Our company offers a wide range of services

If you have any TAX RELATED questions, order a free conversation with our CONSULTANTS

HELP DESK 24H/7

+234 0703 874 2450

CORPORATE TAX PLANNING, MONITORING & COMPLIANCE SERVICES

  • We review the business and operational models of the Company for tax efficiency and make recommendation for improvement;
  • We examine the business plans for the year, determine its tax implication and make necessary recommendations for its implementation;
  • We review billing procedures, the charts of the accounts, classification of expenses and make necessary recommendations on the appropriateness of its nomenclature in the financial statement for tax purpose.
  • We advise Company on the tax implication of all its major financial transactions during the year;
  • We examine management account and advise on the tax implications of transaction already carried out and improvement required before the end of the financial year;
  • We assess adequacy of the tax risk management of the Company including the functions and scope of the Tax Management Unit.
  • We examine and advise the Company on the tax implications of items in the audited financial statements.
  • We review the draft accounts and prepare the provisional tax to be included in the financial statements of the Company;
  • We review the audited financial statements of the Company and prepare tax and capital allowances computations for filing with FIRS on the Tax Pro Max;
  • We deal with all communications (tax queries, tax audit and investigation) relating to the tax return;
  • We assist to obtain approval of FIRS to offset withholding tax credit from the income tax liability;
  • We attend interviews and meetings on behalf of the Company with officials of FIRS on Tax matters;
  • We apply, process and obtain Tax Clearance Certificate for Companies;

MANAGEMENT OF FIRS CORPORATE TAX AUDIT

  • We review the corporate tax records of the Companies in preparation for response to tax audit findings from Federal Inland Revenue Service (FIRS)
  • We collate all the documents and build a defense file necessary to prepare and support our responses to tax audit queries and findings from FIRS;
  • We attend tax audit reconciliation meetings on behalf of Clients;

MONTHLY VALUE ADDED TAX ROUTINE SERVICES

  • We advise Companies on services and transactions on which VAT should be charged
  • We reconcile cash receipts from clients with invoices listings
  • We review VAT file maintained by Companies and advise on any improvement when necessary.
  • We advise on all matters relating to VAT as it may affect any aspect of the business operation

EMPLOYEE TAX MANAGEMENT SERVICES

  • We review the employee compensation structure for tax efficiency and make recommendations for improvements where necessary;
  • We assist the Companies to process approval for relief of mortgage interest and Life insurance premium paid by its employees for the purpose of reducing tax payment;
  • We assist the Companies to determine the annual and monthly tax payable by each staff;
  • We assist Companies to perform a half-year tax health check on the PAYE tax records of the staff in order to ascertain its level of compliance;
  • We prepare and submit on behalf of the Company annual statutory employer returns to relevant State Internal Revenue Service (SIRS);

We are your goto Tax Advisor

Our vision is to become the most tax-efficient professional firm with accurate services and timely delivery.

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MONTHLY WITHHOLDING TAX ROUTINE SERVICES

  • We advise Companies on the payments on which withholding tax is deductible;
  • We reconcile withholding tax deducted with withholding tax deductible and advise Companies of any omission from withholding tax application for the month;
  • We prepare statement of withholding tax due for remittance during the month and advise Companies of withholding tax due for remittance for the month;
  • We review withholding tax file maintained by the Company and advise on any improvement when necessary;
  • We attend to tax queries and correspondences from relevant tax authority on monthly withholding tax returns filed with them;
  • We advise on all matters relating to withholding tax as it may affect any aspect of the business operations;
  • We attend interviews with officials of the State Internal Revenue and FIRS on behalf of the Company on withholding tax matters.

MANAGEMENT OF PAYE/WHT TAX AUDIT WITH SIRS

  • We review the PAYE and Withholding tax records of the Companies in preparation for tax audit by the relevant State Internal Revenue Service (SIRS);
  • We collate all the documents requested by the Tax Inspectors for the audit in readiness for the audit exercise;
  • We physically be available at the premises of the Company to present the records of Companies to the Tax Inspectors;
  • We make ourselves available to answer all questions and queries raised on the records of Companies.
  • We pay regular visits to the office of the SIRS to monitor the file of Companies at the inspector’s office;
  • Upon receipt of the official audit reports, we carry out a comprehensive review of the audit report and file a Notice of Objection on the areas of disagreement;
  • We attend tax audit reconciliation meetings on behalf of Companies to agree tax position with the inspector; and
  • We advise Companies to effect payment of the agreed liability if any and also apply to obtain the tax audit clearance letter for the Company.

