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

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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

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

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

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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!

 

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!

 

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.

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).