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Outsourcing is the practice of having certain job functions done outside a company instead of having an in-house department or employee handle them; functions can be outsourced to order organizations that can do it better, time and cost savings.
Outsourcing has become a major trend in human resources over the past decade. It's the practice of sending certain job functions outside a company instead of handling them in house. More and more companies, large and small, are turning to outsourcing as a way to grow, in Nigeria the following professional jobs can be outsourced namely, book keeping, accounting, filing of returns to CAC-corporate affairs commission, tax and payroll management system

1. Increasing your sales/turnover as result of total concentration on core service
By outsourcing your bookkeeping, accounting, and tax you are going to get timely financial reporting. Having your bookkeeping system handled by experts in the field will allow you to focus your time and energy into utilizing the financial reports to create forecasts and a general financial plan. Your time can be spent focusing on increasing your sales and growing your business rather than on keeping track of your books.
2. Opportunity to cross checks your balancing figures.
Putting checks and balances into a accounting system will give the owner piece of mind. For instance, having your bookkeeper handle all aspects of Accounts Payable and having the owner handle the final step of the process which is verifying the details of the checks and signing them. The many aspects of
Accounts Payable such as amount verification, terms, dates, etc. can be tedious and the time dedicated to this is critical.
3. Freeing up time for the owners/professional managers
Owners and professional managers can concentrate on the professional and strategic decision making rather than wasting their time on bookkeeping/accounting and tax job. By outsourcing bookkeeping they can get back to growing, selling, marketing, product development, or any other areas they are depriving of the attention it needs.
4. Independent 3rd party advice
By having an independent 3rd party involved with your business you get a true opinion from someone that isn’t emotionally or financially invested. That 3rd party will always give advice on what benefits the company not necessarily themselves. This allows you to use your bookkeeping system to make key business decisions.
5. Timely Financial Reporting
Bookkeeping is the first task that usually gets pushed to the back burner when your hours start to pile up. Next thing you know its tax season and you haven’t touched your books since June . By using outsourced bookkeeping services you will have your financial reporting available virtually anytime.
And you can then make an informed decision. Take for example, pay as you earn PAYE tax and VAT is remitted every month and if your records are not updated accurately, you will be overpaying or underpaying government , that is if you even ever remember to remit in the first instance.
6. Minimize Tax Liability
Your inaccurate books figures can lead to some unpleasant results. If your statement of income report is over stated then you might end up overpaying taxes and wasting hard earned money or if it’s understated you might underpay in taxes and set your business up for tax audit you will eventually pay the short fall, interest and penalty. Why don’t you just outsource the bookkeeping, accounting and tax job to experts to get the best results?
7. Cash Flow management
Maintaining your bookkeeping system and proper tax planning on a regular basis will assist in cash flow management. Cash flow management is the hearth of every successful business all over the world. But the starting point is proper book keeping and accounting methodology.
8. Accounts Receivable
A major component of cash flow management is the handling of Accounts Receivable. Poor Accounts Receivable procedures and policies can lead to major cash flow shortages. While you statement of income may have great revenue figures, your statement of financial position may reveal that all the cash is tied up in Accounts.
9. Receivable and your bank balance may be suffering as a result of poor invoicing and customers account statements to show what is outstanding to pay your organization. High Accounts Receivable balances can lead to cash flow shortages, which may put your company in danger of going out of business and you may not figure out the problem.
10. Employee Costs Savings
Outsourcing your bookkeeping, accounting , tax and annual returns to cac services will also have a positive impact on your financial reports. Not only are the costs of outsourced bookkeeping services a fraction of hiring a full time (or even part time) employee but you don’t have to worry about paying additional employer payroll taxes. Outsourcing your bookkeeping will also save on employee benefits such as healthcare, retirement, paid vacation, additional chairs, tables, laptops, internet usage and office space.
11. Avoidance of administrative headaches
When you hire any employee of any field, you still need to guide and give out the job responsibilities to be carried out, because that is the basis of performance measurements. In a situation where you can not define the rolls or responsibilities there would be problem of performance measurement. Then it is better to outsource such duties to the professionals who will always rollout the duties to be carried out and follow them up professionally.
12. AVOIDANCE OF COST OF LABOR TURNOVER
Outsourcing your accounting job would make you not to worry about labor turnover of your employees since the non-core jobs have been outsourced to the professionals who will eventually manage and retain the professionals in his office to work with him


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Before we delve deep into the matter it is very important to define the term income tax so that it becomes easy for the readers to understand the topic. Income tax is a kind of levy that is imposed by the government on all the financial income that is generated by different entities within its jurisdiction. Each and every individual as well as the company is by law bound to make sure that the income tax returns are filed each year. These returns determine that whether the person is entitled for tax refund or does he owes any tax to the government. Income tax is one of the most important keys that is used by the government to serve the people ad to make sure that the general public welfare projects continue in the best possible manner.

Income tax has been impose by most of the countries of the world in a progressive manner which means that a person who earns high pays higher amount in terms of tax and vice versa. In the USA the income tax was fort imposed in the year 1812 when there was a war going on. The main purpose of this tax imposition was to make sure that the $100M are covered which the government had already spent on terms of war expenses.

Under the progressive tax system it is also to be noted that the corporations as well as large multinationals needs to pay more tax as compared to the individuals who are working for the economy of the country. Tax codes are therefore defined in a very easy manner to make sure that before filing a return the exact amount is calculated so the entity does not have to go through all the process again. In most of the countries of the world the income from the employees is generally collected by the employers who in return make sure that a combined return is filed to avoid any hassle. The income tax codes may vary for such organizations who the n implement them with the help of the professionals who are hired for the same purpose.

With the passage of time the term tax evasion has given birth to loop holes identification to make sure that the income tax systems are monitored strictly. It is also known as tax avoidance which makes sure that the income tax is always ignored or not paid by using legal means that are permitted by the law. All such practices have also tend the governments to create income tax inspectors who visit the entity to make sure that the return filed is true and nothing has been concealed in this regard. The need of the hour is to make sure that the tax avoidance is eliminated totally from the world’s economy as it leads to more vicious ideas related to the phenomenon making the idea even hard to understand.

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Small business accounting services make sure that the best is provided to the business owners when it comes to maintaining the financial records of the business. It maintains the records in such a manner that on the whole the business never faces an issue in this regard. To make the idea more enchanting it is also advised to all the small business to get a very professional pack of small business accounting services so that whenever the business needs this service the most it is always there to make sure that a helping hand is provided to the business. Small business accounting services is not just the name of record keeping, managing transactions and recording invoices. It is a very large concept that has embedded within itself the professionalism and the overall maintaining of the structure in the best possible manner. To make sure that the small business accounting services is working in the best interest of the business it is advised to always choose the company that has a proven track record in this regard to ensure smooth and on time working. Following are some of the ideas that should be given importance before any such firm is hired to do the business:

1. Experience
Managing accounts is not a child’s play and for the same reason a start up business should never hire a company that has no experience in the field. Small businesses have no room for error so they never do an experiment in this regard. Unlike large organizations the small startups or even established businesses are never recommended to do so as their financial sources are not as large as the companies who are called corporations. Making the best use of resources is only possible if a company with immense field and hands on experience is hired to do the job.

2. Assistance
It is one of the best deals that a small business can get while ordering small business accounting services and it should also be considered. The accountant should also act as a financial advisor to the company and should also make sure that the same is added to the job description in this regard. The company hired to perform the work should also provide necessary assistance in this regard to make sure that the business as well as the owners are on the right track. Good accountants always ensure that the business plan works in accordance with the set up of the charter of the company.

3. Business growth
It is one of the best processes that are related to the idea of small business accounting services. It means that the best is provided to the business during the growth stage so that they become fully aware of the capabilities of the person or the contractor being hired in this regard and also make sure that the business focus on other areas that are of extreme importance.

