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Vantage Premier's Nigeria office supports business owners with:
• Annual accounts and Corporation Tax returns
• Self Assessment tax returns
• Bookkeeping and payroll
• Companies House filings and confirmation statements
• Director identity verification for UK and overseas directors

Whether accounts are due, a filing has fallen behind, or more proactive support is needed, Vantage Premier can help, locally in Nigeria.

Vantage Premier is a firm of Chartered Accountants, an HMRC-registered tax agent and a Companies House Authorised Corporate Service Provider (ACSP).

Reach out today to speak with the team about your UK accounting needs.

📍 Supporting businesses nationwide
🌐 www.vantagepremier.com
📧 enquiries@vantagepremier.com
📞 Call/WhatsApp: +44 7356 054730 +234 703 269 1828
📱 Instagram & LinkedIn: @vantagepremier

As business owners, filing your Annual Returns with the Corporate Affairs Commission (CAC) isn’t just a legal requirement but also good stewardship. Even the Scripture teaches us that “it is required of a steward that he be found faithful.” Staying compliant with CAC obligations is one practical way to show faithfulness in the work God has entrusted to your hands.

Many people mix up filing Annual Returns with CAC, thinking they are the same as filing with the NRS (previously FIRS). Annual Returns with the CAC are a yearly confirmation that your business is still active. Timely filing helps you:
- Maintain credibility for contracts, grants, and business opportunities that come your way.
- Keep your company status active
- Avoid penalties / backlogs

If you're unsure whether your company is due for filing, let us know by sending an email. We will be happy to guide you.

A lot of business owners are working hard, but at the end of the month or year, there is nothing to show for it. This is not because the business isn't making money but because the records are incomplete, scattered or not even updated.

With disorganised books, you will think you're making profit but you're actually running at a loss. You will also not easily track your debtors or suppliers for prompt chasers. Most of you can't plan, budget or grow the business, making you feel like you are starting from ground zero every month.

If you are tired of working hard without financial clarity, send us a message. Let's help you put proper structures in place.

Hi Mommaj,

You are right to ask this with your accountant.

Under Nigerian Tax rules, PAYE Tax is supposed to be remitted to the state where the employee actually lives and works, not necessarily where the company is located. So if you work remotely and live in Delta, your PAYE should be paid to Delta State.

Remitting your PAYE to Lagos can cause issues later when you need things like Tax Clearance Certificate, Govt accreditation etc.

What your company rep means by “you can file personal or individual tax” is that you can register separately in Delta and pay your own Direct Assessment tax. However, this can sometimes mean extra cost, depending on what Delta assesses you to owe. Registration is free and filing is free, but the tax itself is not free — and you may end up paying again even though your PAYE was already remitted to Lagos.

The best solution is for your employer to remit your PAYE to Delta since that's where you reside.

There is lot of misinformation flying around about "VAT on bank transfers".

Let's be clear: VAT is not charged on the amount you transfer.

What attracts VAT are the bank charges like transfer fees, USSD charges, POS fees, Card issuance and similar banking services. That has always been the law.

The next question is why some banks are starting to collect it from 19 January 2026. This is because enforcement has been tightened, and not because a new law was introduced i.e. The 2025 Tax Act.

This is an existing VAT obligation that banks are now required to apply transparently and remit properly.

Important way of differentiating it:
* Money transferred ==> No VAT
* Bank charges ==> VAT applies.

Example scenario:
Transfer of N50,000 from a GTBank to a Zenith Bank.

- Money transferred = N50,000
- Bank charges:
* Stamp duty = N100
* Transfer fee = N50
* VAT = (7.5% * N50) = N3.75

Based on the above example, the VAT is N3.75 on the Bank transfer fee.

Hope this clarifies things.

From 1 January 2026, a new Tax Act came into effect in Nigeria, and many business owners have expressed confusion, frustration, and uncertainty about what it means for their business operations. The truth is, while the law introduces several changes, it actually favours small businesses, especially those with modest turnover and limited fixed assets.

If you run a small or growing business, this update is worth understanding. It could significantly reduce your tax burden and help you plan better for the year.

Who Does the New Tax Act Favour?
The new law provides tax relief for businesses that meet both of the following thresholds:
- Annual turnover of N100 million or less, and
- Fixed assets valued at N250 million or less
If your business falls within these limits, you are classified under the small business category for tax purposes.

Key Tax Exemptions for Small Businesses
1. Companies Income Tax (CIT)
2. Capital Gains Tax (CGT)
3. The Newly Introduced Development Levy
These exemptions are designed to reduce the financial pressure on small enterprises and encourage growth, reinvestment, and sustainability.

Why Proper Record Keeping Matters More Than Ever
Even though small businesses are exempt from certain taxes, you must be able to prove that you qualify.

This is where proper record keeping becomes essential.

Accurate records help you:
- Track your revenue to confirm you remain under the N100m turnover threshold
- Monitor your fixed assets to ensure they do not exceed N250m
- Prepare reliable financial statements
- Respond confidently to any regulatory queries
- Make informed decisions about pricing, spending, and growth
Without proper records, a business may mistakenly fall into a higher tax category, or struggle to defend its exemption status.

To take full advantage of the new Tax Act:
- Review your turnover for the past year
- Assess the value of your fixed assets
- Ensure your books are up to date
- Maintain proper documentation for all transactions
- Monitor your financial position throughout the year
Understanding your numbers is the only way to know which tax category you fall under and whether you qualify for the exemptions.

The new Tax Act is not something to fear. In fact, it offers meaningful relief for small businesses across Nigeria. By keeping proper records and understanding where your business fits within the new thresholds, you can avoid unnecessary penalties and make better financial decisions.

This is a positive development for small business owners, and an opportunity to strengthen your financial management practices for long‑term growth.

Let me know your thought and concerns.

Many Nigerian business owners struggle with reconciling transactions, understanding their true profit, and keeping track of cashflow. These challenges often lead to inaccurate financial decisions, cash shortages, and even penalties from regulators.

Some of the most common issues include:
- Incomplete or inconsistent records
- Difficulty identifying actual profit vs cash in bank
- Poor cashflow visibility
- Late filings and compliance breaches, leading to penalties by the Tax regulator.
- Lack of reliable financial reports

These problems slow down growth and expose businesses to unnecessary risks.
With proper accounting systems, reconciliations, and compliance processes, business owners can gain clarity, avoid penalties, and make better decisions.

If you’re experiencing any of these challenges, it may be time to review your financial processes and ensure your accounting framework is strong enough to support your business growth.