BOOKKEEPING, MANAGEMENT REPORTING AND ACCOUNTING
SERVICES

  • We obtain underlying records from companies to recording all receipts and payments for preparation of management reports;
  • We carrying out reconciliation of receipts and payments transactions with bank statements on monthly basis;
  • We generate monthly, quarterly and annual management/financial reports in the specified format

CREATION OF TAX IDENTIFICATION NUMBER (TIN)

  • We assist to collate documents and information and complete registration forms required to register entities with the Federal Inland Revenue Service (FIRS) for the purpose of obtaining Tax Identification Number (TIN);
  • We register the entities with Federal Inland Revenue Service (FIRS) as a Taxable Person for the purpose of Value Added Tax (VAT) and Withholding Tax (WHT);
  • We obtain the required registration documents from entities and register it with Relevant State Internal Revenue Service (SIRS) as a PAYE Tax Agent;

NON-RESIDENT SUPPLIERS (NRS) SUPPORT SERVICES

  • We register and obtain Tax Identification Number (TIN) NRS for the purpose of VAT and WHT obligations with FIRS.
  • We file monthly VAT returns and WHT returns on FIRS portal (Taxpro Max) on behalf of NRS;
  • Attend to desk examination and audit queries from FIRS on behalf of NRS.
  • We respond to all matters that require technical expertise to defend tax returns filed on behalf of NRS.
  • Provide tax update on tax legislation that may affect NRS operations in Nigeria in relation to VAT and WHT.

PAYROLL MANAGEMENT AND OTHER EMPLOYEE RELATED STATUTORY CONTRIBUTION

  • We obtaining monthly payroll instructions from companies;
  • We prepare monthly payroll for employees’ of companies;
  • We calculate and deduct Monthly Pay-As-You-Earned (PAYE), tax from employee’s salary; contributions to National Housing Fund (NHF) and Pensions from employee salary;
  • We calculate and deduct from employee’s salaries, the Monthly contributions to National Housing Fund (NHF) and Pensions;
  • We calculate and advise on the amount due as levy payable to Industrial Training Fund (ITF), Employee Compensation Fund to National Social Insurance Trust Fund (NSITF).
  • We compute and deduct other deductions from employee’s salaries as may be directed by companies;
  • We pay monthly net salary to employees accordingly;
  • We Remit the ITF, NSITF, PAYE tax and Pension deductions on behalf of companies;
  • We preserve payroll instructions and official receipts of statutory payments made on behalf of companies.
  • We file statutory returns on employees’ PAYE to relevant tax authority
  • We do end-year reconciliation of payroll payments and PAYE remittances
  • We submit relevant returns and schedules to the regulatory bodies;
  • We process Annual Tax Clearance Certificate to employee

We have trained over 

100

business owners and employees 

PROCESSING OF CERTIFICATE OF ACCEPTANCE ON FIXED ASSETS
(CAFA)

  • We file notification to incur qualifying capital expenditure with the Industrial Inspectorate Department (IID) of Federal Ministry of Industry Trade and Investment.
  • We compile detailed schedule of Non-Current Assets acquired during the year
  • We will carry out the documentation of the assets (PPE) and submit on behalf of companies;
  • We file all relevant returns on behalf of Companies with the IID;
  • We arrange for physical inspection of fixed assets;
  • We agree inspection dates and locations with IID officers;
  • We coordinate and facilitate the physical inspection exercise by making appropriate arrangement for transport and accommodation of inspection team;
  • We attend to all the requests and resolve queries raised by IID officers during the physical inspection;
  • We defend the cost of assets as booked by the Company in the audited financial statements at price verification stage with the Inspectors.
  • Pursue and obtain notice of acceptance letter based on the value of NonCurrent assets;
  • Process and obtain Certificate of Acceptance on Fixed Assets of companies for relevant years.

INDUSTRIAL TRAINING FUND (ITF) AUDIT

  • We review the employee’s staff cost reported in the audited financial statements in comparison with underlying records in preparation for tax audit by the ITF officials;
  • We collate all the documents requested by the ITF Inspectors for in readiness for the audit exercise;
  • We make ourselves available to answer all questions and queries raised on the records of Companies.
  • Upon receipt of the official audit reports, we carry out a comprehensive review of the audit report and file a Notice of Objection on the areas of disagreement;
  • We attend reconciliation meetings on behalf of Companies to agree ITF position with the inspector; and
  • We advise Companies to effect payment of the agreed liability if any.

PERSONNEL RECRUITMENT AND STAFF OUTSOURCING

  • We receive application from prospective employees
  • We Screen applicants based on required knowledge and experience
  • We contact qualified applicants and agree interview date;
  • We carry out assessment test on screened applicants
  • We conduct In-person interviewing with applicants
  • We do background checks of successful applicants
  • We do reference checks of applicants
  • We decide and offer job to the successful applicants

If you have any TAX RELATED questions, order a free conversation with our CONSULTANTS

HELP DESK 24H/7

+234 0703 874 2450

Office Address:  63, Herbert Macaulay Street, Ebute-Metta, Lagos.

Email Address: taxinfo@lmstaxprofessionals.com

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