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Tax services are one of the most important aspects of any business which makes sure that the business is run on lines defined by the government. Making it one of the top priorities of the business also makes sure that the financial management becomes easy and achievable. There are several organizations in Nigeria which are providing the tax services to the organizations to make sure that this daunting task is overcome as a result of the processes that have been developed in this regard. The tax services providing organizations should make sure that the best system is deployed to make sure that the services are rendered to the clients within time and in the most accurate manner ever. Taxpayers are legally bound to fulfill all the requirements in this regard and therefore the tax services organizations should be chosen in a manner that provides services to the organizations in a manner that they require. In Nigeria most of the tax services providing organizations are honest, reliable and based on state of the art systems embedding latest technologies to make the process as accurate as possible. Despite of the professionalism of the organizations it is very important to note that the Nigerian Department of Commerce has helped the client organizations by formulating a series of characteristics that should be considered while hiring an organization for tax services. It is therefore advised by the government to make sure that these qualities are always considered so the in the long run there is no issue with the partner in process. Tax services being hired should have following characteristics in this regard:

1. Fees
It is one of the most important features that should be given top priority in this regard. The Nigerian government in this regard advises to never hire tax services that relate their fees with the percentage of refund organization receive. It is also advised to avoid all the tax services that claim to get more refunds than other. Always choose the tax services which make sure that the refund is directly deposited to the bank account of the client rather than their own.

2. E-Filing system
It is another point that an organization should consider in this regard making sure that the best results are obtained once the filing has been completed. It is also to be noted that more than 10 returns filed for the same client should follow a submission through the e-filing system. It is always done by the tax preparer on their own and if the client wants to file a paper return then only this system should be given up. Considering this point will also make sure that the life of the client organization becomes easy when it comes to tax preparation as the filing as well as the deductions will be done automatically without any hassle and problem.


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INCOME TAX EVASION

Income tax is the kind of tax that you pay in Nigeria if you are earning that is working within Nigeria it can be earnings of a company or just personal income that we call as salary or wages. Income tax Evasion and income tax avoidance are two different things in Nigeria. Avoiding income taxes is simply the practice of taking advantage of as many legitimate deductions and tax credits as you can in order to lower your tax liability. Evasion on the other hand is the an illegal act, call it criminal since its refusing or just not paying the income tax that you are liable to, to the Nigerian government. The Federal Inland Revenue Service (FIRS) has many tax agents who are very much dedicate d to the investigation and penalizing of tax payers who attempt income tax evasion.

Every year and sometimes months the agents from the Federal Inland Revenue Service (FIRS), tend to audit taxpayer s at random and produce audit reports to the management and heads of the Federal Inland Revenue Service (FIRS). Though, most audits are due to unusual activities when it comes to filing income tax returns. Certain actions that are done or transacted will definitely trigger the Federal Inland Revenue Service (FIRS) audit department. Transactions such as; deductions in proportions to earningsand too little income claimed by a person with a lot of assets.
You should remember that the rights that the rights that you have as a taxpayer, the right of representation. You should take advantage of this right and hire a lawyer if you are faced with major Federal Inland Revenue Service (FIRS) hitches concerning income taxes.
If you think that contacting Federal Inland Revenue Service (FIRS) is a great idea you should change that thought, it is not recommended that you contact the Federal Inland Revenue Service (FIRS) directly if you have been notified you have income tax problems. This is because they do not have your interest at heart. They are obviously considering the interest of the federal government and their personal career aspirations. They are notlikely to work things in your favor;they will instead tend to work in their favorand that of the federal government.
The Federal Inland Revenue Service (FIRS) are very serious with tax evasion, in that if you are found with this problem you will be find a heavy fine and even go to an extent of you serving time in jail. The Federal Inland Revenue Service (FIRS) can also charge you if you file your income tax returns. Under this charge the Federal Inland Revenue Service (FIRS) does not have to prove that you had an intent to evade your income taxes, they will only know that you did file false income tax returns, with this offense you can get fined and get jailed. The Federal Inland Revenue Service (FIRS) will also charge you with a fine for each year that you fail to file your income tax returns or imprison you if you fail to file an income tax return.

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SMALL BUSINESS ACCOUNTANT

The traditional role of a small business accountant in Nigeria is really changing. In the previous years in Nigeria, A small accounting firm, would class a good small business accountant as one of the fundamental requirements when starting a small accounting firm. Their support and guidance towards all matters concerning the starting of a small accounting firm to offer small business accounting services, was perceived as essential in order for a small accounting firm or business to acquire success. The perceived importance of the role of small business
accountants play with small accounting firms has been increasingly been brought into question as the internet has grown and developed. The advice that the small business accountants used to charge for regarding company formation, company structure and Value Added Tax (VAT) registration is now largely available on what we call the internet.Additionally, the rise in online accounting software has made it easier than ever for small accounting firms to keep their company books in order. This article focuses in the reasons why small accounting firms opt for online accounting software for their small business firms which offer small business accounting services.

This literally improves their business performance; this really gives a big advantage to the business, since you are going to take care of the accounting yourself other than outsourcing them. The biggest advantage of taking care of your small accounting firm financial affair is that there becomes a greater accountability to deliver. Software gfor small business accounting allows small accounting firm owners to be much closer to the financial affairs than when they are outsourced. One of the risks of outsourcing all financial management to a small business accountant is that it stifles people from within the business talking and engaging about disciplined financial management. Taking control of financial affairs internally within tour small accounting firm increases engagement and collaboration across the business to improve the company’s financial status.

The software for small business accounting has become very user friendly with a very interacting interface, with many products available that do not require the user to have any accounting knowledge at all. This allows a tradesman and sole traders to be able to use the small accounting firm software very easily without any complications.

Even though you sign confidentiality agreements with your chosen small business accountant the main fact remains that you are disclosing private information regarding your business strategy and performance to a 3rd party . I can’t deny there can be advantages to this like gaining a second opinion on the company’s performance there is also a risk that the information that the information is getting to a public domain. The software for small business accounting allows you to keep all your confidential information inside the small accounting firm.

Then lastly is that the software does not get tired it can work for literally twenty four hours for the seven days of the week without getting tired. This is very useful than a human being. You will never be worried with the time frame of reporting to work or the time work is closed in the evening. And you can never be charged overtime for the extra hours worked.

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GLOBALIZATION AND SMALL BUSINESS ACCOUNTING

In Nigeria globalizationis seen to be growing and it is becoming inevitable within the business world, however many people do not realize how globalization not only affects those already involved , but these studying to be part for it. For any years Nigeria has been using the Genera Accepted Accounting Principles (GAAP) as their standards or rules they have to follow, thus their students are taught small business accounting using General Accepted Accounting Principles (GAAP). There are also places where International Financial Reporting Standards (IFRS), which automatically makes their students learn small business accounting using International Financial Reporting Standards (IFRS), maybe to become small business accountant, this shows how in Nigeria how globalization has a huge impact on the education of small business accounting students.

It is very shocking how many people till do not support globalization even though it creates many job opportunities for international and Nigeria students. This is simply because many entrepreneurs think and are afraid that jobs in the country will be offered to more international students thus making our employment rate go up. This is a matter that should not be ignored, since globalization is affecting the small business accounting world, including the small business accounting education world.

It is now clear that small business accounting education is changing every day, from required courses to update textbooks. Most students in the world are learning being taught International Financial Reporting Standards (IFRS). This makes students of Nigeria to be able to get employed in some other state other than Nigeria. Though, in the United States they use theGenera Accepted Accounting Principles (GAAP) other than the, International Financial Reporting Standards (IFRS), this may make it somehow complex for students in Nigeria studying small business accounting.

Professors in Nigeria will always need to update and educate their students on the rules and regulation of International Financial Reporting Standards (IFRS). If students may want to work in the United States as small business accountant they will or may need to learn Accepted Accounting Principles (GAAP) in order to work efficiently and appear relevant in their job market. This will be a huge inconvenience to many people, since they already went to school and earned their degree and now they have to go back. Even the current small business accountants who may wish to go work in the United States may also need to enroll in courses about Accepted Accounting Principles (GAAP) so they can implement the changes needed to continue to successful. Globalization has helped Nigeria in a big way since now it has realized that there are different types of standard and principles which are being practiced in the world, they also come to learn the different advantages and disadvantages that people face with these two types of principles and standards. Even though it sees to incontinence small business accounting students and some small business accountants around the world, they still come to learn that it will make things easier in the long run and they will gain more knowledge.

