IMPORTANT MATTERS IN BUSINESS – TAX PAYMENTS

Emily James runs a small business.   Her confusion with taxes and tax payments inspired this article.

Tax is an amount paid from your earnings to the Government for efficiently running the society.

Businesses pay tax on their profits (Income – Expenses).   Employees pay tax on their earnings (salaries and wages).

Under the Nigerian tax system,  companies pay income tax of 32%.  Employees pay between 7% and 24%, depending on the amount earned.  For casual employees,  i.e. those without a regular source of income are taxed differently, either as a fixed amount or percentage.  Computing taxes can be complicated and most often requires the help of a Finance Expert.

Not paying your tax or making wrong remittances is seen as a criminal offence.  As the year rolls to a close, ensure you have made your relevant tax payment to the relevant Tax authority.

‘Shut the Government up by dutifully paying your tax.  Then you can demand what is rightfully yours from the Government.’


I remain passionately committed to your success in life and business!


EHIS EGBUJI
Finance Expert.
Business Accounting • Personal Finance • Tax • Training

* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
DO IT YOURSELF!!
You can make tax payments yourself!  Simply follow the steps outlined in the book – Tax Remittance Made Easy [How to easily get your Tax Clearance Certificate (TCC)].

To get a copy of this book, contact us -

E-mail: ehisegbuji@gmail.com
Phone: +2348091001173, +2347034450000
Twitter: @ehisbebe

*Photo credit -  www.marketwatch.com

THE TWO MOST IMPORTANT DOCUMENTS IN YOUR LIFE! ( THE MYB ™ SERIES )

If you are 18 years or older, there are two important documents you will need during your lifetime.  The first is your international passport.

The second most important document you need in your life is – your Tax Clearance Certificate  (TCC).  This is your ‘Tax Passport’.

A Tax Clearance Certificate ( Tax Passport) is a document issued when you pay your tax to the Government. It makes you a bonafide member of the society and gives you the right to demand good governance and amenities from the government.

Not paying tax makes you an illegal member of the society and can result in criminal charges against you.

Whether you are self employed or own a business,  it’s your duty to make tax payments at the end of each year.   If you are an employee,  ensure that your employer has been remitting all taxes deducted from your salary especially as the year end draws near.

As a self employed business owner or as an employee, there are  certain tax – free deduction you can enjoy on your earnings.   It’s your net earning that should be taxed.   To avoid a wrong tax computation and enjoy the available tax – free deduction on your earnings, please seek the help of a finance expert.


I remain passionately committed to your success!

EHIS EGBUJI 
Finance Expert. 
Business Accounting • Personal Finance • Tax • Training 

*******************************
For further enquiries –
E-mail: ehisegbuji@gmail.com  
Phone: +2348091001173 
Twitter: @ehisbebe

Photo credit - wwwrocketswag.com

THE ‘3ES’ – HOW TO PLACE YOUR BUSINESS ON THE WORLD MAP (The MYB ™ Series)

                   
EFFICIENCY
There is a popular saying that ‘less is more’. Spending less  results in more savings.  Proper financial planning creates cost saving strategies resulting in reduced costs and increased profits.


EFFECTIVENESS
This is the impression your business gives to – your existing clientele, potential customers, competitors, the Government, investors, etc.  It is one of your USPs   (Unique Selling Points).  An example is having good financial records.  This alone can give an impression of good financial integrity.


ECONOMY
How relevant is your business in the scheme of things?  In your industry, in contributing to national and economic development?

When you consistently combine proper financial planning, good record keeping and financial reporting practises, your business will take its rightful place on the world map.

passionately, committed to your business success!

Ehis Egbuji

Business Accounting • Personal Finance • Tax • Training 
-------------------------------------------------------------

Does your business need help?  Contact us – 
ehisegbuji@gmail.com 
Call - +2348091001173 
Twitter - @ehisbebe 

Photo credit - fineartamerica.com

REASONS WHY YOU SHOULD KNOW & REPORT YOUR BUSINESS PERFORMANCE

 Reporting your business performance is known as Financial Reporting (F.R).  It means presenting your business performance in a report format for a given period, usually one year. 

