acmeprofessionals

What the Nigeria Tax Act means for Chartered Accountants

𝐌𝐞𝐞𝐭 𝐘𝐨𝐮𝐫 𝐄𝐱𝐩𝐞𝐫𝐭....

Beware of SCAMMERS!

Plan to attend! Promises to be insightful...

𝐀𝐫𝐞 𝐲𝐨𝐮𝐫 𝐭𝐚𝐱 𝐫𝐞𝐜𝐨𝐫𝐝𝐬 𝐮𝐩 𝐭𝐨 𝐝𝐚𝐭𝐞?

Don't fall foul of the law — 𝗶𝗴𝗻𝗼𝗿𝗮𝗻𝗰𝗲 𝗶𝘀 𝗻𝗼𝘁 𝗮𝗻 𝗲𝘅𝗰𝘂𝘀𝗲. Stay compliant and avoid penalties by keeping track of your tax due dates.

📌 Save this post and share with your network.
📆 Swipe through key tax deadlines for April 2025.

𝙽𝚎𝚎𝚍 𝚑𝚎𝚕𝚙 𝚠𝚒𝚝𝚑 𝚢𝚘𝚞𝚛 𝚏𝚒𝚕𝚒𝚗𝚐𝚜? 𝙻𝚎𝚝 𝚝𝚑𝚎 𝚎𝚡𝚙𝚎𝚛𝚝𝚜 𝚊𝚝 𝐀𝐜𝐦𝐞 𝐏𝐫𝐨𝐟𝐞𝐬𝐬𝐢𝐨𝐧𝐚𝐥𝐬 𝚐𝚞𝚒𝚍𝚎 𝚢𝚘𝚞.

🔹 𝙸 𝚊𝚖 𝚂𝚘𝚕𝚊 𝚃𝚊𝚒𝚠𝚘, 𝚢𝚘𝚞𝚛 𝚃𝚛𝚞𝚜𝚝𝚎𝚍 𝙵𝚒𝚗𝚊𝚗𝚌𝚒𝚊𝚕 𝙲𝚘𝚗𝚏𝚒𝚍𝚊𝚗𝚝!

Finding a reliable and competent accountant shouldn’t be a challenge. At Acme Professionals, we take the stress off business owners by handling their financial functions with precision and integrity, allowing you to focus on growing your business.

Guided by ethical standards, professional best practices, and regulatory requirements, we ensure compliance and efficiency. Partner with us and experience the peace of mind that comes with expert financial management.

but

𝐇𝐨𝐰 𝐭𝐨 𝐑𝐞𝐠𝐢𝐬𝐭𝐞𝐫 𝐨𝐧 𝐓𝐚𝐱𝐏𝐫𝐨𝐌𝐚𝐱: 𝐀 𝐒𝐢𝐦𝐩𝐥𝐢𝐟𝐢𝐞𝐝 𝐆𝐮𝐢𝐝𝐞

Many small businesses struggle with tax compliance due to lack of awareness or uncertainty about the process. At a recent business owners’ community hangout, tax compliance was a hot topic, and I received several requests to share more educational content.

In the coming weeks, I’ll simplify tax and financial governance to promote self-compliance. Today, let’s talk about how to register your business on TaxProMax.

𝐖𝐡𝐚𝐭 𝐢𝐬 𝐓𝐚𝐱𝐏𝐫𝐨𝐌𝐚𝐱?

TaxProMax is the FIRS electronic tax administration portal that enables businesses to seamlessly manage their tax obligations—including registration, filing, payments, and obtaining an instant Tax Clearance Certificate (TCC) online—without visiting a tax office.

After registering with CAC, the next step is to register on TaxProMax.

✅ 𝗗𝗼𝗲𝘀 𝗿𝗲𝗴𝗶𝘀𝘁𝗲𝗿𝗶𝗻𝗴 𝗺𝗲𝗮𝗻 𝗜’𝗹𝗹 𝘀𝘁𝗮𝗿𝘁 𝗽𝗮𝘆𝗶𝗻𝗴 𝘁𝗮𝘅𝗲𝘀 𝗶𝗺𝗺𝗲𝗱𝗶𝗮𝘁𝗲𝗹𝘆? No! If your annual revenue is below N25 million, your business is not liable for CIT or VAT, but you must file tax returns on time!

✅ 𝗪𝗵𝗮𝘁 𝗵𝗮𝗽𝗽𝗲𝗻𝘀 𝗶𝗳 𝗜 𝗱𝗼𝗻’𝘁 𝗿𝗲𝗴𝗶𝘀𝘁𝗲𝗿?  FIRS already has access to your business data. Non-compliance can lead to penalties or even bank account restrictions.

𝐇𝐨𝐰 𝐭𝐨 𝐑𝐞𝐠𝐢𝐬𝐭𝐞𝐫 𝐨𝐧 𝐓𝐚𝐱𝐏𝐫𝐨𝐌𝐚𝐱

✅ If your business was registered with CAC from September 1, 2023, onwards, you can self-register with this link: https://lnkd.in/deKCQdh2

✅ If your business was registered before September 1, 2023, or already has an existing TIN, follow these steps:

1️⃣  Visit the nearest FIRS office and request the New Registration and Taxpayer Update Form.
2️⃣  When completing the Taxpayer Update Form, provide an active email address where your TaxProMax login details will be sent.
3️⃣  Submit the forms with copies of your CAC documents and recent utility bill to the FIRS office. Originals may be required for verification.
4️⃣ Your TIN and TaxProMax login credentials may be generated immediat

A PERSONAL LESSON IN RISK MANAGEMENT AND THE IMPORTANCE OF A PROACTIVE APPROACH

Would you rather walk the stairs and be safe or take the elevator and risk being stuck? This question isn't just about physical safety; it's a metaphor for the choices we make in life and business.

I have a personal policy: Never take the elevator after official closing hours. Why? An unforgettable experience that reshaped my approach to risk management—both personally and professionally.

One Friday evening, after working late as is often the case in my line of work, I stepped into the elevator from the 5th floor to head home. Just as the doors closed. The power went out! The elevator stopped! The alarm didn’t work! I was trapped! I was alone inside the elevator, the building was empty and quiet as it was past closing time, except for a few - no generator, no lift operators, and no immediate help.

Panic set in, but I quickly regained my composure and sprang into action- a solution-oriented mindset. I screamed for help and dialed the office administrator’s phone number, hoping for good network reception. Fortunately, both strategies worked. I managed to get through to an administrator, who promptly alerted the lift operators. Additionally, someone on the 5th floor heard me and acted. The rescue team arrived, the generator was turned on, power returned, and the elevator descended. The relief I felt stepping out of the elevator onto the ground floor was indescribable.

This experience reshaped my perspective: prioritizing safety and preparedness over convenience.

Just as I got trapped in the elevator, businesses can become stuck in a rut if they fail to manage risks effectively. Business owners must take proactive measures to avoid getting trapped in a financial crisis.

At Acme Professionals, we understand the importance of proactive risk management. Our team of experts work closely with clients to identify potential risks and develop strategies to mitigate them.

Caladium Hangout

2024 CAC ANNUAL RETURNS FILED WITHOUT PENALTY!