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CompaniesIncome TaxAct in Nigeria is collected from both Nigerian as well as foreign companies. The rates are however different for both entities. Nigerian companies needs to pay tax based on their worldwide income whereas the foreign companies need to pay tax on their profits that are being made as a result of their business activities. The corporate tax rate is 30% in Nigeria which has been same after the 2011 amendment as well. Company income tax is one of the most important sources of revenue collection for the Government of Nigeria. In the country the tax charging is governed by the CITA or the Companies Income Tax Act 1990 which amended in 2004.
Chargeable profits
It is one of the most important provisions of the Companies Income Tax Act. According to this following are some of the ways of earnings of the companies that are charged with tax:
1. All trade and business related activities without considering the time for which they have been carried are taxable.
2. Rent and all the premiums that are arising from the company operations are also charged with tax when it comes to Companies Income Tax. In this regard the period of rent is not considered by the government.
3. The dividends that are distributed to the share holdersof public limited companies are also taxable. This is the provision 1C of the Nigerian Companies Income Tax Act where it has also been mentioned that all interests, royalties and discounts are also charged with tax.
4. The source of annual profit that does not fall within the categories mentioned above is also charged with tax.
5. Any amount the company receives in terms of profits according to the provisions that are mentioned within the income tax act is also taxable.
6. All short term fund raising acts performed by the company is also considered to be taxable under this act. It includes Federal Governmentsecurity, treasury bonds, saving and debenture certificates are also charged under this act.

Where the tax has to be paid
1. All the Nigerian based companies need to make sure that the tax is paid at the source of designated bank. Once the payment has been received an e-ticket is issued which the company needs to present at the tax office within the jurisdiction of which the company office lies. The e-ticket is always issued once the payment has been captured by the bank system.
2. All the foreign companies need to make sure that the tax is deducted at source to the designated banks in this regard.
3. You can also make use of Nigeria Federal government tax online payment It serves as a means of reducing time and cost of compliance for the taxpayers and reducing interface between the taxpayers and tax authorities. It provides added convenience for taxpayers who will now sit at the comfort of their homes and offices and upload their tax returns on the e-Tax Pay Solution platform,” he further explained.

All Nigerian companies submit annual tax returns in relation to the Companies Income Tax Act whereas the foreign companies need to make sure that the withholding tax is deducted from the profits they make within Nigeria. Once the returns are filed by these companies it becomes their tax.


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Audit is the most important financial action that is taken by any company and the businesses in this regard make sure that the process is carried in line with the requirements. The audit’s outcome is a report that is known as the audit report which is considered to be the best and the most authentic document when it comes to financial documentation. It has several parts and all should be completed in order to make sure that the authentic analysis is presented in front of the management, stakeholders and the company’s board of director so they can plan the actions and future decisions accordingly. To get the best form of audit report it is always advised to let the auditor work in an independent environment and to never come in the way of the audit that is being performed. The audit report is only authentic when it is presented to the general public with the help of detailed analysis and financial reporting ethics are also met. The audit report also ensures that the business forecasts the financial behavior to generate more profit as well as revenue so that the financial targets can be achieved. It is the audit report that also ensures that the decisions are always taken in the best interest of the business so that it flourishes and captures the market to promote the products and services. To achieve all these advantages following are some of the salient features of the audit report that should be included so that the document is deemed to be complete:

1. Auditor’s signature
The auditor’s signature is the most important part of the audit report and it is a section that validates the authenticity of this financial document. Keeping this fact in view it is something that a stakeholder or the investor should look for once the report has been presented. It should either be signed by the independent auditor or the firm that is carrying the audit on behalf of the business. Absence of this part not only makes the audit report ambiguous but according to new Nigerian accounting standards the report is not authentic and acceptable without the signature of the auditor.

2. Opinion paragraph
The opinion paragraph clearly shows the financial health of the company so this part is related to the stakeholders and the investors. It is that part of the audit report which makes sure that the investment management is handled in the most effective manner. This paragraph also ensures that the methods that are applied to extract the audit report are also mentioned by the auditor so that the validity of the claims made is confirmed. The auditor also adds the related points to ensure the expert opinion is added and the financial document is explained in more detail.

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The company income tax clearance can be obtained even if you have not started operations. You will need the services of chartered accountants to prepare and sign statement of affairs and this document would be submitted to FIRS. There would be followup by the consultant and he would also answer relevant questions before the certificate is issued. info@InnerKonsult.com

There are multiple different reasons for a business to outsource their accounting functions need. A lot of time is spent in managing books taking time away from core business cost-prohibitive in hiring a professional experienced chartered accountant, office space , electricity- bones, leave allowance etc. If you can’t hire a full-time accountant but would like all the benefits of having one, outsourced accounting functions may be the perfect solution-Think of InnerKonsult.com a firm of chartered Accountants in Nigeria

Save on Technology Expenses
There is no need to buy extra hardware and software for your accounting needs when you outsource your accounting functions. A specialized accounting functions service provider will take care of all the necessary technology. Today cloud-based accounting applications allow both client and accountant to access records through a web browser, giving you continuous access to your data. Updated information can be viewed at any time from any location, enabling you to make better decisions and run a more profitable business.

Stability
By accounting functions outsourcing, you are hiring a company and not an individual. What happens when your in-house accountant is sick and is on leave. Bills are still to be paid, deposits made and payroll fulfilled. The outsourcing accounting functions company always maintain backup for the accounting staff and therefore the work does not get affected.

Scalability
Accounting functions outsourcing helps in minimize your large investments in human resources, technology, and infrastructure and maximize your production, thereby giving an opportunity to grow

Peace of Mind
Outsourcing your accounting functions allow you the securities of knowing your financial records are up to date at all times and are available for tax purposes. A trusted company will provide practical, reliable information to help you keep up with changing regulations, financial requirements, and technology. You can be certain your books are correct.

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There are multiple different reasons for a business to outsource their accounting functions need. A lot of time is spent in managing books taking time away from core business cost-prohibitive in hiring a professional experienced chartered accountant, office space , electricity- bones, leave allowance etc. If you can’t hire a full-time accountant but would like all the benefits of having one, outsourced accounting functions may be the perfect solution-Think of InnerKonsult.com a firm of chartered Accountants in Nigeria

Reduce overhead costs
Employing a bookkeeper in-house is expensive. The cost includes not just salary but other overhead costs like payroll taxes, medical insurance plus the expense of hiring and training a new employee. By outsourcing your accounting functions, you will be able to reduce employee-hiring costs, avoid delays and minimize staff costs associated with training and benefits and huge lost on labor turnover after you have taking time to train them within and outside the company

Save Time
By outsourcing your accounting functions needs, you can stop wasting valuable time and concentrate on more crucial aspects of the business like sales and marketing, client relation etc. Let a professional take care of your accounting functions need so you will have more time to focus on what you do best and outsmart your competitors.

Access to Accounting Experts
By outsourcing accounting functions small businesses have access to chartered accountants having a wide range of experience in the area. This ensures that your books are always up to date additionally these experienced professionals, who have formal training and practical experience in many areas of accounting, can help you avoid penalties associated with inaccurate paperwork and underpayments


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Income taxes are imposed in each and every country of the world as these taxes make sure that the government has sufficient funds to carry out all the public interest related projects for the people of the country. In Nigeria the income taxes are imposed to different entities according to predefined rates which also make sure that the government collects the entire amount within time for smooth functioning. Making the best use of the phenomenon the Nigerian government has divided the taxes into several sub categories and the laws or act have been made so that there is no confusion left in this regard. The income taxes are also collected from the companies that are operating within Nigeria. The Company Income Tax Act has been regulated in this regard to make sure that the tax collecting authorities make the best use of the act to penalize or collect taxes within time.

The government has also imposed VAT or value added tax on all the consumers or buyers of the products. The VAT returns are also income taxes the returns of which are filed by the companies as well as the individuals who carry out any such transaction in open market. The commodities or the services that are bought by any person within Nigeria are subjected to VAT which is 5%. All the prices of the commodities and services are therefore set taking into view the 5% VAT which also make sure that VAT calculation becomes easy and smooth. VAT returns are filed on monthly basis and for the same reason it is also to be noted that the entity should make sure that the designated bank is visited with the proof of payment as well as the VAT returns so that in the longer run there is no issues from the government’s side in collection of tax.

