We all know Tax is a compulsory payment for businesses.

But is it very convenient to pay 20% or 30% tax every year?

Your answer is probably....NO

There are many ways to reduce your tax liability within legal means.

The FIRS and State tax authorities can do a desk or field audit and ask you to pay N20 million as tax.

Since you don't know much about Taxation, you'll just have to pay before you can get your Tax Clearance Certificate (TCC).

Without a TCC, you can't bid for contracts or secure funding/grants and special loans for your business.

Let me give you an example. We had a client that is into Solar business who contacted us for Tax assistance last year.

He made Sales of over 200m in 2021 from Selling solar panels, inverters and installation services.

FIRS audited his company and did a computation of 54m as Companies Income Tax, Withhoding Tax, Value Added Tax (including penalties & interest).

The first thing we determined from our experience is that - the grade of solar panels he sells are exempted by Tax law from Value Added Tax.

He was pleasantly surprised!

We were able to knock off most of the Withholding taxes that they had wrongly calculated, and the Companies Income tax as well.

His tax liability eventually came to N2.1million from the N54 million that was calculated by FIRS.

Where does your business stand right now with the FIRS or State Inland revenue service?

Or are you waiting for them to send you a letter of Audit or block business accounts for failure to remit tax?

Interestingly, for some of our clients, they find out that they're not eligible to pay taxes yet.

Although, every business is required to do what we call "Annual tax returns filing" and monthly filing for Value Added Tax and Withholding Tax even if there are no business transactions for the month.

That means, every year to submit financial statements even if you are exempted from paying taxes. There's a penalty for not doing so!

Call us to discuss further or seek our advice. 07011188844 (call or WhatsApp)

#taxmanonline

A Full stack software Developer is needed for immediate employment in Lekki, Lagos. Please send your CV or profile to 07011188844 on WhatsApp or peakhillconsult@gmail.com.

Please share with friends.

A full stack Web developer is needed at a company in Lekki. Contact 07011188844 directly on WhatsApp or email peakhillconsult@gmail.com with your profile.

If you want to relocate to Canada, UK, Australia, Germany...

The fastest way is through securing a Job offer with a company in any of these countries.

Technology related skills are in high-demand in these countries

Google, Banks, Oil Companies, Amazon, Survey Monkey, Twitter, Andela, Banks etc. all hire Software Developers.

In Australia, a Full Stack Developer earns up to $110,000/year.

8 out of 10 provinces in Canada are offering permanent residence permits to Immigrants with these skills.

Skills like Software developer, Cybersecurity Engineer etc.

11 of our Tech Academy graduates from last year have relocated through job offers to Netherlands, Australia, Canada, Norway & US.

Unlike other immigration streams, when relocating through a Job offer, you don't need to provide any proof of relocation funds (the usual 5 - 8m) in your bank account.

The company sorts everything out. They process your work permit/visa and offer you a monthly salary.

And after a number of years (5 years for Canada & UK), you can apply for citizenship.

So who can become a Software developer?

Anyone. Absolutely anyone.

Boy or Girl. Student or Graduate or even Dropout.

Even a Literature or Philosophy graduate.

It doesn't matter if you graduated with a 3rd class.

The skill is what companies are looking for.

Another interesting one is..

Google's new employment policy says they now hire Developers even without school certificates (no Bsc or School Cert.)

All you need is top quality training and coaching offered by Business247 Academy

So what will you benefit by taking our Software Developer training program?

1. You'll learn the Skill and get a Software Developer Certificate recognised globally.

2. Foreign companies can recruit and relocate you & your family abroad

3. You can get full time jobs in Nigeria & flexible/remote jobs abroad when you complete the training.

4. You can also start your Technology company; building websites and Applications for clients.

5. We'll give you a Job application guide to help you secure jobs globally and the Business Starter guide for those that want to start businesses with their skills.

Our next training program starts: 30th April 2022

- Full Stack Web Developer
- Front end Web Developer
- UI/Ux Developer
........
Weekday classes (14 weeks) - N200,000
Weekend classes (16 weeks) - N200,000
Virtual classes - N150,000

*All fees are currently on 25% discount. Discount ends on 22 April.

*Payment is payable in 2 installments.

Address:
Lagos - 2nd Floor, The Plaza, Alpha Beach Road, Lekki.
Abuja - Business247 Centre, Denoyabs Hotel, Off Arab road, Kubwa Abuja

Contact the official WhatsApp channel for more details and payment - 09012262552

If you want to relocate to Canada, UK, Australia, Germany...

