Typical Challenges for SMEs
- Failure to keep books of accounts & records such as sale invoices, purchase invoices, credit & debit notes, customs entries, audited accounts, ledgers, cash books, bank statements, monthly Z returns, pay-in-slips and a summary of VAT Accounts for a minimum period of five (5) years.
- Selective Issuance of Tax Invoices.
- Charging VAT for non-registered entities.
- VAT registered entity but with no ETR Machine.
- Non-Filers (Income Tax, PAYE, VAT.)
- Non availability of monthly Payrolls.
- Non separation of business transactions from personal.
- No regular Bank reconciliations.
- Failing to pay Income Tax in instalments.
- Failure to file directors returns.
- Failure to manage Business Risks i.e. Insurance Covers, WIBA..
- Failing to account for Withholding Tax on various payments made to Professionals, Consultants, Training firms, Management Fees, imported services among others.
- Selecting wrong tax obligation at the point of TAX registration.
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