Income taxes are also one of the most major sources of funding the ongoing projects for the betterment of the public that are started by the government. The Nigerian government also collects the stamp duties and all the written documents that bind the companies and individuals in agreements are the ones that fall under this form of income taxes. The stamp duties are also paid in the designated banks that the respective tax office has designated to individual or company. The commissioner of stamp duties makes sure that all the documents are submitted and are duly checked and stamped. The tax is then calculated accordingly which the entity needs to pay at the FIRS of the designated bank in this regard.

Income taxes are a source for the well being of the general public so by using the national as well as private TV channels the Nigerian government also makes sure that the message is spread throughout the country to make sure that the issue of tax avoidance and evasion are eliminated once and for all.

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Accounting and book keeping is one of the most important aspects of any business that makes sure that the best outcomes in relation to finance is given to the business. When it comes to small businesses then it is very important to note that the term small business accounting gains ever growing importance and it is all due to the fact that the small business is always looking for cost effectiveness and makes sure that the best is provided to the owners when it comes to reduction of expenses. Small business accounting should therefore aim this area as a primary work that is to be done in this regard. It is also to be noted that the best aspect of the business is its accounting software programs and the people who are controlling the respective department. Accountants and the other financial staff of the small business make sure that the cash inflow as well as the outflow is recorded in the best possible manner so that the business prospers. In order to make sure that small business accounting becomes the best prevailing idea for any small business it is advised to make sure that following areas are considered in this regard:

1. Record keeping
Small business accounting should focus on record keeping making sure that the daily record are protected and kept safe in this regard. A pro in this regard also makes sure that the business is not only run in a similar manner but the owners are also given an insight in this regard making sure that they become capable enough to handle or check the accounts when they feel doing so. In normal scenarios the record keeping is also done to make sure that the important data is kept in order and if there is any issue regarding any financial transaction then the related documents and the entries are presented that assist the case.

2. Auditing
Businesses always require loans and help from the commercial banks and for the same reason it is also to be noted that these banks before providing any kind of assistance make sure that the accounts are in order so that the credibility of the business can be concluded. Small business accounting has a dual effect as records in order show the commitment of the business with the work being done and secondly the process of auditing becomes easy and smooth. The auditing can be done in the best possible way if the accountant ensures that the records are in their respective places.

Hiring the best talent can be a daunting task but to overcome it a business owner should ensure that the people related to that respective field are not only contacted but their advice is also given importance as they always lead to the best talent. It will also make it possible for the business to get the best services related to the accounting services.


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Choosing the best online tax services is one of the most daunting tasks that one need to perform to make sure that the best services are rendered in a manner that is effective and efficient. There are several factors that a person needs to consider while the online tax services are chosen and implemented in the best possible manner. One of the several advantages of the online tax services is to make sure that the tools and services are embedded in such a manner which makes sure that the services rendered in this regard are the best and accurate. To make the best use of the online tax services the user needs to make sure that the design and layout of the software program is made in line with the requirements of the business. Online tax services are also one of the several tool that aid the business to make the returns and the related ideas more practical as they are already made in such a manner which makes sure that the best outcome always provided to the business. There are tens of thousands of online tax services that are being promoted all over the web and for the same reason before choosing one the business has to make sure that the following factors are not only fulfilled but are also practiced while the purchase is being made:

1. Price
It is one of the leading factors that decide whether a company should purchase the online tax services or not. In case the business is small then simple software would do the trick as the returns prepared in this regard are not complex at all and therefore they never require any improvement in the grey areas or being simple there are no grey areas at all. It should therefore be fairly priced to make sure that the best is provided to the business in terms of cost effectiveness.

2. Specific tools and built ins
The online tax services are used for several industries and for the same reason it is very important to note that the specific tools and built ins should be there to support the tax return collection. It is advised to make sure that these features are added by the online tax services once the order has been place. The best company is the one that makes sure that the requirements of the customers are not only fulfilled but the overall issue of the company related to tax service is also resolved in the best possible manner.

3. Knowledge of the field
It is very important to note that the organizations should only hire those practitioners or the tax agencies that have significant knowledge of the field of tax. This knowledge should be related to governmental changes as well as the organizational strategies that are industry specific. This factor will also make sure that the tax related services provided are top notch and state of the art when it comes to e-submission as well as other online services that have been approved by the government to make sure that the tax submission is facilitated.

4. Accuracy
This is the one accurate result of the tax calculation of the individual or the organization. The factor of accuracy will also make sure that the best is provided to the business within the timelines that have been defined by the government so that the return filed is also accurate. If the tax organization can take up this issue in accordance with the laws and regulations of the country then it should be hired immediately to ensure that a good and long term relationship is fostered that ensures healthy growth for both the partners in the best possible way so that the organization does not have to look for other services in this regard.



5. Customer support
Online tax services should provide the best customer support in this regard to make sure that the overall issues are not only resolved but are also fulfilled in the best possible manner. The company with the best customer service is the one that is sincere with the business and therefore it is advised to go for the ones whose customer services are rated high.


www.InnerKonsult.com Nigeria Accounting, Tax, Audit & Investigation service 08038460036,

Service audit report is an insight of what has been done by the auditor and it shows the quality of the auditor as well as the related audit that has been performed. Making a good service audit report is something that should be done without any issue and it is for the same reason that most of the auditing firms in Nigeria also make sure that the employees are specifically trained in this regard. In Nigeria the broad of directors of the company makes sure that the proper record is presented before the audit firm which shows the financial management of the company in a clear cut way. It is also to be noted that the service audit report is a backbone of any audit that is performed as it clearly shows that how good a company is when it comes to the financial management and what steps are being taken to safeguard the interests of the stakeholders as well as the investors. Making a good service audit report is of vital importance and it is one of those documents which ensure that the future of the company is decided when it comes to investment as well as the related management. Following are the factors that might change the quality of service audit report from good to bad and therefore they should be avoided to maintain an accurate record which boosts the interests of the investors as well as shareholders:

1. Presentation
The report should be presented in a well defined and professional manner as it is one of the deciding factors that ensure that the best is provided to the company and the confidence of the shareholders is boosted to a great extend. The service audit report which is not presented in a clear and professional manner give rise to ambiguities and leads the investors thinking which is considered to be fatal when it comes to financial and investment management.

2. Financial Literacy
The audit committee members should be well versed in all the related fields of the finance that are important and they should also know the implementation of the related terms in the field. If the audit committee members are not literate enough then the quality of the service audit report will deteriorate significantly leading to a situation which no member of the company wants to face anytime. The financial terms should be used in the best possible manner making sure that the services rendered are state of the art.

3. Area of influence of Audit committee team
The audit committee team should have a vast area of influence to impact the quality and the data that is presented in the service audit report. Larger the area of expertise greater will be the overall goodwill of the report leading to awesome results and making sure that the investment as well as the confidence of the shareholders is attracted in the best possible manner.

www.InnerKonsult.com Nigeria Accounting, Tax, Audit & Investigation service 08038460036,

Income tax is one of the most important components of the economy of any country and when it comes to the Nigeria the laws and related regulations make sure that the life of the tax payers is always eased so that the inflow of cash for the government remains there to support the public welfare work. Unfortunately most of the individuals and most of the companies in the country are unaware of the income tax laws that prevail in the country and hence they never pay what is being paid and how one can enjoy deductions. Though professional tax services for calculating income tax in Nigeria are there to support the individuals and the companies but still the general public should be aware of the laws according to which the income tax in Nigeria is calculated. If the laws seem to be complex then at least a general overview is mandatory to make sure that the concept of income tax in Nigeria becomes crystal clear and the individuals can take steps to make sure that the income tax is deductions are enjoyed. From companies to personal income tax in Nigeria the laws and regulation are very simple and they should be followed to ensure that the tax returns are filed within time so that the economy flourishes and gets the best results for the people at grass root level. Following are some of the forms according to which the income tax in Nigeria is collected by the government:

1. Personal income tax
It can be regarded as the first and foremost form of income tax in Nigeria. It makes sure that all Nigerians and the expats who earn their livelihood in Nigeria pay a part to the government in form of tax. Liability to pay income tax solely depends upon the fact that whether a person is a Nigerian or Non Nigerian and the amount that is earned while the entity is settled in Nigeria. The most common points that are to be noted are as follows:
A person is a Nigerian and earns the livelihood within the country.
The person has a business that is settled in Nigeria
The person is a non Nigerian and earns livelihood in the country.