The fastest way is through securing a Job offer with a company in any of these countries.

Technology related skills are in high-demand in these countries

Google, Banks, Oil Companies, Amazon, Survey Monkey, Twitter, Andela, Banks etc. all hire Software Developers.

In Australia, a Full Stack Developer earns up to $110,000/year.

8 out of 10 provinces in Canada are offering permanent residence permits to Immigrants with these skills.

Skills like Software developer, Cybersecurity Engineer etc.

11 of our Tech Academy graduates from last year have relocated through job offers to Netherlands, Australia, Canada, Norway & US.

Unlike other immigration streams, when relocating through a Job offer, you don't need to provide any proof of relocation funds (the usual 5 - 8m) in your bank account.

The company sorts everything out. They process your work permit/visa and offer you a monthly salary.

And after a number of years (5 years for Canada & UK), you can apply for citizenship.

So who can become a Software developer?

Anyone. Absolutely anyone.

Boy or Girl. Student or Graduate or even Dropout.

Even a Literature or Philosophy graduate.

It doesn't matter if you graduated with a 3rd class.

The skill is what companies are looking for.

Another interesting one is..

Google's new employment policy says they now hire Developers even without school certificates (no Bsc or School Cert.)

All you need is top quality training and coaching offered by Business247 Academy

So what will you benefit by taking our Software Developer training program?

1. You'll learn the Skill and get a Software Developer Certificate recognised globally.

2. Foreign companies can recruit and relocate you & your family abroad

3. You can get full time jobs in Nigeria & flexible/remote jobs abroad when you complete the training.

4. You can also start your Technology company; building websites and Applications for clients.

5. We'll give you a Job application guide to help you secure jobs globally and the Business Starter guide for those that want to start businesses with their skills.

Our next training program starts: 30th April 2022

- Full Stack Web Developer
- Front end Web Developer
- UI/Ux Developer
........
Weekday classes (14 weeks) - N200,000
Weekend classes (16 weeks) - N200,000
Virtual classes - N150,000

*All fees are currently on 25% discount. Discount ends on 22 April.

*Payment is payable in 2 installments.

Address:
Lagos - 2nd Floor, The Plaza, Alpha Beach Road, Lekki.
Abuja - Business247 Centre, Denoyabs Hotel, Off Arab road, Kubwa Abuja

Contact the official WhatsApp channel for more details and payment - 09012262552

If you want to relocate to Canada, UK, Australia, Germany...

The fastest way is through securing a Job offer with a company in any of these countries.

Technology related skills are in high-demand in these countries

Google, Banks, Oil Companies, Amazon, Survey Monkey, Twitter, Andela, Banks etc. all hire Software Developers.

In Australia, a Full Stack Developer earns up to $110,000/year.

8 out of 10 provinces in Canada are offering permanent residence permits to Immigrants with these skills.

Skills like Software developer, Cybersecurity Engineer etc.

11 of our Tech Academy graduates from last year have relocated through job offers to Netherlands, Australia, Canada, Norway & US.

Unlike other immigration streams, when relocating through a Job offer, you don't need to provide any proof of relocation funds (the usual 5 - 8m) in your bank account.

The company sorts everything out. They process your work permit/visa and offer you a monthly salary.

And after a number of years (5 years for Canada & UK), you can apply for citizenship.

So who can become a Software developer?

Anyone. Absolutely anyone.

Boy or Girl. Student or Graduate or even Dropout.

Even a Literature or Philosophy graduate.

It doesn't matter if you graduated with a 3rd class.

The skill is what companies are looking for.

Another interesting one is..

Google's new employment policy says they now hire Developers even without school certificates (no Bsc or School Cert.)

All you need is top quality training and coaching offered by Business247 Academy

So what will you benefit by taking our Software Developer training program?

1. You'll learn the Skill and get a Software Developer Certificate recognised globally.

2. Foreign companies can recruit and relocate you & your family abroad

3. You can get full time jobs in Nigeria & flexible/remote jobs abroad when you complete the training.

4. You can also start your Technology company; building websites and Applications for clients.

5. We'll give you a Job application guide to help you secure jobs globally and the Business Starter guide for those that want to start businesses with their skills.

