Tax Accounting Services
As leading tax consultants in Nigeria, we provide tax accounting services for our clients which covers value added tax, company income tax, education tax, withholding tax, capital gains tax.
What is Tax Accounting?
Tax accounting is a specialized accounting framework centred on taxation considerations rather than the presentation of public financial statements. In essence, it entails accounting practices designed specifically for tax-related purposes.
As a leading tax consultant in Nigeria, Qeeva Advisory helps them to minimize their tax liability, guiding them to enjoy all available tax reliefs. When engaged, we provide tax planning services that involve transaction structuring to avoid or minimise tax incidence during mergers and acquisitions, corporate taxes, etc.
The Benefits of Tax Accounting
Tax accounting is a crucial discipline with several advantages for businesses and individuals:
- Compliance Assurance: Tax accounting ensures that you remain compliant with ever-evolving tax laws and regulations, reducing the risk of penalties and legal issues.
- Tax Savings: Through careful planning and optimization, tax accounting helps identify opportunities to minimize tax liabilities, potentially leading to substantial cost savings.
- Financial Transparency: Tax accounting provides a clear picture of your financial situation, aiding in effective decision-making and resource allocation.
- Audit Preparedness: Properly maintained tax records and well-documented financial transactions make audits smoother and less stressful.
- Investor Confidence: Transparent and accurate tax reporting enhances investor trust and confidence, facilitating financial investments and partnerships.
- Efficient Resource Allocation: By understanding your tax obligations, tax accounting allows you to allocate resources more efficiently, optimizing your financial strategy.
- Legal Compliance: Staying compliant with tax laws ensures you maintain a good reputation and avoids legal complications, protecting your business or personal financial standing.
- Strategic Planning: Tax accounting enables you to align financial goals and strategies with tax objectives, supporting long-term financial success.
- Asset Protection: Effective tax accounting can help safeguard your assets by minimizing tax exposure and potential financial risks.
- Peace of Mind: Knowing that your tax affairs are in order provides peace of mind, allowing you to focus on your core business or personal financial goals.
Tax Accounting Services
At Qeeva, we offer a comprehensive suite of tax and financial management services designed to optimize your company’s fiscal operations.
Our expertise covers:
1. Bookkeeping and Transaction Recording:
We meticulously record all financial transactions, including purchases, sales, receipts, and payments, ensuring the integrity of your company accounts.
2. Invoice Management and Financial Tracking:
Qeeva efficiently manages your company invoices from creation to tracking payments received and supplier invoice processing. Our streamlined approach ensures financial clarity and control.
3. Precise Payroll Processing:
Qeeva handles the complex task of payroll processing, including the calculation and preparation of salaries, benefits, taxes, and other payroll-related components, ensuring accurate and timely payments to your employees.
4. Audit, Tax Compliance, and Filing:
We offer expert auditing services, meticulously examining your financial records for compliance and accuracy. Our tax experts handle the calculation, preparation, and filing of taxes with local tax authorities, ensuring full compliance with relevant laws and regulations.
5. Comprehensive Financial Reporting:
Qeeva prepares detailed financial reports, including cash flow statements, balance sheets, and profit and loss statements. These reports provide a clear understanding of your business activities and financial performance.
6. Treasury Management and Payment Services:
Our treasury services encompass payment preparation and processing on your behalf. We manage supplier payments and other financial transactions, ensuring timely and accurate disbursements.
7. Tax Process Enhancement and Oversight
Taxation can significantly influence the efficacy and results of financial decisions made by treasury teams. However, navigating the intricate and ever-changing global tax landscape can be a complex endeavour.
8. Business Process Optimization (BPO)
Qeeva’s Business Process Optimization (BPO) services are designed to identify and cultivate alternative operational models that elevate accounting, tax, payroll, and technology processes to new levels of efficiency and effectiveness.
9. Finance & Treasury Tax Advisory:
Qeeva specializes in the transformation of tax functions, helping organizations build efficiency and effectiveness in their tax-related operations. Our expert guidance ensures that your tax function aligns seamlessly with your broader financial strategy.
10. Business Tax:
At Qeeva, we bring profound insights into tax regulations and statutory requirements, complemented by a wealth of global experience. Our pragmatic tax counsel, coupled with our comprehensive understanding of international tax laws, empowers your organization to navigate the complexities of tax compliance and optimization.
11. Strategic Tax Planning:
Beyond compliance, we assist in crafting comprehensive tax strategies that align with your business goals. Our forward-thinking approach not only minimizes tax liabilities but also identifies opportunities for tax savings and revenue growth.
12. Governance and Risk Management:
Qeeva’s governance and risk management services provide a structured framework to ensure tax compliance and mitigate financial risks associated with taxation.
We help you establish robust governance practices that align with industry standards and regulations.
13. Income Recognition Expertise
At Qeeva, we excel in income recognition strategies, ensuring your financials accurately reflect your revenue streams while adhering to the latest accounting standards.
