with several years of experience. We provide affordable bookkeeping, accounting and tax preparation services to small and medium-sized business owners who cannot afford to hire inhouse accountants.

Usually, We Offer These Services At A Monthly Fee Of ₦40,000. But If You Order NOW, You Will Enjoy The Following Bonuses:

1. You Will Get One Month FREE Service. Yes, You Heard That Right. We'll Do Your Bookkeeping, Accounting And Taxes FREE For 1 Full Month.

2. You'll Pay ₦29,500 Only Per Month (26.25% Discount), For As Long As You Outsource Your Accounting To Us.

Hurry And Place Your Order NOW! This Offer Expires At 11:59 Pm On Monday, 08 January, 2018.

One of the many advantages of our services is that you can access your account from anywhere and at anytime, using your laptop or desktop.

It doesn't matter where your business is located, we leverage technology to deliver our services to clients in various parts of Nigeria: Lagos, Abuja, Rivers, Kano, Kaduna, Calabar, Ogun, to mention but a few.

What We Do

– Recording, Classifying and Summarizing of Financial Transactions

– Preparation of Journals, Ledgers and Trial Balance

– Tracking of Income and Expenses

– Inventory Tracking

– Database Maintenance for Customers and Suppliers

– Monitoring of Business Performance

– Payroll Maintenance

– Reconciliation of Accounts

– Maintenance of Account Receivable and Account Payable

– Preparation of Profit & Loss Statement

– Preparation of Balance Sheet

– Preparation of Cash Flow Statement

– Computation of Tax Liabilities (VAT, Withholding Tax, PAYE, Income Tax)

– Preparation of Tax Returns, Etc.

Call 08104502652 or visit www.nairasum.com to learn more about us and how we can help you take your business to the next level!

You're welcome.

murchurat:
Thanks.

Merry Christmas.

Merry Christmas.

A Value Added Tax is a type of consumption tax that is levied on products on every point of sale where value has been added to the product. It starts from the raw material stage to the final point of sale stage where it is bought by the consumer.

Consumption tax is simply defined as a tax levied on the purchase of goods and services. Every seller in the production chain charges a VAT charge to the buyer, which is then remitted to the government. The amount of VAT tax levied at each point of sale along the chain of production is based on the value added by the seller.

This is provided for by the Value Added Tax Decree 102 of 1993 but it actually became effective in 1994. Value Added Tax is charged 5% on all VATable goods and services.The VAT decree requires manufacturers, wholesalers, importers and suppliers of VATable goods and services to be registered within six months of commencement of business. VAT is administered by the Federal Inland Revenue Services through its VAT directorate with offices in almost all the local government areas in the country.

Who are those that should pay VAT?

A VATable person is one that deals in VATable goods and services. Example of such include:

• A limited liability company e.g. Tunde Limited
• A firm e.g. Law & Co.
• A sole trader e.g. Emeka & Brothers
• An individual e.g. Lawal shops
• A Club or society e.g. Gbaja Social Club

When you registered and become a VAT payer, 5% of the money your customers pay for your goods and services is called the OUTPUT VAT

On the other hand when you purchase any goods and services, 5% of the money you pay is called your INPUT VAT.

To then calculate the amount that goes to the government, you have to subtract your INPUT VAT from the OUTPUT VAT

This means; Total VAT payable to the government = Output VAT – Input VAT

Calculating VAT

E.g. 1

In 2001, a phone manufacturer sold a phone to a final consumer for N250,000. The raw materials for this phone was bought at N100,000. Find the

(i) Output VAT
(ii) Input VAT
(iii) Total VAT payable to the government

Solution

Output VAT = The 5%VAT you charge on goods and services you supply or sell

Input VAT = The 5% VAT you pay on goods and services that you use.

Since the manufacturer of the product sold the product for N250,000, the 5% of the 250,000 Naira is the output VAT. (This is constant because we assume that 5% VAT is always added on every goods and services sold).

Output VAT = 5% of 250,000 Naira

Output VAT = 12,500 Naira.

While…

Since the manufacturer spent 100,000 Naira to buy the raw materials, 5% of that amount is called the input VAT.

Input VAT = 5% of 100,000 Naira

Input VAT = 5000 Naira.

The total VAT payable = Output VAT – Input VAT

Total VAT payable = 12,500 – 5000

Total VAT payable = 7500 Naira.