2. VAT or value added tax
It is the second form of income tax in Nigeria that can be easily calculated. According to this law the purchasers of goods and services had to make sure that 5% of tax is paid on top of the sale price of the good. The Federal Inland Revenue Service or FIRS is the sole authority which makes sure that this form of income tax is collected. The mentioned authority also collects the VAT on behalf of the central, local and state governments. The sharing of the tax proceedings is also done by this authority.



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Getting the best taxes services is just like a dream come true for any business and for the same reason the businesses are looking for the similar services that not only boost the productivity when it comes to the tax department but also makes sure that the best decisions are taken which takes the business to new heights. While hiring taxes services it is always advised to make sure that some questions are always answered by the related service provider so that the best services are not only enjoyed but the business also gets the best results at the yearend which very busy for most of the organizations as there are regular audit days at that period of time. Making the taxes services a partner in process makes sure that the financial advice is seek as well as the process of audit is made clean and clear in this regard. It is also to be noted that taxes services that are the best in this regard are hired which provide cost effective work as well as the awesome results that is the need of the hour. Taxes services hired should be efficient and effective to make sure that the business gets the on time deductions and also make sure that the factor of cost effectiveness is also preserved. In order to get the best taxes services it is advised to make sure that following factors are noted and only that firm is hired which has all these characteristics in them so that the results are in line with the requirements of the business:

1. Specializations
It is the factor that very business should take care of when it comes to hiring the best taxes services as most of the organizations might not be the best fit for the business and the related industry specific needs of the client that is hiring such services. It is also to be noted that the best way is to make sure that the firm that is being hired is questioned about the abilities and the industry specific experience so that the best is chosen in this regard. Making it the prime factor will also ensure that the best is always chosen and the company in return gets the results that are required.

2. Contact frequency
It happens most of the times that even after the tax return has been filed the taxes services needs to be contacted to make sure that the questions arising afterwards are answered. It is therefore advised to make sure that the information related to contact is gathered while a firm is hired in this regard. It will ensure that first hand information about all the questions arising afterwards is not only collected but also implemented within the business tax structure.


www.InnerKonsult.com Nigeria Accounting, Tax, Audit & Investigation service 08038460036,

Small business owners must keep a very close watch on the daily activities that are being carried out in relation to their business to make sure that their business activities remain in line with their desires. It will also make sure that the idea of accounting small business also gets to new heights as it will be carried out under the direct command and control of the business owner. Small businesses are very important for the country so almost all the countries provide special privileges to them making sure that there is no hindrance in their expansion as well as growth. If the business is too small then it is always advised to adopt the ways that are cost effective and accounting small business should be carried out by the owner himself to get the best results. If the business is medium in size then it is advised to make sure that the accounting small business services that are hired follow certain rules and regulations which are considered to be extremely important for every industry. It also makes sure that the credibility of the hired organization is also judged by considering these factors. To make the idea more effective and efficient there are certain questions which the business should ask itself before the services of accounting small business are hired as they are no necessary in all cases and the business can also get the work done in a far better manner. Following are some of these:

1. Does the business needs this service?
It is one of the first and foremost questions that a business should ask itself before the service have been hired. Accounting small business can be easy and difficult at the same time for the same entity and hence making the idea one of the best requires a business to jot down all the points due to which the service is being hired. Once it has been done the business should ensure that the solution to all the issues is sought. If majority of issues can be solved in house then it is advice take the lead and do the work of accounting small business done on its own rather than hiring a company and increasing the expense.

2. Is the service hired credible enough?
For carrying out accounting small business service it is advised to always hire a company that has the best connections in the industry and they know the industrial needs in the best possible manner to make sure that the best is done to the business in this regard. It will also make sure that the best organization with the most positive reviews is hired to get the work done in the best possible manner. The idea can be enhanced by making sure that company being hired for accounting small business task is also judged according to their skill set.


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Personal Income Tax in Nigeria

Resident and non-resident individuals of a nation are subject to personal income tax (PIT) imposed upon them by that nation’s government. The income tax policy in Nigeria has gone through major updates in recent times. Individuals, whether resident or non-resident, in Nigeria are subject to tax under Personal Income Tax Act (PITA) as amended in 2011. According to PITA, the PIT is imposed by three tiers of the government – Federal, state and local, with each having its clearly demarcated jurisdiction. PITA mentions that there are certain categories of individual who pay their taxes to the Federal government. These categories contain resident individuals belonging to the Armed forces, the police, the External Affairs, residents of Abuja Federal Capital Territory (FCT) and non-residents.

Earnings of resident individuals, referred to as personal income, include income derived outside Nigeria. There are few classes of individuals who are specifically exempted from tax under PITA. The personal income tax is imposed on different sources like labour, pensions, interest and dividends. The benchmark used for tax calculation from individuals is known as the Top Marginal Tax Rate. The PIT is composed of direct assessment for self-employed individuals, and Pay As You Earn (PAYE) for salaried individuals. PAYE is a method of collecting PIT from the salaries and wages of individuals through deduction at source by employers as provided by relevant sections of the PITA. The tax is usually collected from an individual by the government of his/her residential state. The income tax rate of resident individuals varies from 7 per cent to 24 per cent on the basis of taxable income. The minimum tax rate is 1 per cent of gross income if the taxable income is below N 300,000.
Tax on non-resident Nigerians is levied on income which is based on Nigerian sources. A non-resident’s income from employment or business is taxed in the manner similar to that of a resident Nigerian. Expatriate employees of a non-resident company who are present in Nigeria for more than 183 days in a 12-month period, shall be considered as resident individuals for PIT if their employment costs are charged to a Nigerian company or borne by a fixed base in Nigeria. However, if the expatriates are liable to tax in another country that has entered into a double tax avoidance treaty with Nigeria, then such individuals shall be exempted from PIT in Nigeria.

Besides individuals, personal income tax is also collected from communities, families and trustees. PIT on a community is imposed in accordance with the law of the corresponding domicile territory. PIT on communities is levied when it is found impracticable by relevant tax authorities to assess individual incomes. A family recognised under any law or custom in Nigeria is subject to PIT if the interests of individual members of the family are indeterminate or uncertain. Trustees of settlements or trusts and executors of any estate of a deceased person are subject to PIT, and it is imposed by relevant tax authority whose territorial jurisdiction is decided by Second Schedule of PITA.
Non-taxable deductions under PITA include National Housing Fund contributions, National Health Insurance Scheme contributions, Life Assurance Premium, National Pension Scheme and gratuities.

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Choosing the best online tax services is one of the most daunting tasks that one need to perform to make sure that the best services are rendered in a manner that is effective and efficient. There are several factors that a person needs to consider while the online tax services are chosen and implemented in the best possible manner. One of the several advantages of the online tax services is to make sure that the tools and services are embedded in such a manner which makes sure that the services rendered in this regard are the best and accurate. To make the best use of the online tax services the user needs to make sure that the design and layout of the software program is made in line with the requirements of the business. Online tax services are also one of the several tool that aid the business to make the returns and the related ideas more practical as they are already made in such a manner which makes sure that the best outcome always provided to the business. There are tens of thousands of online tax services that are being promoted all over the web and for the same reason before choosing one the business has to make sure that the following factors are not only fulfilled but are also practiced while the purchase is being made:

1. Price
It is one of the leading factors that decide whether a company should purchase the online tax services or not. In case the business is small then simple software would do the trick as the returns prepared in this regard are not complex at all and therefore they never require any improvement in the grey areas or being simple there are no grey areas at all. It should therefore be fairly priced to make sure that the best is provided to the business in terms of cost effectiveness.

2. Specific tools and built ins
The online tax services are used for several industries and for the same reason it is very important to note that the specific tools and built ins should be there to support the tax return collection. It is advised to make sure that these features are added by the online tax services once the order has been place. The best company is the one that makes sure that the requirements of the customers are not only fulfilled but the overall issue of the company related to tax service is also resolved in the best possible manner.

3. Customer support
Online tax services should provide the best customer support in this regard to make sure that the overall issues are not only resolved but are also fulfilled in the best possible manner. The company with the best customer service is the one that is sincere with the business and therefore it is advised to go for the ones whose customer services are rated high.


www.InnerKonsult.com Nigeria Accounting, Tax, Audit & Investigation service 08038460036,

WHAT IS ACCOUNTING?

