Insights
Short, useful notes from the practice.
Written by our partners for owners and finance managers, not for other accountants. No jargon, and no scare stories.
Long reads
The new business filing checklist
Every registration, return and remittance a new Nigerian company owes in its first year, in the order you will meet them.
Read
Preparing for year end without the panic
A twelve week timetable for stock counts, bank confirmations and the board pack, written for December year ends.
ReadShort notes
If your company pays rent, it is probably meant to deduct withholding tax from it. Many tenants do not, and the liability lands on them, not the landlord. Deduct at the agreed rate, remit by the due date and give the landlord the receipt so they can claim the credit.
PAYE goes to the state where the employee lives, not where the head office sits. A company in Lagos with staff living in Ogun pays two revenue services. Keep each employee's state of residence on file and update it when they move.
Do not ignore it, and do not send everything they ask for in a panic. Acknowledge receipt, ask for the period and scope in writing, gather the returns and receipts for that period and get an adviser to review before anything leaves your office.
Foreign suppliers of digital services to Nigerian customers may have to register and charge VAT. If you buy software subscriptions, check your invoices: where VAT has not been charged, you may need to account for it yourself.
Count on the year end date or as close as you can, freeze movements during the count, use pre numbered sheets and let your auditor observe. Recounts are cheap. Qualified audit opinions are not.
Mixing personal and company spending makes accounts slow and expensive and creates tax risk. Pay yourself a salary through payroll, or a director's loan you record properly, and keep the company card for company costs.
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Tax calendar
Keep the dates in view.
The deadlines most of our notes are about.
- 31stEmployer annual PAYE returnSummary of every employee, gross pay and tax deducted for the year just ended.
- 10thPAYE remittanceEmployee income tax deducted in the previous month, paid to the state revenue service where staff live.
- 21stVAT return and paymentMonthly VAT return for the previous month, filed with input and output schedules.
- 21stWithholding tax remittanceTax withheld from supplier invoices in the previous month, with the schedule of payees.
- 10thPAYE remittanceEmployee income tax deducted in the previous month, paid to the state revenue service where staff live.
- 21stVAT return and paymentMonthly VAT return for the previous month, filed with input and output schedules.
- 21stWithholding tax remittanceTax withheld from supplier invoices in the previous month, with the schedule of payees.
- 31stBoard pack for year end sign offOur suggested internal deadline for draft accounts on a December year end.
- 10thPAYE remittanceEmployee income tax deducted in the previous month, paid to the state revenue service where staff live.
- 21stVAT return and paymentMonthly VAT return for the previous month, filed with input and output schedules.
- 21stWithholding tax remittanceTax withheld from supplier invoices in the previous month, with the schedule of payees.
- 30thAudited accounts to the boardLedgerline suggested date, leaving room for questions before filing season.
- 10thPAYE remittanceEmployee income tax deducted in the previous month, paid to the state revenue service where staff live.
- 21stVAT return and paymentMonthly VAT return for the previous month, filed with input and output schedules.
- 21stWithholding tax remittanceTax withheld from supplier invoices in the previous month, with the schedule of payees.
- 10thPAYE remittanceEmployee income tax deducted in the previous month, paid to the state revenue service where staff live.
- 21stVAT return and paymentMonthly VAT return for the previous month, filed with input and output schedules.
- 21stWithholding tax remittanceTax withheld from supplier invoices in the previous month, with the schedule of payees.
- 30thCompany income tax returnDue six months after a December year end, with audited accounts and tax computations.
- 30thEducation and other leviesFiled alongside the income tax return where the company is liable.
- 10thPAYE remittanceEmployee income tax deducted in the previous month, paid to the state revenue service where staff live.
- 21stVAT return and paymentMonthly VAT return for the previous month, filed with input and output schedules.
- 21stWithholding tax remittanceTax withheld from supplier invoices in the previous month, with the schedule of payees.
- 31stAnnual return to the company registryConfirms directors, shareholders and share capital. Late filing attracts daily penalties.
- 10thPAYE remittanceEmployee income tax deducted in the previous month, paid to the state revenue service where staff live.
- 21stVAT return and paymentMonthly VAT return for the previous month, filed with input and output schedules.
- 21stWithholding tax remittanceTax withheld from supplier invoices in the previous month, with the schedule of payees.
- 10thPAYE remittanceEmployee income tax deducted in the previous month, paid to the state revenue service where staff live.
- 21stVAT return and paymentMonthly VAT return for the previous month, filed with input and output schedules.
- 21stWithholding tax remittanceTax withheld from supplier invoices in the previous month, with the schedule of payees.
- 30thHalf year management reviewA good moment to estimate the year and plan provisional payments.
- 10thPAYE remittanceEmployee income tax deducted in the previous month, paid to the state revenue service where staff live.
- 21stVAT return and paymentMonthly VAT return for the previous month, filed with input and output schedules.
- 21stWithholding tax remittanceTax withheld from supplier invoices in the previous month, with the schedule of payees.
- 10thPAYE remittanceEmployee income tax deducted in the previous month, paid to the state revenue service where staff live.
- 21stVAT return and paymentMonthly VAT return for the previous month, filed with input and output schedules.
- 21stWithholding tax remittanceTax withheld from supplier invoices in the previous month, with the schedule of payees.
- 15thYear end planning meetingLedgerline clients get a stock count plan and a year end timetable.
- 10thPAYE remittanceEmployee income tax deducted in the previous month, paid to the state revenue service where staff live.
- 21stVAT return and paymentMonthly VAT return for the previous month, filed with input and output schedules.
- 21stWithholding tax remittanceTax withheld from supplier invoices in the previous month, with the schedule of payees.
- 31stFinancial year endStock count, cash count, bank confirmations and cut off checks all hang on this date.
- 10thPAYE remittanceEmployee income tax deducted in the previous month, paid to the state revenue service where staff live.
- 21stVAT return and paymentMonthly VAT return for the previous month, filed with input and output schedules.
- 21stWithholding tax remittanceTax withheld from supplier invoices in the previous month, with the schedule of payees.
Typical dates for illustration, based on a December year end. Rules and dates change, so confirm current deadlines with your adviser. Example details for this demo.
The monthly letter
One email, first Monday of the month.
What changed in tax and reporting, what is due this month and one practical idea. Read by about 4,000 owners and finance managers.
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