Tax Advisory, Planning and Preparation
Our firm offers professional preparation of all federal, state, and local tax returns at competitive, affordable rates.
Tax Advisory Services
Our firm has the right resources and the required expertise and experience and is capable of handling the tax affairs of individuals and organizations. Our Managing Partner, Mr. Muyideen Rufai has over twenty years experience on taxation issues and has provided professional advice to various organizations in the construction, banking and finance, manufacturing, petroleum, trading, and other commercial enterprises. These services have been provided in all aspects of taxation, and in particular, corporate and personal taxes, value added tax, withholding tax, education tax, and capital gains tax.
Corporate Tax Compliance
This involves the following, among others:-
Preparation of income tax, education tax and capital allowances computations based on the company's audited financial statements
The rendition of tax returns which must be done not later than 6 months after the end of a company's financial year-end
Attending to queries issued by the Federal Inland Revenue Service (FIRS) on the returns filed on behalf of the company. Necessary documents and information will have to be provided by the company to satisfy the requirements of the tax authorities.
Negotiating with the tax authorities with a view to achieving the best possible position for the company.
Making necessary tax payments on behalf of the company ensuring that late payments are avoided because of attendant penalties for such late payments and obtaining official receipts for all payments.
Procuring tax clearance certificates on annual basis for the companies once all taxes due have been paid.
Monitoring any taxes suffered at source by the companies through the process of withholding taxes and ensuring that credit is granted for same.
We shall hold regular meetings with management so that we are fully conversant with the company's future plans and thereby build in tax planning measures from the onset and ensure that the company?s tax exposure is at the minimum. In particular, we shall plan for minimization of tax exposure by ensuring:
The adoption of appropriate expense headings
The maximum claim of all reliefs due
Capital expenditure planning (where appropriate)
The prompt rendition of returns and payment of taxes to avoid payment of penalties
Our firm continuously monitors federal, state, and local tax law changes to allow its clients to minimize current and future tax liabilities. If necessary, we can implement tailor-made due-date tax compliance monitoring systems to prevent costly interest and penalty assessments attributable to late filing. Of course, we offer full tax preparation and filing services.
Pay as you earn (PAYE)
We can render the following services:
Assistance in completing Income Tax Forms for employees
Ensuring the grant of all relevant tax reliefs to employees
Preparation of payroll and advising the company of tax payable on a monthly basis
Obtaining as and when required, tax clearance certificates for employees
Giving general and ancillary advice on PAYE rules and regulations whenever there are changes
For an efficient and effective PAYE administration, we shall rely on the companies to supply us with necessary information and documents as and when required.
Value Added Tax
The VAT law imposes heavy penalties for non-compliance in rendering returns and making payments as necessary. We can assist the company in achieving full compliance with the provisions of the VAT law.
Tax Audits and Investigations
Under the self-assessment tax system which the country has adopted, a regular tax audit is one of the features of the system. We can assist and fully support the company if and when the authorities of the FIRS wish to conduct such an audit. Tax investigations are rare. If any comes up, we can give guidance and full support to the company before, during and after the exercise.
Withholding tax management and compliance
There is a withholding tax system in place in Nigeria under which certain payments are subject to deduction of withholding tax. Such taxes must not only be deducted but must also be paid over to the relevant tax authority within the time stipulated for such action. We can guide and assist the company in attaining full compliance. Where the company has suffered tax at source on its income, we shall ensure prompt processing of grant of credit once all the required documents are in place.