Every entrepreneur needs to embrace cooperate governance in Nigeria at least this is what specialists propose and consider, this will be a major step in the business word and it will discern entrepreneurs to the next and it will show business that do well and which do not. This corporate governance is about improving stakeholder value. There is need to institute well developed international standards on best practices in the management of businesses for benefits of stakeholders. The actuality of international standards would definitely give comfort to investors, creditors and regulatory agencies.

You may ask why audit should be done and also go to the length of wanting to know how the internal audit report format is supposed to be done. Today in Nigeria, audit involves the scrutiny of the account of an enterprise in sufficient details to ensure that the auditors can form an opinion based on truth and fairness and come up with a conclusive audit report or audit reports, since the opinion of the auditor is always expressed in a written audit report addressed either to those who have commissioned the audit or to those to whom the auditors may have a statutory responsibility.

As we know annual audit reports and small business accounts are produced for the attention of members of company, i.e. the shareholders. However, a much wider range of people are now interested in this annual audit reports and accounts and they include; lenders or debenture holders, employees, customers, suppliers, stockbrokers etc. in Nigeria there are certain auditing regularities like a person cannot qualify for an appointments as an auditor of a company except if he is a member of a body of accountants.

The Nigerian standards on Auditing (NSA), planning an audit of financial statements, is the local standards that governs audit planning, also on the internal audit report format and creating audit reports in general. The purpose of Nigerian standards on Auditing (NSA) is to establish standards provide a guide on the considerations and activities applicable o planning an audit and producing audit reports on financial statements. This Nigerian standards on Auditing (NSA) is framed in the context of recurring audits and the requirements o this this standard comply substantially with the ISA that is, “Panning and Audit of Financial Statements.” Planning an audit and making audit reports or making a service audit report involves the establishment of the overall audit strategy for the engagement and development of an audit plan in order to reduce audit risk to an acceptable low level.

The professional standards of the auditors in regards to how they create and produce those audit reports. They should have a code of ethics in auditing. These ethics are essential in bringing up the auditors standards and professionalism creating a relationship of chartered accountants with their clients, employers, employees, fellow members of the group and the public in general. In Nigeria the maintenance of ethical standards is the collective concern in the ICAN and members of the accounting profession.

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Nigeria has enforced double tax treaties with several countries of the world including Belgium, Canada, China and Pakistan. All the foreign companies that are working within the country also enjoy deduction in the income tax on the foreign profits that they have made. It is also to be noted that Nigeria is a member of 6 multilateral treaties providing waiver on tax filing to different countries the companies of which operate within Nigeria. All the commonwealth related companies that are operating within the country also enjoy a free income tax filing as well as 50% tax exemption provided the other country has also implemented the similar tax exemptions within their country.
Gas utilization Incentives
All the companies that are involved in the Gas utilization operations enjoy following incentives when it comes to income tax rates as well as filing:
1. Free income tax filing as well as 35% incentive on investment. Alternatively the company can also enjoy a tax free period of 3 years which can be renewed to another 2 years.
2. If the company has adopted the tax free option then an additional allowance of 15% is also granted to them.
3. Capital allowance acceleration is also provided after the tax free period finishes.
4. If the company fulfills certain conditions then a tax free dividend can also be enjoyed within the tax free period.
Petroleum profit tax incentives
1. The company that is indulged within the petroleum operations can file a free tax return if it has been filed within two months as soon as the fiscal year changes.
2. The actual tax return can also be free if it has been filed within 5 months i.e. not later than 31st May.
3. The petroleum investment allowance is also granted to the companies that work in the joint venture or JV.
4. All the onshore operations are subjected to 5% allowance when it comes to tax filing.
5. Beyond 100M depth of water the allowance that a company can enjoy is 10% on the total income generated from such operation
6. Beyond 200M eater depth the allowance to all such companies provided by the government is 20%.
In addition to petroleum allowance the government also makes sure that the annual allowance is granted to the companies in this regard. With respect to depreciation the allowance that is provided is 20% for the first 4 years including the free income tax filing.

Graduated free income tax filing has also been introduced by the government to make sure that the production is encourages within the country and this applies to all the companies irrespective of their operational areas The Nigerian government wants to make sure that the free income tax filing is provided to all the companies that are working as per the rules and regulations that have been defined by the authorities.

www.InnerKonsult.com Nigeria Accounting, Tax, Audit & Investigation service 08038460036,

Small business accountant is one of the main persons for any business as they make sure that the best is provided to the business when it comes to financial management. Empowering the small business accountant will also make sure that they work in perfect environment and play their role positively to make sure that the business prospers. Hiring a small business accountant is not an easy task at all and the business needs to make sure that several characteristics are considered before the position is filled with the perfect candidate. Small business accountant should be a person that makes sure that the best interest of the business is always preserved and the top notch services are also provided with a combination of effectiveness and efficiency. To make sure that these requirements are fulfilled it is advised to all the business to look for the best candidate while the short listing is being done. Small business accountant should be the best choice for any business as these businesses work with small finances and there is no room for any wastage of resources due to their limited numbers. Making the business a strong fortress in terms of financial management it is advised to make sure that the following characteristics are always looked for while hiring state of the art small business accountant which also acts as the best business match in every situation:

1. Confidence
Small business accountant should be confident to handle all the tasks and the abilities that are assigned to him. This position is not all about the financial management but the good accountants are also hired as the financial advisors to the companies that are the best ones in the markets. In this way the companies not only promote this talent but also make sure that full freedom is granted to them in a manner that allows them to work in independently without any interference. Some checks are there by default but special checks are never to be implemented as they hamper the confidence of the person working on such a delicate post.

2. Experience
The small business accountant that is hired to perform the task must be experienced to make sure that the best is provided to the business in this regard. This is one of the most important factors that are to be considered while hiring the person for this position. If it is not done in the best manner then there is a chance that the awful filling of the position may lead to devastating results. Allowing the business to get the best results it is always advised to consider the experience of the candidate before hiring process is completed so that in the long run the person that has been hired proves to be an asset for the organization and the business does not have to look for another candidate time and again.


www.InnerKonsult.com Nigeria Accounting, Tax, Audit & Investigation service 08038460036,

Maintaining accounts is one of the most important steps that a small business should take to make sure that the best infrastructure is established in the long run. Analyzing the profit and loss and forecasting the related analysis makes sure that the best is provided to the businesses that are working in Nigeria. Small business accounts should be maintained in a manner that getting the required record takes no time and the it is based on a record system that works at the very best when it comes to business operations. In Nigeria most of the organizations providing services of small business accounts make sure that the organizations getting their services are also helped in hard times, for instance they make sure that the business remains in the best position if any lawsuit is filed in this regard. All such organizations also make sure that the small business accounts are maintained in a highly professional manner. All regulations that are related to specific industry as well as the business are also considered in this regard. Small business accounts therefore hold importance when it comes to the related organizations as well as the companies that are maintaining them for the business. If a businessman is about to establish a business in Nigeria then it is very important to note that some key points are considered in this regard. They have been listed as under to provide a detailed review to all the businessmen who want the best:

1. Type of maintenance
It is the first and foremost consideration that a business should keep in view while outsourcing its small business accounts. Gone are the days when manual record keeping methods were used to make sure that the client records are kept up to the date. In the wake of advancement in science and technology it is very important to note that the electronic and digital filing systems are the ones that provide a detailed insight when it comes to business as well as the tax deductions which every entity dreams to have when the returns are filed. Financial forecasting in today’s business is impossible without e-filing systems.

2. Signing of contracts
It is one of the best practices that the organizations providing services in small business accounts should follow. Every time a new client or organization is taken on board it is very important to make sure that the relevant contract is signed in this regard. It will also make sure that the best services are therefore provided as per the features of the contract. An accounting firm providing small business accounts services should be analyzed by the client organization base in this feature. It will also make sure that the best services are rendered all the times and the contract is in line with the requirements of the business. This agreement will also ensure that both the organizations remain at their respective positions all the time.


