Disclaimer: Tax Evasion is illegal and unethical with serious consequences and penalties.
We encourage, however, proper Tax planning to avoid paying a penny more than you owe.
- Avoid Penalties: Ensure you meet the Tax filing deadlines set by the different Tax Authorities. Failing to file your taxes or filing late can result in penalties and interest that are sometimes more than what you owe. Tax Deadline timetable at the end of this Book.
- Deductions and Allowance: These are amounts you can deduct from Tax Liability you owe. Some common ones are Capital Allowance, WHT Claims, and VAT input Deduction.
- Keep your Records (Receipts): If you have plans of ever taking advantage of any deductions and exemptions, Keep Your Receipts. Free advice, it is up to you to prove that they are deductible. You can get a software for this and upload all receipts against the revenue when it occurs.
- Tax Exemptions: Research to know if there are any exemptions you can take advantage of in your line of Business. Example, Small companies do not pay CIT or VAT. Basic food and educational material do not pay VAT.
- File Zero if you do not owe: Whether you are liable to or not, filing your taxes is your civic responsibility and yes you can file Zero.
- Speak to a Professional: While this might cost you a little, it is the cheaper route. Speak to someone to better understand your obligations and help you make plans.
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Do you want to know what taxes you owe or how to minimize them? Let’s talk here