 

 
PROFIT OR LOSS

The report shows whether your business made a profit or loss.  It shows your cash position, your assets and liabilities.  It usually follows a standard format and is prepared by a Finance Expert/Accountant.

 

FINANCIAL INTEGRITY

It can be scary to present your business information to the Government/public, but it will help build financial integrity for you and your business which you will need when dealing with banks, financial sponsors, potential investors, shareholders and bigger clients.

 

GOVERNMENT’s ECONOMIC DECISIONS

Your business financial reports helps the Government in making economic decisions that affect businesses.  For example, making funds accessible to small & medium scale businesses; increasing or reducing business taxes, etc.

International organisations like the International Monetary Fund (IMF) also use financial reports to monitor growth & development in countries.

 

DELISTING OF BUSINESS NAME

It is important that every business owner has a basic understanding of the Financial Reporting requirements for businesses.  Businesses that do not report their financial performance stand the risk of being delisted from the Companies’ Register.  This means your business ceases to exist as a legal entity.

 

If you haven’t been reporting your business performance, contact us or a finance expert  today.  Don’t allow your business to get delisted or lose financial integrity.

 

 

‘ Success is - little steps of deliberate actions’ – anonymous

 

We remain passionate about your business success!

 

CONTACT US TODAY!

e-mail: ehisegbuji@gmail.com

twitter: @ehisbebe

Phone no: 08091001173

Lagos, Nigeria.

 

photo credit - shutterstock.com

WANT TO SUCCEED IN LIFE? BUILD A STRONG NETWORK! (MYB ™ Series )

Sometimes in life, those you already know in your personal life may turn out not to be your business customers.  Be grateful for the encouragement they bring and network beyond your immediate circle for potential clients/customers.

Build your network any and everywhere.  At the shopping mall, salon, market, gas station, your children’s schools, a party, wedding, church, parking lot, online platforms, etc.

Money doesn’t grow on trees neither does it fall from the sky. 

Your business can only reap from your network – people you are connected to. That's why the popular term – ‘your network = your ‘money worth’.

Let’s talk

-----------------------------------------------------------------------------------------------------------

How are you minding your finances today? Managing your finances properly is key to succeeding in life.  Let's help you convert your 'Network' to 'Money-worth'. 

My name is EHIS EGBUJI. I’m a Finance Expert.  I created the ‘Minding Your Business Series’ (MYB™) because I’m passionate about helping people and businesses overcome their money problems.  Call me - +2348091001173 or send a mail – ehisegbuji@gmail.com or tweet at me - @ehisbebe.  I do love to hear from you!

HANDLING NEW OPPORTUNITIES IN BUSINESS (THE MINDING YOUR BIZ MYB™ SERIES)

During the early stage of business, there will be excitement and the temptation to do many things at once.  Try to contain it so your enthusiasm does not burn out fast.  Let go of distracting ‘great’ ideas so you can focus on the purpose of your business.  Better still, you can store in an ‘idea bank’ where you can go back to them later.

 
Trust yourself sometimes and don’t at other times.  It’s healthy for you and your business.  Be ready for opportunities.  You can adopt the IUF™ approach.

(I)GNORE – totally unrelated opportunities.  These will waste your time & resources.  It may appear attractive, but it will not help or be useful to you or your business in the long term.

(U)SE NOW – those opportunities which are usually one-offs but related to your long term vision/goal.

(F)OCUS ON – those opportunities related to your long term vision.

Pursue pragmatic education that places emphasis on practice and simplicity.  This means you are learning and applying it in your business at the same time.

Don’t stop learning, growing, and innovating. Your business depends on it.

 

Let’s talk

-----------------------------------------------------------------

How are you minding your business today? Managing your finances is key to succeeding in your business.  Let me help you manage your business finance so you can focus on your business. 

 

My name is EHIS EGBUJI. I’m a Finance Expert.  I created the ‘Minding Your Business Series’ (MYB™) because I’m passionate about helping people and businesses overcome their money problems.  Call me - +2348091001173 or send a mail – ehisegbuji@gmail.com or tweet at me - @ehisbebe.  I do love to hear from you!