Our next training program starts: 30th April 2022

- Full Stack Web Developer
- Front end Web Developer
- UI/Ux Developer
........
Weekday classes (14 weeks) - N200,000
Weekend classes (16 weeks) - N200,000
Virtual classes - N150,000

*All fees are currently on 25% discount. Discount ends on 22 April.

*Payment is payable in 2 installments.

Address:
Lagos - 2nd Floor, The Plaza, Alpha Beach Road, Lekki.
Abuja - Business247 Centre, Denoyabs Hotel, Off Arab road, Kubwa Abuja

Contact the official WhatsApp channel for more details and payment - 09012262552

Do you want to start a new career path?

OR

are you just tired of what you do currently?

Let me help you with a few ideas – some of the highest paying professions:

Management Consulting | Investment Banking | Software Development | Human Resources | Data Analysis | Taxation | Accounting & Audit

1. MANAGEMENT CONSULTANT

You’ve probably heard someone say “I’m a Consultant” or “I’m an Analyst” or ”I work in a consulting firm”

But what is this profession really about?

Let’s use familiar brands like Zenith Bank, CocaCola and Google to illustrate

When Google wants to restructure its operations in Nigeria, a consulting firm would be asked to run a Current state assessment

Followed by research, staff interviews, analysis of numbers and a detailed report analysing all possible expansion and innovation options – no. of branches in different states, who best fits each new position, what digital products are best sold in Nigeria/Africa etc.

Then implementation – all the action points in the report will be implemented one after the other by you, the Management Consultant and your team.

In the case of Zenith Bank….

Assuming Zenith Bank made N70bn Income in 2021 but despite that, the bank only reported N10bn as profit.

Definitely, N60bn would have been spent on day-to-day expenses in the year.

The Bank’s board of directors would call consulting firms to independently analyse each item of cost & expenses and report on those yearly expenses that can be stopped or optimised (let’s explain this).

Optimising an expense is when for instance, the bank develops an automation software/technology that can reduce the number of staff doing a particular task so they can now focus on other productive stuff.

Beyond this, Management consultants do so much for Banks, insurance companies, Technology and financial services firms including: Internal Audit, Business process review, Cost optimisation, Business expansion & Transformation, Project & Product Management services, Customer Relationship Management services.

When CocaCola wants to release a new product, it would hire a consulting firm

The Management consultants would determine if the product is viable through surveys, then when, where and how to market these products, and analyse the potential income and worst case loss scenarios.

You see…companies can’t do without Management Consultants and that’s why all the major banks and Oil companies sign contracts with consulting firms every year to help them keep surviving.

Small and Medium scale companies and NGOs also use the service of Management Consultants.

Where do Management Consultants work?
Because of the depth of business knowledge and experience they obtain from solving business problems for various clients:

Apart from the typical consulting firms that hire Management consultants – PWC, KPMG, Ernst & Young, Deloitte, McKinsey& Company,

their services are highly sought after in various companies Oil & Gas (Mobil, Forte etc.), Dangote, Beverages/Drinks companies (usually called FMCG), Andela, Google and any company you can think of.

If any of this interests you:

You will be trained at the Business247 Career Academy

By experts who have worked in the Big 4 consulting/audit firms like KPMG and Ernst & Young, and professionals that work in multinational banks, Investment companies etc.

What else does the Academy offer?

- 2 months intensive training by seasoned professionals with 5 – 15 years’ experience from multinationals like KPMG, EY, GT Bank, MTN etc.
- 90% practical training by Case studies, Group Tasks, Solving real world company problems
- Internship program with a partner company (with Letter of Employment).
- Career Activation Program – Job Placement & CV alignment.
- Certificate of Completion

In 2021, this academy graduated [/b]a total of [b]426 people, many of which are now employed.

Contact the Academy’s front desk on the official WhatsApp channel.

Send a WhatsApp message to 09012262552


Business247 Career Academy is powered by Reel & Rith Consulting
www.reelandrith.com

Physical training in Lagos & Abuja only. Online training also available.

Do you want to start a new career path?

OR

are you just tired of what you do currently?

Let me help you with a few ideas – some of the highest paying professions:

Management Consulting | Investment Banking | Software Development | Human Resources | Data Analysis | Taxation | Accounting & Audit

1. MANAGEMENT CONSULTANT

You’ve probably heard someone say “I’m a Consultant” or “I’m an Analyst” or ”I work in a consulting firm”

But what is this profession really about?