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Tax payer businesses can make sure that the best deductions are not only enjoyed but are also implemented within the business tax system if the best tax service is hired in this regard. These services are the one that embed in itself the best and state of the art professionals who make sure that the business enjoys the best deductions and not even a single penny is left. Tax service should be hired as soon as the business has been started and it is very important to note that the business should allow the services to be in line with the requirements so that the returns are not only filed in a timely manner but are also reviewed and processed by the business to make sure that the relevant issues are also taken care of. Tax service requires a business to make sure that not a huge sums are spent to hire a professional tax accountant who is well versed in all forms of the tax applications and deductions that are in line with the industrial requirements. The tax service is therefore expected to have one of the best reviews of all times that have been posted onto their website by the users who have done business with the service in the past. These reviews should also be considered while hiring a tax accountant to ensure that the smooth running of the business tax operations is ensured by the tax service that has been hired in this regard. In addition to all this the business should also make sure that the tax service that is being hired in this regard has the following characteristics so that the hard earned money spent gets the maximum value:

1. The charges
There are tens of thousands of tax accountants out there who provide state of the art services to the businesses for very cheap rates due to the fact that e-filing system is being used in almost every country of the world. The business in this regard should make sure that the tax service hired is cheap and provides the value of the money it is charging in this regard. Ignoring this factor might lead to something that causes loss to the business in terms of spending.

2. Return filing system
The filing system if the tax service should be the one which makes sure that the best is provided to the business in terms of return filing system. The returns should be filed online and must be presented to the client for review and the business must choose the tax service which has this sort of attitude.

The Tax services is best handled or outsource to the professionals who know the tax rules and guidelines and use the opportunity to claim maximum allowance for the benefits of the hirer.

www.InnerKonsult.com Nigeria Accounting, Tax, Audit & Investigation service 08038460036,

The term audit report refers to the disclaimer that has been issued by the internal auditor or the external one showing all the stakeholders, investors and the board of directors that what has been done while the accounts were being checked. The effect of the audit report is always multidimensional and for the same reason it shows that what the financial health of the company indicates, what should be done to improve it, what are the investment opportunities when it comes to a particular business or what should be done by investors as well as the stakeholders to make sure that they get maximum advantage from the issue that company. The audit report should therefore always be presented in the best possible manner and when it comes to internal auditor then it is feasible to make sure that the report is presented to the board of governors before any action has been taken in relation to the outcome. The audit report is also required by several other entities that want to make sure that financial information of the company is disclosed to them if they want to do any business in this regard. Making of the audit report therefore also makes sure that the auditor is professional and knows the different terms that are related to the audit as well as the professional accounting. Making an audit report is not an easy task so the organization should make sure that an accounting firm with sound reputation is hired so the outcome is very much in line with the general accounting requirements of the organization. There are several benefits of the audit report and following are some of them explained in great detail:

1. Education of the owners
It is one of the most important features of an audit report. It makes sure that the business owners get to know their business and take necessary steps to make sure that the business integrity is persevered all the times. Business owners should work closely with the internal as well as external auditors to make sure that they discover new horizons for their business and find routes that are necessary for the expansion. Making a professional relationship with the accounting firms also ensure that the best report is generated which is error free and in line with the laws and rules of the accounting.

2. Limited issues and problems
The audit report limits the legal, tax and accounting issues for the business. If the report has been created internally then it is very important before the external audit is conducted. The internal audit report highlights all the issues that can affect the external audit and lead the business into trouble. The correct accounting and financial management information is something that is required by the business and it should be the main aim of the audit report.




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There are several types of income tax that are imposed on the individuals as well as the companies when it comes to the advanced societies of the west. But in Nigeria there are several forms of income tax that are imposed to make sure that the economy runs in a smooth manner and the government gets enough funds to back the projects of social interest. The government of Nigeria also ensures that the best possible types of income tax are provided to the companies as well as individuals so that they can file the returns in time. Following is a brief description of each and every income tax law applicable in Nigeria:

1. The personal income tax
The first and foremost types of income tax are the personal income tax. These rules are relatively tough for the people who earn their livelihoods in the country. According to this income tax rule following are the conditions according to which a person is taxed under the Nigerian income tax laws:
• If he or she is a Nigerian resident and earning in the country
• If he or she has a business in the country
• If he is not a permanent resident but still making a livelihood in the country.
A person fulfilling any of the three conditions mentioned above are taxed by the state authorities.

2. Company Income tax & Education Tax Act
These types of income tax rule have been specifically defined by the state authorities to make sure that the corporate entities are taxed. The companies that are Nigeria based are taxed according to the income they make all over the world whereas the foreign companies are taxed according to their profits. The Education Tax Act imposed by the Nigerian government also ensures that all the incorporated companies pay 2% of their assessable profits to this fund. It is also worth mentioning that incorporated company is the one that has an identity separate from its owners.

3. Petroleum profit tax
It is a form of tax that has been imposed on all those entities that are engaged in the activities related to gas and petroleum under the Petroleum Profit Tax Act or PPTA. However the government has also granted leverage in this regard so the income that is taxable under the companies income act is exempted under the Petroleum Act.

4. VAT or value added tax
It provides that the consumers of chargeable goods and services pay 5% of total value of the purchase price as tax. The VAT is handled by The Federal Inland Revenue System or FIRS that ensures that the system of VAT is maintained for the local bodies, federal government and state. The collections of the VAT are then distributed among the mentioned stakeholders.

5. Excise duties
These types of income tax are imposed on the businesses that are importing certain types of goods and services. It is also to be noted that the duty is collected by the Nigerian Customs Department who then makes sure that the earnings are forwarded to the state government who is the sole owner of all the excise duties that are collected.

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There are several tax laws that have been implanted by the government of Nigeria. One such tax is the personal income tax that has very important and basic features that should be understood by the individuals to make sure that the calculations never become an issue. The personal income tax in Nigeria is calculated according to the 2011 amendment. The rates as well as the imposition of the tax returns have been changed in this regard. In Nigeria the individuals are taxed if they meet any of the following conditions:

1. The individual is a Nigerian and making a livelihood in the country. In simple words all local Nigerians who earn and live in the country are liable to pay personal income tax.
2. The business is liable to personal income tax if it is being operated in the country. All the Nigerian companies that are operating within the country are taxed according to their income and when it comes to foreign or nonresident companies the tax is charged as per the profit that is made in this regard.

Formerly the personal income tax rates were different which were changed totally after the 11th amendment and for the same reason the personal income tax is also imposed according to the mentioned amendment. According to this amendment the consolidation tax free allowance has been changed to N200, 000 or 1% of gross income whichever is higher. In addition to 20% of gross income is also charged as tax by the government. The reimbursements and expense claims are still applicable within this law and the person can enjoy these benefits without any issue. The personal income tax exemption for the expats is only possible if the individual provides the proof that the tax returns are being filed at the home country.

The personal income tax is one of the basic requirements that the individual job or businessman needs to fulfill to ensure that the smooth processing of the public affairs run by the government keeps on moving. The amount of the personal income tax is also calculated by several income tax agents that are affiliated to number of companies working within the economy and providing the user with ease and satisfaction to carry on their affairs within time without getting into any hassle of tax calculation. The personal income tax payer also needs to file tax within the government designated banks and other channels that are authorized by the government to do so and before the tax period ends the government also runs several campaigns to create the general public awareness so that the payment of tax is never late.

PAYE calculator can be found online free of charge


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Companies Income Tax Act in Nigeria is collected from both Nigerian as well as foreign companies. The rates are however different for both entities. Nigerian companies needs to pay tax based on their worldwide income whereas the foreign companies need to pay tax on their profits that are being made as a result of their business activities. The corporate tax rate is 30% in Nigeria which has been same after the 2011 amendment as well. Company income tax is one of the most important sources of revenue collection for the Government of Nigeria. In the country the tax charging is governed by the CITA or the Companies Income Tax Act 1990 which amended in 2004.
Chargeable profits
It is one of the most important provisions of the Companies Income Tax Act. According to this following are some of the ways of earnings of the companies that are charged with tax:
1. All trade and business related activities without considering the time for which they have been carried are taxable.
2. Rent and all the premiums that are arising from the company operations are also charged with tax when it comes to Companies Income Tax. In this regard the period of rent is not considered by the government.
3. The dividends that are distributed to the share holders of public limited companies are also taxable. This is the provision 1C of the Nigerian Companies Income Tax Act where it has also been mentioned that all interests, royalties and discounts are also charged with tax.
4. The source of annual profit that does not fall within the categories mentioned above is also charged with tax.
5. Any amount the company receives in terms of profits according to the provisions that are mentioned within the income tax act is also taxable.
6. All short term fund raising acts performed by the company is also considered to be taxable under this act. It includes Federal Government security, treasury bonds, saving and debenture certificates are also charged under this act.