 

LIFE TIPS FOR THE ENTREPRENEUR (THE MINDING YOUR BUSINESS MYB™ SERIES)

It’s great that you have decided to start out on your own.  Congrats dear friend for taking this bold step; the result of an ‘I can do this’ mindset and attitude. 

 

As you settle into entrepreneurship, here are some important things to remember.

-       You now have greater responsibilities as a business owner and an employer compared to if you were an employee.  Your customers and employees depend on you.  You can’t afford to let them down.

-       Your personal ‘goals-needs’ will be on hold for a while.  For example, regular vacations may be on hold for a couple of years to get a strong footing for your business.  Investing in things like houses, personal cars, another business may not be possible yet.  Remember, your business is an investment that you need to grow if you are to succeed.  Most of your resources, your money will be required to grow your business.

 

The beautiful thing is that once your business stabilizes and begins to make regular profits, you will be able to afford a number of your ‘goals-needs’ together!

That you do not have the life you envisage today or after a couple of years of doing business does not mean you can’t have it.  Keep at what you are doing.  Keep innovating - learning & trying new things.  Soon, you will break through; the light of success will shine through all those clutters of doubt.  I believe you can succeed; do you believe you can?

 

Let’s talk

---------------------------------------------------------------------

How are you minding your business today? Managing your finances is key to succeeding in your business.  Let me help you manage your business finance. 

 

My name is EHIS EGBUJI. I’m a Finance Expert.  I created the ‘Minding Your Business Series’ (MYB™) because I’m passionate about helping people and businesses overcome their money problems.  Call me - +2348091001173 or send a mail – ehisegbuji@gmail.com.  or tweet at me - @ehisbebe.  I would love to hear from you!

 

 

photo credit: ourdunya.com; encrop.net.

 

LIVE AND ENJOY YOUR LIFE! (The Minding Your Business (MYB™) Series)

'De-clutter your life.  Not everything is necessary; not every information is important.'

Everyone requires the basic necessities of food, shelter and clothing.  Every other need falls between a comfort and a luxury position.  Comfort makes life a lot easier for you.  Luxury gives you a sense of power, that yearning to belong to a clique, or simply to show off.  Comfort puts you at relative easy.  Basic and luxury create tension.

THE MYB™ LIFE CHART

                                              The MYB™  Life Chart

Your position on the MYB™  Life Chart is relative to your goals and aspirations.  Don’t stop aspiring to be a better you, a richer or wealthier you.  'There are no wrong or right ambitions; its your intentions that makes your ambition right or wrong'. Aspire to be above the basic needs position.  Strive to remain within the comfort position.  Aviod getting into a luxurious lifestyle (the luxury position).


If your intentions are noble, you will aim to find a noble path to acquiring wealth/riches.  If not, your path to weath maybe flawed.  Aim for and strive to remain in the comfort position; its the best position to achieve your life goals.  You can achieve your financial life goals with the help of a finance expert .  Find a finance expert  online or offline, depending on which works best for you.


Till next time…..

Treasure this information; it’s the new currency.  I remain passionately committed to your success!

EHIS EGBUJI
Finance Expert
E- mail – ehisegbuji@gmail.com
Twitter - @ehisbebe
(The creator of ‘Minding Your Business Series’ - MYB™)

WHAT STIFLES THE ENTREPENEUR’S CREATIVITY? (The Minding Your Business MYB™ SERIES)



An entrepreneur must always think abundance.  Indeed, there is enough market & resources for everyone.  All it requires is a little bit of creative ingenuity from you.   Year to year new businesses spring up, becoming profitable overtime and still remain in existence years after even with a challenging economy.



wearing many hats!



overwhelmed!

Today, entrepreneurs are constantly struggling to remain relevant to the purpose for ‘setting up shop’.  After overcoming the hurdle of pushing your services or products to the market, the next step of owning a market space becomes an even greater challenge. 

