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Nigerian Tax › Tax › Income Tax Services

 December 20th, 2017  | Nigerian Tax, Tax

Income tax services are one of the most important aspects of the business that should be considered very carefully as the idea is related to government interference in the business. Income tax services hired by the business should be a combination of efficiency and effectiveness due to the fact that the idea is not simple at all and it should be handled with great care and with the help of expert hands to make sure that the best outcome is always provided to the business. If the business is small and so are the tax returns then it is not feasible to hire Income tax services as they might be a burden of expense for the business. If the business owner of a small business is also a tax expert then again the said services are not required as this can be done by the owner himself. But not all the business owner never belong to the same class hence the Income tax services are also required to make sure the business enjoys the best deductions as well as the related waivers in this regard. Now the question arises that how can a business find the best Income tax services so that the issue regarding the tax filing never arises. Following are some of the main methods to get the best services in this regard to make sure that the business remains at the top:

  1. Business networks

It is to be noted that the business always establishes strong referrals as well as networks to make sure that the industry specific information is shared in the best possible manner. These networks can be a helping hand in this regard and for the same reason it is also to be noted that these networks and referrals will provide the best possible information to the business when it comes to Income tax services and also the ones that are industry specific to make sure that the owners get the services in line with their requirements.

  1. Searching for compatibility

The Income tax services that are hired should be the one that are industry specific to make sure that the services acquired are the ones that are compatible with the business. If this is done according to the standards of the industry the n calculating and getting the tax deductions is not a big deal at all. Compatibility should also be considered to make sure that if an individual is being hired he is compatible with the environment of the business. Failing to comply with this may result in fatalities that a business would never want to have when it comes to income tax filing. This compatibility is also considered when it comes to charges as well as the contact information once the return has been filed.

Choosing the right tax preparer is of extreme importance as the company is not only spending cash but it is also expecting to get the best income tax services leading to awesome results as well as many deductions as possible. It I therefore of immense importance to understand that choosing the right income tax services will not only save hundreds of thousands of dollars but will also make sure that the best services are delivered within time when it comes to tax return filing. Income tax services not only focus on tax deductions but also ensure that the best service is enjoyed in this regard when it comes to strategic income tax planning. Choosing the wrong income tax service can be fatal and can lead to the results that are unexpected which includes huge overturns as well as the waste of time and money. It is therefore advised to always look for certain features while going for the income tax services. In case the business has to file a simple return then it is never required by them to hire income tax services as the business owners will be able to submit the return by themselves with the help of the tutorials that are available online. It is also to be noted that the income tax software programs are also running out of service due to the fact that complex returns are now being filed in almost each and every country of the world due to the change in tax system in a frequent manner. Following are certain features that a company should look for while hiring the best income tax services:

  1. Value addition

It is one of the first and foremost services that should be looked for while hiring the income tax services. If the service hired is just doing the data entry then it is worthless as it can be done by anyone else but if the strategic tax planning  is being done in this regard then it is one of the best services of all times. Adding value includes tax advice as well as making sure that the income tax services are provided in line with the requirements of the company as well as the government in this regard.

  1. Expertise

The income tax rules are being changed frequently and it is being done all over the world to make sure that the governments take good advantage and collect as much tax as possible. In such scenario it is very important to note that the income tax services keep themselves up to date and also make sure that each and every deduction is enjoyed by the business. The income tax services need to work very hard to ensure this and therefore it is an asset for all such organizations. Covering all the grey areas in the income tax statement is also one of the best practices that can be performed by a good income tax services.

It has been one of the major issues for the income tax payers in the Nigerian economy to find the best income tax services in the past but now it is quiet easy. It is all due to the fact that the Nigerians are now inclined towards the income tax services that provide state of the art services which are web based. There are tens of thousands of companies that are working in this regard and therefore the user choice has increased due to the options which they are getting in this regard. The income tax services are also one of the best if they guide the customers to file the tax within the limitations that are set by the government so that they never face any issue in this regard. There is no shortcut to quality and for the same reason these companies ensure that state of the art services are provided as they know the market competition. The user should also look for certain features before the income tax service is hired and it is to make sure that not only the best services are enjoyed but the user is also able to file the returns within timelines that have been mentioned by the Nigerian government. Following are some of the features that are very advent for the income tax services which are working in the country:

  1. Government certified

The income tax services that start their business in the country are always certified by the government as these agencies and services are also taxable. The client before hiring a company should make sure that the government certified tax number is there to support the business. If the entity does not own a tax number then it is recommended to go for the next one and never hire a company which fails to provide the proof of its own income tax filing. The government certification in this regard also makes sure that the best quality will be provided and in case the income tax services fail to abide by the terms and conditions then they are reported so that appropriate action could be taken in this regard.

  1. Online services

The income tax services should also file the return on behalf of the customer using the online income tax software. This software asks simple questions from the users and calculates the tax deductions according to the answers that are submitted. It is also to be noted that these services are accurate and the income tax services that embed this structure within them should be prioritized in this regard so that the best results are achieved. These services are also safe and secure to use due to the state of the art technologies that are embedded within them by the developers.

In simple words income tax is a levy that is imposed by the government on different entities that operate and work within the country. The amount of the income tax solely depends upon the income that is earned by the individuals and the profits that are earned by the businesses. Each and every country within the world makes law, rules and regulations that are imposed to the economy to make sure that the collection rate of the income tax remains high so that the collected amount is spent for the general public benefits. When it comes to Nigeria there are several types of income tax ideas that are imposed on the economy to ensure that the government receives the cash in time for completing the public welfare projects that have been started in this regard. Like in the other countries of the world in Nigeria the income tax is collected according to the system that is known as progressive. As the name suggests under this system the income tax is collected in a higher proportion from all the entities that earn high and vice versa. There are several forms of income tax that the Nigerians as well as non Nigerians are liable to pay who are earning their livelihood in the country. Following are some of the most important forms of tax that the Nigerian government collects from the entities that are earning within the boundaries of the country. It is also to be noted that each and every income form is backed by separate laws and rules that govern the collection of the cash in this regard:

  1. Company income tax

It is that provision of the income tax law that collects the levy from the corporate bodies. In Nigeria if the company is incorporated then it is deemed to be separate from its owners. All the Nigerian based companies need to pay the tax as a result of their earnings which are collected from around the world whereas the non Nigerian companies need to make sure that the tax is paid according to the profits that are made within the country. The education tax is also embedded within the corporate tax structure and it imposes further 2% tax to all the companies that go to the education relief fund.

  1. PPT or petroleum profit tax

Special income tax is imposed on all the companies that are working in the petroleum sector and the regulation that governs the collection of tax in this regard is Petroleum Profit Tax Act or PPTA. It also includes all the oil and gas companies that are working in the country. The most important point that has to be understood in this regard is that any income that is taxed under PPTA is exempted under the Companies Income Tax act and vice versa.

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