An opportunity. File your Company Income Tax Returns in Nigeria here. This is a rare opportunity. This articles details on how you may file your CIT returns through us. This is how to file company income tax return in Nigeria and the associated penalty for late filing. You can check out via www.firs.gov.ng portal. We hereby give you the opportunity of filing your company income tax annual returns through us. So, File your Company Income Tax Returns in Nigeria here.
As a matter of fact, every company is required to file annual tax returns with FIRS. And, even if your company is exempted by the law from paying tax, you still have to make this returns. For new companies, such returns should be filed within eighteen (18) months of incorporation. Otherwise, that’s done 6 months after accounting year end, whichever comes first.
File your Company Income Tax Returns in Nigeria here – Requirements for CIT Returns:
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Whether an existing or new company, procedures are almost the same. Every company at this time should have been allotted a TIN. Once TIN is in existence, meaning, your firm is already in the tax net, normal procedures follow.
But for new companies, it’s advised that you know how to keep some financial transaction records. The MD/CEO must be aware of the tax essentials and work towards keeping them early enough. Therefore, he/she must resolve right from the beginning how to keep good business records. Recording all business transactions, even the smallest petty cash payments. That is the basis for your tax preparation. Click here
Set Up a Managment Informtion System
As a matter of fact, start by setting up an information system of capture, record, and preserve business income and expenses. This system should include two important financial reports that you can get from your accounts clerk. These are:
- An income statement (profit and loss statement) showing business income and expenses monthly, and updated to a year’s total.
- In addition, is the balance sheet. This shows the firm’s financial status at the end of each month, quarter, and year.
The Simple Approach On File your Company Income Tax Returns in Nigeria here
Now you can achieve these if you can do the following:
- Capturing all business expenses is most important thing to do. This is because, any allowable expenses for tax purpose not captured can’t be deducted as business expense. The implication is that you will declare more Net profit on which you will be paying the tax.
- Again, design a good classification for your expenses. The group will inlude those related to cost of sales/production, and those for administrative purposes.
- In addition, you need a full record for fixed assets. This means your fixed assets register must be in place and updated. The reason is that the normal depreciation calculation used for income ascertainment in your P & L (profit and loss account) is not an allowable expense by the tax authority. You will need to rework this using FIRS statutory provisions for Capital allowance.
Get Help With Your Tax Returns Now
In fact, at this time, you need help in the preparation of your financial statements and tax computation.
You have to get a business tax advisor who should be a key member of your support team – a tax consultant. In fact, the external auditor will do all of these for you. So, as soon as you can, find an accountant/tax consultant who can review your financial situation monthly and quarterly and yearly. Many busines people neglect this. And I tell you, it’s more costly not to have one.
Complete Full Marks Consultants Limited is a firm of Chartered Accountants, Auditors, Taxation and Management Consultants, and we do this for many firms already. If you contact us, we have the capacity and the necessary network to carry out all of these assignments for you. That is why, this post is “File your Company Income Tax Returns in Nigeria here”.
Our contacts are this website as number one, then +234 8034347851 and email@example.com.
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Founder/Managing Partner of Complete Full Marks Consultants Ltd. An Economist turned Chattered Accountant and Tax Practitioner with over 37 years of industrial experience.