 

The main reason is – ‘the stifling of the entrepreneur’s creativity’.   The entrepreneur is overwhelmed wearing several hats. From customer service personnel, marketer, accountant to I.T personnel.  He becomes a ‘jack of all’.  Gradually, the entrepreneur begins to lose focus and creativity.  He/she becomes over stretched; worrying about so many issues and at some point may begin to regret the decision to start a business.  To own a market space, you need to stay creative and be innovative.  That’s why APPLE and SAMSUNG are still relevant players in the Mobile phone market.

 To solve this problem, the entrepreneur needs to ‘OUTSOURCE’.  Yes, outsource some of these services – I.T, finance/accounting functions, marketing, etc.  When you outsource some duties, you UNBURDEN your creative spirit.  The time spent studying and trying to understand accounting documentation for instance can now be focused on creating more value and further developing your products/services.

Outsourcing can be negotiated and even paid for without cash. For example there are new companies that are offering highly discounted fees and even free services for a start.  There is no harm in taking up any of these offers.  Where you have to pay, negotiate for the best deal.

Start outsourcing now before you get to that point of ‘stifled creativity’.  Outsource areas of non-expertise one by one, and you will be amazed at what you can achieve in a short while.

 

**This information is your currency; use it wisely.

 I remain passionate about your success,

 

Ehis Egbuji (@ehisbebe)

..Providing practical personal finance & business finance solutions!

 

#5 HABITS OF HIGHLY EFFECTIVE PEOPLE (The Minding Your Business Series)



 1.      Discipline – helps you manage your time (which of course is never enough)…'do not stifle your creativity by trying to do everything.  Learn to outsource a few’. #SME #learnandgrow

2.     Discipline – helps you manage your relationships…. ‘develop a rapport with the man at the top & you will easily reach his people beneath’. #SME #learnandgrow

 

3.     Discipline – helps you plan & set attainable goals… ‘a good plan is like a road map. It shows the final destination…’ H.S Judd  #SME

4.     Discipline – helps you manage your resources especially MONEY…’being poor is not a lack of MONEY; poverty is a lack of ideas & inspiration’. #SME #learnandgrow

5.     Discipline – helps you avoid excesses – in health, in your daily life… ‘everything is permissible; but not everything is good for you’. #liferules

I remain passionate about your success!

 

Ehis Egbuji

Twitter - @ehisbebe 

The Minding Your Business (MYB^TM) Series

  www.themoneysage.blogspot.com

 

..Providing practical personal finance & business finance solutions!

 

**(photo credit - Shutterstock.com)

THE SEVEN DAYS MYB™ QUOTES TO GET YOU FIRED UP!

                       

                              
DAY 1 – tomorrow belongs to those who see opportunities and act now before they become obvious.

DAY 2 – helping others is not about giving money.  Help others by providing solutions.  This can become your earning points to wealth.

DAY 3 – you cannot know everything.  Learn about different things but focus on a few.  The few will determine your path in life.

DAY 4 – every idea is a potential million-dollar industry.  Don’t rush.  Take time to think and develop that idea properly.

DAY 5 – keep a note of past successes + failures.  Reflecting on them can provide greater insights in life and business.  #learnandgrow #liferules

DAY 6 – never be afraid to offer your talents for free.  It is likely to increase your confidence and create opportunities you never recognized before.

DAY 7 – describe who you want to be in one word.  Commit it to memory.  This is your current mission statement.  Make it a part of your daily activities.

I still remain passionately committed to your success!
Ehis.

►Follow me on twitter - @ehisbebe (Ehis Egbuji)

Creator of the MYB™(Minding your business) series.

MOVING FORWARD - THE TRUMPET APPROACH (The Minding your business series)

💃/KEEP MOVING FORWARD 💃🚗- KEEP MOVING FORWARD 💃🚗✈ - KEEP MOVING FORWARD💃🚗✈🚀/



 Business is about providing a service and earning from it.  Do you write well?  Can you speak convincingly?  Can you think deeply?  Can you make bags, clothes?  Are you a great cook?  Can you sell anything?  Any of these can become a full blown business.  Many have succeed already at these, and many more will.  Have you been minding your business? 

