Do Your Tax Right The First Time, And You’ll Have Minimal Hassles Later!
Engaging our tax compliance services involves two processes: hiring us; and getting you to comply with your tax obligations.
Step 1: Hiring Us
Assuming that you’re interested, the process begins as follows:
Step 2: Have Your Tax Documentation Prepared
Once we have all your tax documents, we’ll review them and map out all every task to be done in order to achieve your annual compliance.
Tax compliance essentially involves two things: drafting the right tax documentation correctly for submissions, and making your tax payments. Our services covers mainly the former, which impacts the latter as correct documentations guide you on amounts that you must pay.
Having said that, once we’ve planned out what documentations, and thus payments, must be made, we’ll prepare, and issue a series of checklists of source documents that we’ll need from you.
Once we’ve collected the needed documents, we’ll review them, and guide you on the payments to be made and when. By the 7th month after the your annual accounts closed, we’ll issue you a tax return, which you may use to in your tax filing, thereby closing your annual tax obligation compliance cycle for that year, whilst the cycle for this year begins and our services continues.
How many submission dates for my tax filing are there?
There are 6 main tax filing forms that you must submit yearly. Three forms are submitted the year following the Year of Assessment (YA). For example, for YA 2022, the forms are to be submitted in 2023.
How is pricing determined for this service?
The prices of our tax compliance service are not fixed. Lots of factors must be considered before finalising the fees, including:
Nevertheless, we could share with you some bits about our pricing. The fees are generally categorised between personal tax compliance services and corporate tax compliance services, which are basically two different markers.
Personal tax compliance services are mainly provided to individuals or natural persons (as opposed legal persons such as a company, local or foreign, business owner or otherwise), Joint Management Body, Management Corporation, and Joint Management Corporation.
Corporate tax compliance services are mainly provided to companies, cooperatives, and limited liability partnerships.
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Frequently Asked Questions
How would you help me manage my tax obligations?
In general, we’d help you with your tax obligation management with addressing following:
1. Tax risks management – which involves assessing:
a) the tax implication of your business transactions; or
b) the tax deductibility of your business expenses;
2. Technicality – which involves checking your business transactions from a technical perspective in order to confirm: whether it meets tax deduction conditions;
it qualifies for the claim of capital allowance; or
that the characteristic of an income for taxability under the tax legislations.
3. Practicality – which deals with finding and advising you on improving any areas of your business practice that could lead to ambiguity in terms interpretation of taxability or tax deductibility, and thus spark disagreements with tax authorities and
4. Sufficiency of documentation – which deals with helping you to ensure that you have retained complete documentations to substantiate tax deductibility claim.
How long should I keep documentation for?
Documentations are very important in tax obligation for a taxpayer as under the law, it requires the taxpayer to keep the documentations for at least 7 years. Furthermore, it is one of the important factors in supporting the tax treatment of a business transaction. The lack of complete documentations may result in a disadvantage to a taxpayer as the onus to prove in substantiating the tax deductibility and taxability of a transaction lies with the taxpayer.
What are the annual tax forms that I must submit after year of assessment ended?
The forms that you must submit are as follows:
– EA Form to each employee by 28 February;
– Form E by 31 March; and
– Form C by the end of the 7th month after financial year end.
How about the other three forms?
The three other forms pertain to your company’s tax estimates, and they are as follows:
– the 1st form must be submitted 1 month before the financial year begins;
– the 2nd form is the 1st revised tax estimates, which must be submitted on the 6th month of the following year.
– the 3rd form is the 2nd revised tax estimates, which must be submitted on the 9th month of the following year.
