Accounting and Audit Services
Akinbosola Ayokunle & Co delivers a wide range of accounting and audit services to their clients. These services meet the highest professional standards while at the same time emphasising the key focus of providing clients with innovative and practical solutions to their problems.
- Statutory and non-statutory audits
- Internal audit Services
- Internal control evaluations
- Information systems assurance
- Financial services investigations and general accounting services
- International Financial Reporting standard(IFRS).
Corporate Taxation And Personal Income Tax Services
All business organizations have to pay corporate tax and their employees have to pay personal income tax. Quite often, there is need to assist companies in their dealings with the tax authorities to minimize their tax liabilities within the tax law. Our experts assist clients through the following services:
- Corporate Taxation Services
- Employees’ Personal Income Tax Matters
We assist clients with the following corporate services.
- Assisting clients to register their companies or business names with the Corporate Affairs Commission
- Preparation and filing of statutory returns
- Keeping and updating of statutory record
- Advising on procedure and assisting in effecting status changes
- Assisting clients in processing and obtaining necessary approvals
Employee's Personal Income Tax Matters
- Advising on how to structure remuneration packages for employees so as to make them tax efficient and enhance the take home earnings within the provisions of Personal Income Tax Decree and the Pay As You Earn (P.A.Y.E) regulations
- Assisting clients during tax investigations and audits
- Filing of P.A.Y.E. returns on behalf of employers
- Obtaining tax deduction cards for employees
- Applying for and obtaining personal income tax clearance certificates for staff
- Attending to correspondence from the tax authorities’ offices on personal income tax matters
- Computing of employees’ personal income tax and assisting in vetting completed personal income tax returns annually
- Providing technical assistance to clients’ legal counsels at appeal hearings in cases of disputed assessments
- Advising clients on material changes in the tax laws as and when such changes are announced by the Federal Government.
Corporate Taxation Services
- Preparing annual tax returns based on clients’ audited accounts and submitting same to the Federal Inland Revenue Services and State Board of Internal Revenue in the case of partnerships. We also agree clients’ tax liability with the tax authorities. This includes all aspects of Nigerian taxation (i.e. corporate income tax, petroleum profits tax, capital gains tax, and employee’s personal income tax).
- Advising clients by issuing memoranda when new tax laws or other fiscal measures are announced by the Federal Government. For example, we circulate clients as soon as we have details of the annual budget of the Federal Government together with our comments on the effects of such proposals on each company’s line of business
- Assisting clients in obtaining tax clearance certificates every year.
- Assisting in training clients’ staff in understanding basic principles of Nigerian taxation.
- Designing proper accounting system for VAT purposes and supervising its implementation.
- Providing advisory services on VAT matters and attending to Revenue queries on VAT returns.
- Giving technical support to our clients’ lawyers in VAT appeal cases before the VAT Tribunal.
- Registration of Companies for VAT purpose and filing of VAT returns.
- Assisting clients during withholding tax investigation and audit.
- Assisting clients in remittance of withholding tax deducted from suppliers and obtaining receipts from the relevant tax authorities.
- Recovery of withholding tax receipts from client’s customers for processing at the Federal Inland Revenue Service.
- Obtaining tax credit from the Federal Inland Revenue Service in respect of Tax suffered by deduction at source.
- Advising clients on withholding tax matters generally.