Where the tax has to be paid
1. All the Nigerian based companies need to make sure that the tax is paid at the source of designated bank. Once the payment has been received an e-ticket is issued which the company needs to present at the tax office within the jurisdiction of which the company office lies. The e-ticket is always issued once the payment has been captured by the bank system.
2. All the foreign companies need to make sure that the tax is deducted at source to the designated banks in this regard.

All Nigerian companies submit annual tax returns in relation to the Companies Income Tax Act whereas the foreign companies need to make sure that the withholding tax is deducted from the profits they make within Nigeria. Once the returns are filed by these companies it becomes their tax.


www.InnerKonsult.com Nigeria Accounting, Tax, Audit & Investigation service 08038460036,

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It is one of the most awesome facts of all times that small businesses work as a backbone of any country and for the same reason the Nigerian government also makes sure that their growth as well as expansion is encouraged in every possible manner. Accounting services for small business is definitely an idea that has gained widespread popularity within the business community that has been working all over the world. It is for the same reason that the related services are not only cheap but there are tens of thousands of companies working online and providing such services to the businesses worldwide. In Nigeria the small business is something that has been regarded by the government in every act or law that has been passed in this regard to make sure that these businesses are not only expanded but are also taken care of in a manner that suits them and makes sure that the progress is rapid and faster than ever. In the wake of new laws and regulations that have been passed in this regard before hiring the accounting services for small business it is advised to ensure that certain elements are seen for as they will make sure that the best is provided to the business and the related ideas are also channelized so that the processes that are developed meets the requirements of the business and makes sure that the element of profit is maximized. Below mentioned are such ideas that will help the small business owners in analyzing the accounting services for small business:

1. Location
The location of the accounting services for small business should be considered before the service is hired. This idea becomes increasingly important if the business is outsourcing its entire accounting services. It will also make sure that the best is provided to the business and it remains in touch with the company all the time. On the other hand the location factor will also make sure that the company executives or the related department is call anytime to discuss the issues and the problems that are being faced by the organization. Location factor should therefore be considered in this regard and the company should make sure that the services are acquired from the entity located close.

2. Getting the best one
Every small business wants to get the best services when it comes to accounting and for the same reason it is advised to contact the government authorities to ensure that the accounting services for small business are hired in line with their directions. The business should also make sure that the already established resources are also tapped to get recommendations so that the best is the one that it gets. Contacting the relevant people will also help to get the idea on the right line and to make sure that awful agents and services are avoided.
Accounting and finance are two of the most important services that a business should focus on to ensure that smooth running of the operations. Accounting services for small business depends upon number of factors for its successful execution and the owners should keep in mind that a good accountant is a key to success and makes it possible for the company to skyrocket its success within no time. Accounting services for small business however itself is not a very complex process as the small business finances are usually not that complex and multifarious. It never means that care should not be taken while maintaining as they are also audited by the external as well as the internal auditors so that the financial health of the business can be depicted and the stake holders can be made aware of the future of the business. It is therefore necessary for the small business owners to know the advantages that are associated with the outsourcing the accounting services for small business so that it can be implemented with full force and in the best interest of the business. In order to get an in depth knowledge following are some of the advantages of good accounting services for small business and they will also make sure that the business never gets into hassle of substandard services which is obviously a waste of time:
3. Simplification
Outsourcing accounting services for small business is something that allows the owners to run the business more effectively. Several advantages are associated with the simplification of accounting processes such as well managed information within a small period of time leading to more services and eventually more revenue. Meeting regulatory requirements is also another advantage that is associated with this idea and the idea of simplification also allows the business to close the financial year in a swift manner that leads to awesome outcomes when it comes to auditing as well as checking of financial records.
4. Greater exposure and experience
Increasing scope of accounting services for small business requires a business to outsource these to those companies that are known experts of the field. Normally the small business never take good care of their financial records with the technologies as well as the methodologies that they have built in house and the outsourcing companies are also well aware of the fact. Now there is a race for the best and all outsourcing businesses around the world are enhancing their expertise in the field to make sure that they become the first choice of any business. On the other hand the outsourcers are also ensuring that those experts are hired that have firsthand knowledge as well as experience of different accounting software programs and their functionalities.


www.InnerKonsult.com Nigeria Accounting, Tax, Audit & Investigation service 08038460036,

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The idea of accounting for small business is a complex one as the related department as well as the overall structure of the company should be in line with the requirements of the company to make sure that the outcome is the one which makes sure that the business financial forecasts are the best ones. On the other hand the company that has been hired to carry out accounting for small business should also be the one that understands the requirements that are industry related and carry out the work for the organization that is considered to be the best. The client organization also ensures that the work that has been carried out is outsourced to the company that has significant experience to carry out similar tasks as well. There are certain characteristics that are related to the organizational behavior as well as structure which should be looked for once the accounting for small business has to be outsourced in this regard. As mentioned earlier the phenomenon related to accounting for small business is not easy and therefore it is should be carried out in an extreme professional manner making sure that the following characteristics are also observed in this regard so that maximum advantage is taken by the company that is spending money in this regard to make sure that at the year end the audit is made simpler and a straightforward manner:


Accounting for small business in Nigeria is not an easy task to perform as it makes sure that the best is provided to the business owners and at the same time it also ensures that the best services are also provided to the business owners. In Nigeria most of the businesses take very good care of their finances and the tax returns due to the fact that they maintain a state of the art team that makes sure that accounting for small business is not a big deal at all. In order to ensure that the best services are enjoyed by all the businesses when it comes to accounting for small business it is advised to follow the below mentioned steps so that the process not only remains safe and secure but also gives the best to its owners:

1. Keeping things separate
It is the first and foremost thing that a business needs to follow to make sure that the things never get complex in this regard. In simple words it is to be noted that all the expenses that are not related to the business should be recorded separately to ensure that the main accounting for small business is never disturbed. These expenses include paying school fees or a personal expense. To keep the accounting for small business in order it is advised to always record them as a transaction so that the records are kept and maintained in the best possible manner.

2. Calling the best talent
As explained earlier accounting for small business is not an easy task as most of the business owners think. Highly experienced talent is therefore required to ensure that the recording and book keeping is done in a manner which is exactly on line with the requirements of the business. Accountants are the most trusted employees of the small businesses hence they should be the ones that are experts of the field so that unexpected never occurs and the transactions are recorded accordingly.

3. Software related help
In the past when the software programs for the accounting firms or employees were not developed there was a significant chance of human error leading to bad book keeping. Accounting for small business therefore requires the best possible way to make sure that human error is almost eliminated. This can be done in the best manner by making sure that the automated software programs are used for the business. These software programs also ensure that the business and personal expenses are kept as separate as possible and it can also handle all the backend crossover expenses as well.

4. Daily check
All the small business owners should make sure that the finances are checked every week for at least 30 minutes and during this time noting else should be prioritized. All the important income and cash flow statements should be checked which ensures that the accounting for small business becomes an idea that helps the business instead of becoming burden.


5. Reporting
The reporting is one of the most basic features of accounting for small business and the organization that has been hired to do the work should make sure that the client is always kept up to date when it comes to daily progress and the related ideas about which the client should get themselves aware. Making the idea of accounting for small business the best one is only possible if the reporting is done within time and in line with the requirements of the organization so that the element of trust remains there and the relationship becomes stronger than ever. The element of reporting is of great help when it comes to quality work within the given timelines.

6. Accountability
The organization carrying out accounting for small business should keep itself ready for the element of accountability and this should be the first and foremost feature of the contract that is signed between the two organizations who start to work in this regard. This will also ensure that the outsourced work meets the quality and the end product is one that is desired by the organization that is spending money in this regard. Once it has been done them quality as well as on time service is no match at all. This element of accountability will also ensure that systematic procedures are introduced to get the work done in quicker, faster and effective manner.


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