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Do you control your cost? Human wants are unlimited. No amount of resources or fund is enough without budgetary control. Budgetary control is key to efficient and effective business management. TCONCEPT PROFESSIONAL SERVICES is a firm that specializes in tax, accounting and business consulting. For more information see www.tconceptpro.com or 08067922530 Disclaimer : Obi Azubuike is not by this publication acting as a professional advisers and therefore not liable to any  damage whatsoever for your acting or refraining to act based on  this publication. Consult your professional for advice. 

When dealing  with taxation of sole proprietor and partnership. The following principles has to be borne in mind. -profit is taxed in the hand of the owner or Partner(s). -Aggregating taxable income. -Expenses allowable are specified by the act and case law. However expenses allowable are expenses incurred wholly,exclusively and reasonably in the business. Some expenses allowed are below. (a)Rent. (b) capital allowance as specified by law. (c) salary . (d) Donation to approved bodies. (e) Repayment of interest on loan. (f)Others as specified by law. TCONCEPT PROFESSIONAL SERVICES is a firm that specializes in tax and business consulting. For more information see www.tconceptpro.com , E-mail: info@tconceptpro.com Disclaimer : Obi Azubuike is not by this publication acting as a professional advisers and therefore not liable to any  damage whatsoever for your acting or refraining to act based on  this publication. Consult your professional for ...

Marketing Strategy is key to business success.  Defining overall marketing strategy. 1.How to enhance visibility of products and services through online and traditional channel. 2.How to measure performance and success in marketing. 3.Target setting. For more information see www.tconceptpro.com

'Failure to plan is planning to fail'. Developing a dynamic business plan that show different courses of action in case one course of action do not succeed alternative to follow is crucial. There must be plan in these key areas. -Marketing plan. -financial plan -Management plan For more information see www.tconceptpro.com

Do you know that 5 most capitalised companies in the world  innovate? Do you innovate in these key areas? 1.Marketing. 2.Technology. 3.Research and creativity. 4.Business process. TCONCEPT PROFESSIONAL SERVICES  is a firm that specialised in Tax, Business advisory and Risk Management. For more information  see   www.tconceptservices.com or E-mail:tconceptpro@gmail.com Disclaimer : Obi Azubuike is not by this publication acting as a professional advisers and therefore not liable to any  damage whatsoever for your acting or refraining to act based on  this publication. Consult your professional for advice.       copyright(c) 2017-Obi Azubuike

When planning your taxes or projecting a 'tax financial budget '.It is crucial to consider the impact of 'conversion' of revenue expenditure to capital expenditure or vice versa. The impact on taxes could be significant when permited by law. For more information call +234 (0)80 67922530 Disclaimer : Obi Azubuike is not by this publication acting as a professional advisers and therefore not liable to any  damage whatsoever for your acting or refraining to act based on  this publication. Consult your professional for advice.       copyright(c) 2017-Obi Azubuike

Below are some tax guides 1.Conversion of projected transactions from high tax rate brackets to low tax rate bracket-Legal restriction exist. 2.conversion of immediate tax cash outflow to future cash outflow. 3.Method of financing -Equity or debt financing. Although there are legal restriction. 4.Accounting policy-Legal restriction exist. 5.Transfer pricing methods. 6.Costing methods. 7.Engaging in tax exempt business. 8.Researching  specific tax laws to see available tax incentives. 9.Financial budget simulation to see reflection of different tax indices. 10.Compare 'delay tax payment penalty with potential benefits other adverse consequences'. 11.Consider the impact of differing payment during inflationary period if legal. 12.Consider the impact of pricing of intangibles such as patent, invention & others. 13.'Cost contributory planning'. SEE MORE   TAX PLANNING AND INVESTMENT STRATEGY-EBOOK   ACCOUNTING SOFTWARE   Disclaim...