Let’s use familiar brands like Zenith Bank, CocaCola and Google to illustrate

When Google wants to restructure its operations in Nigeria, a consulting firm would be asked to run a Current state assessment

Followed by research, staff interviews, analysis of numbers and a detailed report analysing all possible expansion and innovation options – no. of branches in different states, who best fits each new position, what digital products are best sold in Nigeria/Africa etc.

Then implementation – all the action points in the report will be implemented one after the other by you, the Management Consultant and your team.

In the case of Zenith Bank….

Assuming Zenith Bank made N70bn Income in 2021 but despite that, the bank only reported N10bn as profit.

Definitely, N60bn would have been spent on day-to-day expenses in the year.

The Bank’s board of directors would call consulting firms to independently analyse each item of cost & expenses and report on those yearly expenses that can be stopped or optimised (let’s explain this).

Optimising an expense is when for instance, the bank develops an automation software/technology that can reduce the number of staff doing a particular task so they can now focus on other productive stuff.

Beyond this, Management consultants do so much for Banks, insurance companies, Technology and financial services firms including: Internal Audit, Business process review, Cost optimisation, Business expansion & Transformation, Project & Product Management services, Customer Relationship Management services.

When CocaCola wants to release a new product, it would hire a consulting firm

The Management consultants would determine if the product is viable through surveys, then when, where and how to market these products, and analyse the potential income and worst case loss scenarios.

You see…companies can’t do without Management Consultants and that’s why all the major banks and Oil companies sign contracts with consulting firms every year to help them keep surviving.

Small and Medium scale companies and NGOs also use the service of Management Consultants.

Where do Management Consultants work?
Because of the depth of business knowledge and experience they obtain from solving business problems for various clients:

Apart from the typical consulting firms that hire Management consultants – PWC, KPMG, Ernst & Young, Deloitte, McKinsey& Company,

their services are highly sought after in various companies Oil & Gas (Mobil, Forte etc.), Dangote, Beverages/Drinks companies (usually called FMCG), Andela, Google and any company you can think of.

If any of this interests you:

You will be trained at the Business247 Career Academy

By experts who have worked in the Big 4 consulting/audit firms like KPMG and Ernst & Young, and professionals that work in multinational banks, Investment companies etc.

What else does the Academy offer?

- 2 months intensive training by seasoned professionals with 5 – 15 years’ experience from multinationals like KPMG, EY, GT Bank, MTN etc.
- 90% practical training by Case studies, Group Tasks, Solving real world company problems
- Internship program with a partner company (with Letter of Employment).
- Career Activation Program – Job Placement & CV alignment.
- Certificate of Completion

In 2021, this academy graduated [/b]a total of [b]426 people, many of which are now employed.

Contact the Academy’s front desk on the official WhatsApp channel.

Send a WhatsApp message to 09012262552


Business247 Career Academy is powered by Reel & Rith Consulting
www.reelandrith.com

Physical training in Lagos & Abuja only

A Technology consulting firm is looking for a Full Stack Developer. Send your CV. and/or profile to taxmanonline365@gmail.com

Youth Corpers or Fresh Graduates are encouraged to apply.

Share with friends & colleagues.

A Technology consulting firm is looking for a Full Stack software Developer. Send your CV and/or profile to taxmanonline365@gmail.com

Youth Corpers or Fresh Graduates are encouraged to apply.

Share with friends.

What you Should Know:

---

- The FIRS requires that all companies submit specific returns on an annual basis. These returns comprise the Financial statements, showing profit or loss for the business and other asset/liability positions, and Tax Computation for each year.

- All companies that fail to render these annual returns will have to pay compulsory penalties, computed on a monthly basis e.g. N50,000 per month for late filing. These penalties combined with interest and tax liabilities often run into millions of naira in some cases.

- The FIRS may enforce these compulsory tax payments by: liaising with banks to block Company bank accounts, denying companies the collection of their Tax clearance certificates or even placing the office premises under lock and key.

The great news is "FIRS, as a COVID 19 Palliative, is waiving accumulated penalties for all companies until 31 December 2020. 

What to do Next?

---

e
- Submit Financial Statements and Tax Computation to the FIRS immediately before 31 December, 2020. That's all you need to do.

If you need assistance or clarification, you can send an email to taxmanonline365@gmail.com or Call/WhatsApp on 09012262552.
#TaxmanOnline