14. Expense Recognition Excellence
Qeeva is your trusted partner for precise expense recognition, navigating the complexities of financial reporting to optimize cost allocation.
15. Cost Recovery of Capitalized Items
Qeeva’s expertise in cost recovery ensures that you capitalize on eligible expenses, enhancing your financial efficiency and profitability.
16. Inventory Accounting Proficiency
Qeeva’s inventory accounting solutions offer meticulous tracking and valuation, optimizing your working capital management.
17. Mergers & Acquisitions Mastery
With extensive experience in M&A transactions, Qeeva guides you through the complexities of due diligence, financial modelling, and integration planning.
18. Earnings & Profits Precision
Qeeva’s financial experts ensure the accurate calculation and management of earnings and profits, providing clarity for decision-makers and stakeholders.
Types Of Tax Accounting in Nigeria
Tax accounting in Nigeria encompasses various types, each catering to specific aspects of tax management and compliance. Here are some key types of tax accounting in Nigeria:
Income Tax Accounting:
This type of tax accounting focuses on calculating and reporting income taxes for individuals, businesses, and organizations in accordance with Nigeria’s tax laws. It involves tracking income, deductions, and credits to determine taxable income and assess the corresponding tax liability.
Value Added Tax (VAT) Accounting:
VAT accounting involves the calculation, reporting, and remittance of Value Added Tax on the supply of goods and services. Businesses in Nigeria are required to collect VAT from customers and remit it to the appropriate tax authority.
Withholding Tax Accounting:
Withholding tax accounting entails the deduction and remittance of taxes from payments made to vendors, contractors, and employees. Companies are responsible for withholding a specified percentage of payments and ensuring compliance with withholding tax regulations.
Corporate Tax Accounting:
Corporate tax accounting is specific to businesses and involves the preparation and submission of corporate income tax returns. Companies in Nigeria must maintain accurate financial records to calculate and report their tax liabilities.
Capital Gains Tax (CGT) Accounting:
CGT accounting focuses on the taxation of capital gains from the sale of assets such as real estate, securities, and investments. Taxpayers must accurately calculate and report capital gains to fulfill their tax obligations.
Payroll Tax Accounting:
Payroll tax accounting deals with the calculation and remittance of various payroll-related taxes, including income tax, National Housing Fund (NHF) contributions, and National Pension Commission (PenCom) contributions. Employers are responsible for withholding and remitting these taxes on behalf of their employees.
Customs and Excise Tax Accounting:
For businesses engaged in import and export activities, customs and excise tax accounting involves complying with customs duties, tariffs, and excise taxes on imported and locally manufactured goods.
Transfer Pricing Accounting:
Transfer pricing accounting ensures that multinational corporations accurately report and manage transactions between related entities to prevent tax evasion and ensure fair taxation of profits.
Tax Planning and Advisory:
Tax planning and advisory services involve proactive tax strategy development to optimize tax positions, minimize tax liabilities, and ensure compliance with Nigerian tax laws. It includes identifying tax incentives and credits that businesses can leverage.
Indirect Tax Accounting:
This encompasses the calculation and reporting of indirect taxes such as stamp duties, capital transfer tax, and education tax, which are applicable in various sectors and transactions.
Why Work With Us?
We work with our client to forecast their tax liability, given certain scenarios and actively formulate strategies they can adopt to minimize it. We provide insight and guide them to making decisions that are tax-optimal for them.
We have a working knowledge of both Federal and State Tax Laws and are thus positioned to assist our client with month-end and year-end filing of tax returns to the various authorities. We deliver gains to our clients by the value we add by getting the best tax situation for them
We also act as Tax representatives to our clients and defend them at the Federal and State Tax Offices where the need arises. We offer the best representation and advocacy to them whenever we are called upon.
With the convergence of Tax Authorities and regulatory bodies in Nigeria, tax is becoming tougher by the day and the need for companies to be more tax-compliant becomes very relevant. Tax administrations have now adopted different types of network strategies for cooperating with tax service providers that now bring tax work closer with the chances, that escaping the tax web becomes more risky.
FAQs
What is Tax Accounting?
Tax accounting is a specialized branch of accounting that focuses on tracking and managing an organization’s financial transactions to ensure compliance with tax laws and regulations.
Why is Tax Accounting Important?
Tax accounting is crucial for accurately calculating and reporting taxes owed to government authorities. It helps businesses and individuals avoid penalties, maximize deductions, and stay in compliance with tax laws.
What are the advantages of Tax Accounting Services?
Accounting and taxation services, encompassing tax expertise and international tax accounting, provide a myriad of advantages. They serve as a catalyst for streamlining business operations, elevating client experiences, and optimizing financial performance. Moreover, these services play a pivotal role in effective tax planning, potentially leading to significant cost savings.
Your journey to business success begins here. Reach Out to Us via call at +234 8023200801, 08075765799 or email: info@qeeva.com or fill out our contact form