E.g. 2

Mr Jide’s total sales for the month of April were recorded at 400,000 Naira. But he spent 200,000 Naira on purchases for his company. Calculate the total payable VAT he should pay to the government.

Solution

Output VAT = 5% of his sales

Output VAT = 5% of 400,000 Naira

Output VAT = 20,000 Naira.

While…

Input VAT = 5% of his purchases

Input VAT = 5% of 200,000 Naira

Input VAT = 10,000 Naira.

Therefore…

Total VAT payable to the government becomes;

Output VAT – Input VAT

Total VAT Payable

= 20,000 – 10,000
= 10,000 Naira

This amount is payable where the output tax exceeds the input tax. In a situation where the input tax exceeds the output tax, the deficit can be claimed by the refund.

There are three ways to claim your refund:

1. The credit method
2. Direct cash refund method and
3. A combination of the two.

The application of the credit method is the most widely used because of the difficulty that may be encountered with cash refunds.

GOODS EXEMPTED FROM VAT

Certain goods and services are not VATable. The implication is that VAT charges are not applicable to it. On the other hand, certain goods and services are considered zero rates. This implies that the goods are VATable, but the application is zero percent.

Example of Goods exempted from VAT

• Medical and pharmaceutical products
• Basic food items
• Books and educational materials
• Baby products
• Commercial vehicles and their spare parts
• Agricultural equipment and products and vertinary medicine.
• Fertilizers, farming machinery and farming transportation equipment
• All exports
• Plants and machinery used in export processing zone
• Plant, machinery and equipment purchased for utilization of gas in downstream petroleum operations
• Tractors, ploughs, agricultural equipment and implements purchased for agricultural purposes.

Services Exempted From VAT

• Services of Community Banks, People banks and primary mortage institutions.
• Plays and performances conducted by educational institutions as part of learning
• Services related to education
• Medical services
• All exported services

Form in use by the Tax Payer

The following forms are in use by the tax payers

1. Form VAT 001
2. Form VAT 002

Form VAT 001 – VAT Registration Form

This is the standard registration form for VAT. It is supposed to be completed by a potential VAT payer within six months of the commencement of business.

VAT Form 001 usually contains the following information:

• The name of the taxpayer
• The principal place of business of the taxpayer
• Other branches or units where business is carried on
• The date of incorporation of business
• The date of commencement of business
• The registration number of the business
• The nature of business
• Types of goods/services dealt in
• The local VAT office where registration is sought
• The name and designation of a principal officer of the business
• The date application is filled.

The application must also bear the official stamp of the business, a formal written application for registration on the business letter-headed paper as well as the signature of the principal officer. A copy of the registration certificate must be attached but the original would be presented for sighting.

FORM VAT 002 - Value Added Tax Returns

This is the standard value added Tax returns to be filled every month. A typical form 002 contains the following information.

• VAT identification number
• Name and address of the VAT payer
• The local VAT office where the return is being filled
• The month for which return is related
• Total VATable supplied made
• The zero-rated supplied included in the VATable supplies
• The total supplied subjected to VAT
• VAT charged
• Any adjustments
• Total tax output
• VAT on domesticated supplies received
• VAT adjustments on supplies received
• VAT on import
• Total VAT payable
• VAT on purchases not wholly used to be backed out of total VAT payable
• VAT taken at source, also to be backed out of VAT payable
• Total input tax
• Amount payable or refundable
• A declaration by an official of the taxpayer that the particulars in the returns are true and correct.

About Nairasum

We are a firm of qualified accountants who specialize in providing affordable bookkeeping and accounting services to small and medium-sized companies in Nigeria. Learn more about us at www.nairasum.com

Interested?

Hello there,

I trust You are having a nice day.

Just A Little Introduction, Before We Proceed To The Main Reason You're Here - Tax Liability Calculator.

₦airasum Accounting Services is a firm of qualified accountants who specialize in providing bookkeeping and accounting services to small and medium-sized companies.

Usually, we charge ₦40,000 monthly to provide complete bookkeeping, accounting and tax preparation services to companies, but if You order for our services today, You get to pay only ₦29,500 monthly, for as long as You decide to outsource your accounting functions to us.

One of the many advantages of our services is that we make your accounts available in the cloud. What it means is that You can access your accounts from anywhere and at anytime, using your laptop, desktop or mobile device, provided You’re connected to the internet.

