Azeez Taoreed Abiodun & Associates

07/09/2024

Regular Audits and Reviews

Regular audits and reviews of your business’s financial records are essential for accuracy, compliance, and fraud prevention. By keeping your records up-to-date and aligned with legal standards, you’ll maintain the integrity of your financial data and gain valuable insights for better decision-making. Don’t risk costly penalties—stay prepared, stay compliant, and keep your records clean. Find out why regular audits are key to your business's success with

Azeez Taoreed Abiodun & Associates
#08032516587 #

29/08/2024

Dear Accountants, refusing to RESPOND to a Notice of Assessment just because you don’t agree with the assessment is a wrong Tax move!

Please whenever your company receives a notice of assessment from the RTA, always remember that the assessment only becomes final after 30 days of receiving it, and your refusal to respond within that period automatically means you consent to it.

Incase you’re wondering what a notice of assessment is, ***it is a statement of tax payable issued by a tax authority after careful review of tax returns filed by a tax payer.

Now that we understand what it means here are some quick steps on how to react when you receive such notice:

🔘 Upon receipt of a notice of assessment from the RTA, you either AGREE with the assessment or AGGRIEVED.

🔘If you AGREE with the notice of assessment, you can go ahead and remit the the tax payable within the stipulated time limit.

🔘If you disagree with the assessment, then you are expected to RAISE A NOTICE OF OBJECTION within 30days of receipt of such notice with reference to Sec. 69 (2) of CITA.

🔘Upon receipt of the valid notice of objection, the RTA will examine the GROUNDS OF OBJECTION to determine thier validity. If the grounds are valid, the RTA would issue a revised assessment upon which payment would be made.

🔘 Where the RTA believes there is no merit in the notice of objection, then a NOTICE OF REFUSAL TO AMEND would be sent to you.

🔘 If still aggrieved by the notice of refusal, then you can file a NOTICE OF APPEAL to the Tax Appeal Tribunal (TAT) within 30days of receipt of the notice of refusal.

🔘 Upon receipt of the Tax appeal by the Tax Appeal Tribunal, a hearing of both parties would be organized and the grounds of appeal examined.

🔘 Where the appeal is successful, a decision is taken & passed to the RTA responsible for raising a revised assessment. If you are satisfied with the decision of the TAT, then payment is effected within the stipulated time frame.

🔘 In a case where the decision of the TAT is not satisfactory to you then you have a right to appeal to the HIGH COURT within 30days of receipt of the decision of the TAT.

🔘 If you are still not satisfied with the decision of the High court, then you have a right to appeal to the COURT OF APPEAL within 30days of receipt of the judgment. Any other appeal after this would go to the Supreme Court of Nigeria.

I hope this helps.

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Don’t forget to plan your personal and corporate tax.

For the tax plans, plug in to

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#08032516587 #
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27/08/2024

NET WORTH:

What is the process for calculating one's net worth and why is it beneficial to know this information?

Calculating your net worth involves totaling your assets and subtracting your liabilities. Here's a step-by-step process:

1. List your assets:
- Cash and savings
- Investments (stocks, bonds, retirement accounts)
- Real estate (primary residence, rental properties)
- Vehicles
- Personal property (jewelry, art, collectibles)
- Other assets (business interests, intellectual property)
2. Determine their value:
- Use current market values or appraisals for assets like real estate and investments
- Estimate the value of personal property and other assets
3. List your liabilities:
- Debts (credit cards, loans, mortgages)
- Outstanding bills and obligations
4. Calculate your net worth:
- Add up the total value of your assets
- Subtract the total amount of your liabilities

Net worth = Total Assets - Total Liabilities

Knowing your net worth is beneficial for:

1. Financial planning: Understand your current financial situation to set realistic goals and make informed decisions.
2. Wealth growth: Track changes in your net worth over time to monitor progress and adjust strategies.
3. Debt management: Identify areas to reduce debt and optimize financial resources.
4. Investment decisions: Make informed investment choices based on your overall financial situation.
5. Retirement planning: Assess your readiness for retirement and plan accordingly.
6. Emergency funding: Ensure you have sufficient liquid assets for unexpected expenses.
7. Peace of mind: Gain a clear understanding of your financial situation, reducing stress and anxiety.

Regularly calculating your net worth helps you stay on top of your finances, make informed decisions, and achieve long-term financial goals.
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This is a firm of chartered Accountants where we handle Accountancy, Tax planning & compliance, Business Advisory, VAT Services, Secretariat matters, Recruitment/Payroll activities, Bank Charges Audit and Any Management Activities.

05/08/2024

What category do you or your business/organization falls between the under listed
Book Keeping System:

(1) Single Entry System:-

Only income and expenses account

(2) Double -Entry System:- This requires posting ( recording ) each transaction twice using debit and credit entry.

1. The first system is called an incomplete records system of accounting which makes you/ your business pay higher taxes without basis or justification but due to lack of or insufficient record and poor system of accounting.

2. On the other hand, the second system is called a double entry system which cannot be achieved without sufficient records and professional accountant touches. This allows businesses to have a better tax planning which in turn reduces tax liabilities.

Unfortunately, the majority of businesses in Nigeria fall on the first system with the mindset of its cost to engage the Professional Accountant.

Should you consider to change your business accounting system and tax management? Kindly plug in to 👇 👇 👇

&Associates #