Do you know that more than 50 percent of businesses fail within few years of start up??? Below are some reasons why businesses fail. 1.lack of strategic business plan & innovation. 2.Lack of Management Strategy and skill. 3.Inability to manage cash flow risk. 4.Inability to manage regulatory and compliance risk. For more information call +234 (0)80 67922530 Disclaimer : Obi Azubuike is not by this publication acting as a professional advisers and therefore not liable to any  damage whatsoever for your acting or refraining to act based on  this publication. Consult your professional for advice.  copyright(c) 2017-Obi Azubuike

There  are some few tips that will help you reduce your taxes legally. 1.Keep accurate records of your income and expenditure. 2.Prepare a yearly financial  budget-This can be done by simulation of different income level and expenditure. 3.Get a tax advice from a tax consultant that understand your business. 4................................................................................................................... For more information call us  +234(0)8067922530 or see www.tconceptpro.com Disclaimer : Obi Azubuike is not by this publication acting as a professional advisers and therefore not liable to any  damage whatsoever for your acting or refraining to act based on  this publication. Consult your professional for advice.  copyright(c) 2017-Obi Azubuike

Documentation is required for pricing of goods and services for connected parties e.g partners,blood relatives,subsidiaries etc. Some documentation required are as stated below. 1.Data and information for examination of connected parties' pricing. 2.Analysis of  functions performed, risk taken and assets employed. 3.Analysis of comparability factors. 4.Forms and other items prescribed by the tax authority. For more information call us  +234(0)8067922530 Disclaimer : Obi Azubuike is not by this publication acting as a professional advisers and therefore not liable to any  damage whatsoever for your acting or refraining to act based on  this publication. Consult your professional for advice.  copyright(c) 2017-Obi Azubuike

There are some indices which indicates mispricing when dealing with transfer pricing. They are as stated below 1.'High' pricing with no associated risk. 2.'High' pricing which is not commensurate with cost contribution. 3.'High' pricing without proper documentation to justify the reason for such pricing. 4............................ For more information call us  +2348067922530 Disclaimer : Obi Azubuike is not by this publication acting as a professional advisers and therefore not liable to any  damage whatsoever for your acting or refraining to act based on  this publication. Consult your professional for advice.  copyright(c) 2016-Obi Azubuike

There are different methods of pricing goods and services for the purpose of determining appropriate price.    some of the methods are highlighted below. 1.Cost plus margin. 2.Cost plus markup. 3.Comparable price method. 4.Profit split method. 5.Cost contributory method. 6.Expected cashflow method from asset/invention. 7.Advance pricing agreement. Sometimes it becomes more difficult to price a product or services. For example pricing invention is more difficult to do. However there are legal requirements for pricing goods and services for tax purposes as specified by different countries. For more information call us  +2348067922530 Disclaimer : Obi Azubuike is not by this publication acting as a professional advisers and therefore not liable to any  damage whatsoever for your acting or refraining to act based on  this publication. Consult your professional for advice.  copyright(c) 2016-Obi Azubuike

Managing tax risk  associated with VIADS  is crucial in the present nigeria condition with the recent executive order on voluntary declaration of income and assets for tax purposes with waiver of interest and penalty.This incentive which must be taken within a period of 9 months from 1st of july 2017 after which aggressive enforcement of tax laws will commence. Managing of risk of the scheme includes managing the risk of cash flow involve. For more information call  +2348067922530 Disclaimer : Obi Azubuike is not by this publication acting as a professional advisers and therefore not liable to any  damage whatsoever for your acting or refraining to act based on  this publication. Consult your professional for advice.  copyright(c) 2016-Obi Azubuike

The law requires  the employer of labour to file annual tax return for their staff emolument  to relevant tax authority before 31st of January. For more information call us +2348067922530 Disclaimer : Obi Azubuike is not by this publication acting as a professional advisers and therefore not liable to any  damage whatsoever for your acting or refraining to act based on  this publication. Consult your professional for advice.  copyright(c) 2016-Obi Azubuike

According to  Company Income Tax Act 16(1 )Notwithstanding anything to the contrary contained  in this Act, insurance business shall be taxed as a.An insurance company ,whether proprietary or mutual ,other than a life insurance company. b.A Nigerian company whose profit  accrued in part outside Nigeria,  the taxable profit=Gross premium interest and other income receivable in Nigeria less reinsurance and deducting from the balance so arrived at, a reserve fund for unexpired risks at the percentage consistently adopted by the company in relation to its operation as whole for such risks at the end of the period for which the profit are being ascertained, subject to the limitation imposed in subsection(8)(a) -The implication of the above is that Life  insurance business is seen as a separate business from other non-life insurance  business from tax perspective. For more information call us +2348067922530 Disclaimer : Obi Azubuik...