Your idea can be extra ordinary or just ordinary; it doesn't matter.  What is important is that it meets a need and you are convinced that it makes sense.  When you can convince yourself, you can convince anyone.
You convince anyone by what you give.  Adopt the "trumpet approach".

The TRUMPET APPROACH is showing off your skill(s) as often as you can.  Talk about it, use it freely.  Do this creatively and your selling points will begins to rise.  By the time you launch out fully, it will be quite natural for your crowd because they have seen you do it in the past with ease.

The first thing you want to do is convince people, not force them into buying.  Once people trust you, they are more likely to buy from you.

Don't wait until you have registered a business name, set up your office or have enough money.  Start now where you are and as you are.

'Success belongs to those who take action and remain committed'.  Success is moving forward - so start moving!

Till next time,

Remember...information is the currency of the 21st century. Please share this article with a friend. Thanks.

Because I'm so passionate about your success!
Ehis.

ITS TIME TO MIND YOUR BUSINESS (part 2)

The Direct & Indirect Entrepreneur

Whether you were born to be an entrepreneur or not here is some advice - develop yourself in what interests you.

The Direct Entrepreneur
For example, you love to teach. Great! Have you done any teaching in the last 12 months? Start with your kids, your neighbour's kids, kids in church or your local association. Then move on to organizing summer school through a collaboration with your church or local association.  The number of times you can successful duplicate this process will increase your expertise & determine how quickly you will grow.

The Indirect Entrepreneur
As an employee, if you continue to develop yourself in your field of interest, you grow to become an expert & as your earnings improve you can invest in an entrepreneur. In this way, you become co-founder, co-owner or partner just like that!

These are the two experts -
   i) The direct Entrepreneur  - a risk taker
  ii) The indirect Entrepreneur - who down plays his risk by investing in an entrepreneur.

 I have tried my hands on a couple of successful business ventures & now I'm consolidating on my interests & field - financial management + advisory. Even with a current 'small' client base, I know it will eventually pay off as I continue to develop myself in this area.

You have every reason to succeed because life is not about who gets there first, because you WILL get there!
So fill up your mind 'tank' with loads of enthusiasm & determination & lets go!

Till next time

Remember...information is the currency of the 21st century.

P.S - do you have some great biz ideas or do you want to invest in a great biz idea? Send me a mail - kleanwash@gmail.com

P.S.S - remember our goal for 2015 - GIVING. Please give by sharing this article with someone (at least one person thanks).

ITS TIME TO MIND YOUR BUSINESS! (Part 1)

Hello!  Happy new to you!!  Hope you are still feeling new? Guess what?????  We are starting the year by minding the business that is ‘YOU’.  Yes, ‘YOU’; because you are a business of such potential magnitude that you can’t afford to let things just happen by chance.

YOU
Your personal attitude can affect the outcome of this year for you as an individual and even in business.
Convince yourself again about your life’s purpose: what do you really want from life?  How does your personality work with this, is there a conflict or are both in harmony? Your goal should be to keep developing your strengths and not wear yourself out doing too much or too little.



YOUR FINANCES 
If you are unable to manage your personal funds adequately, chances are you are likely to be unable to manage your business money.  ‘Being poor is not just a mindset; it’s an attitude and a lifestyle.’
Focus more on ‘resourcefulness’. ‘Resources may increase your current income, but resourcefulness will create an unending stream of WEALTH’.  Apple started out not resource focus but on being resourceful.  Today Apple is renowned not for its resources but for its resourcefulness (innovation). 




Be open to learning and trying new ideas.  Start where your strength lies.  The good news is that whether you decide to quit your job to start a business or stay put, you can still make more money.  You can be an investor, partner, affiliate, etc.

So, are you as passionate as I am for great chances in your finances?  Then join me for my next article – ITS TIME TO MIND YOUR BUSINESS (Part 2). 

Till next time,

Remember – information remains the new currency!

PS. 
This article is for you and someone else.  Remember part of your life goal should be to give and share with others.  Share your resourcefulness with someone else by sharing this article.  Let us help make 2015 a year of great financial success for us and those we care about.  Please share.  


Photo credits (google search).