Kindly visit www.nairasum.com to learn more about us.

Now To The Reason You're Here!

A lot of people (Employees and Business Owners) do not know the exact amount they should pay as tax.

At ₦airasum Accounting Services (WWW.NAIRASUM.COM), we have created a simple Excel calculator you can use to compute your tax liabilities or that of your employees (If You're a business owner).

It's very easy to use. Just enter a few details like basic salary, allowances, deductions, contributions, and VOILA! The calculator computes your monthly and annual tax liabilities.

With this calculator, problems associated with tax liabilities is history.

If You're interested in getting our Income Tax Calculator, comment with your email and we'll send it to you immediately. It's 100% FREE!!!

Happy Sunday,

I have not started the training because of the low turnout. It's not too late. I'll start as soon as I get a good number of interested persons.

Have a wonderful day.

Indicate your interest.

You're welcome.

moshood521:
interested

It's not uncommon to hear people complaint that the reason they are unable to start a business is lack of finance or capital. But that is far from the truth. The real reasons most people are unable to venture into business are:

1. Fear

2. Lack of Viable business ideas

3. Lack of information

FEAR - Fear of the unknown. You have an idea that you think will make a good business, but you're not sure if it will succeed.

LACK OF VIABLE BUSINESS IDEAS - When you come to the business section here on Nairaland to ask for business ideas to invest in, say with One million naira (N1,000,000). You'll get scores, or even hundreds of suggestions from members who have never really run a business. Some will come and tell you that they have an idea that can turn N1,000,000 into N10,000,000 in one month. The truth is, more than 95% of these guys have no idea what they are talking about or they don't really believe in these ideas they're suggesting to you. If you really have a viable business idea, getting people to invest in your idea will be the least of your challenges.

LACK OF INFORMATION - Like every other venture, going into business requires that you possess some skills, knowledge, qualities and experience, without which your business will not succeed.

For those who really want to start their own business, I will try as much as possible to help them overcome these hurdles.

I will be holding a free training here on Nairaland for business owners and potential business owners.

Why I am doing this:

I offer bookkeeping and accounting services to SMEs at www.nairasum.com, for which I already have some clients. But I want to groom as many business owners as possible, so that in the next couple of years, I won't have to invest a lot of resources (time, money, effort) in acquiring new clients, as some of the people I trained will already be successful and a few of them will consider hiring my firm to manage their accounts.

In delivering the training, I will be drawing from my experience as a business student and entrepreneur. I hope that after the series of lectures, you'll have the courage and some (not all the information) you need to start your own business.

The topics I will be covering are:

1 - Why You Should Consider Starting Your Own Business

2 - Perseverance: One Of The Most Important Qualities You Need To Succeed In Business

3 - How To Identify Business Opportunities

4 - How To Know If Your Business Will Be Successful

5 - How To Prepare A Simple Business Plan

6 - How To Write A Simple Business Proposal

7 - How To Register Your Business With The Corporate Affairs Commission (CAC)

8 - How To Create Massive Awareness For Your Business Without Spending A Lot Of Money

9 - How To Choose The Best Location For Your Business

10 - How To Retain Your Customers By Providing Great Customer Service

11 - How To Find The Best Employees For Your Business

12 - How To Manage Changes In The Business Environment

13 - How To Get Funding For Your New Business

14 - How To Get Your Friends And Relatives To Invest In Your Idea

15 - Major Causes Of Business Failure And How To Avoid Them

16 - How To Prevent Fraud In Your Business: 5 Simple But Effective Strategies

17 - How To Know If Your Business Is Doing Well

18 - 4 Ways To Protect Your Business Against Employee Fraud & Theft

19 - 5 Secrets For Growing Your Business Quickly

20 - The Fastest Way To Grow Your Business

21 - Why Accounting Is Important For Your Business

22 - Benefits Of Outsourcing Your Company’s Bookkeeping & Accounting

The lecture is FREE. Please indicate if you'll be attending. I promise you that it will be worth your time. It is also my prayer that the next Dangote will emerge from this training. Can I hear your Amen.

Add: I don't like talking to myself, so if I don't get enough people who are interested, I'll be discouraged and may suspend the lecture.

Happy Workers Day.

I wish him a speedy recovery.

Nice.