Economic growth and development of any country depends largely on its revenue generation, usually taxation is the major source of this revenue.

VAT is a consumption tax that is relatively easy to administer and difficult to evade. Click here to find out more about VAT and the other taxes in Nigeria.

While the performance of Value Added Tax (VAT) as a source of revenue in Nigeria is encouraging, it remains difficult to systematically assess the impact of VAT on the economy.

It was hoped that Value Added Tax introduction will not only help boost revenue to the government, but also…

In Part 1 and Part 2, we discussed Company Income Tax (CIT), Personal Income Tax (PIT), Value Added Tax (VAT) and Withholding Tax (WHT). Now this post is going to discuss the less frequently asked about taxes; Petroleum Profits Tax (PPT), Capital Gains Tax (CGT) and the most interesting tax of all the Education Tax (EDT).

Petroleum Profits Tax (PPT) is a tax applicable to all oil companies engaged in oil mining. There are 2 groups within the industry, the first group refers to organisations operating under Joint Venture (JV) agreements; they are required to pay 65.5% of their reported…

Before we begin, it is highly recommended that you read Part 1, here. Now lets pick up from where we left off. In Part 1 we discussed Company Income Tax (CIT) and Personal Income Tax (PIT), who is liable, who is exempt, when its due and the penalties for non-compliance. It was fun! In Part 2 we will be discussing Value Added Tax (VAT) and Withholding Tax (WHT). Before we proceed it is important to note that the FIRS office that you will be filing your returns at, has to be the FIRS office closest to your business’ registered address…

Recently, we asked business owners across our social media platforms to send in finance related questions to be answered in our next blog post and a vast number of those questions were centered around tax compliance, so we decided to do a tax compliance series touching the relevant areas in easy terms.

This tax series is to guide all registered taxable SMEs and entrepreneurs. It will help you understand your tax obligations.

First things first, do you have a company TIN (Tax Identification Number)? It can be found on your VAT certificate. …

Most people believe that once they step into the world of entrepreneurship, salaries become a thing of the past. On the contrary, an entrepreneur earning constant income is a sign of sustainable growth and success in business.

At what point does an entrepreneur put himself or herself on a salary?The business’ break-even point is the key to answering this question.

“The break-even point is the production level where total revenues equals total expenses.”

There has to be discipline on the part of the entrepreneur to not touch their business’ earnings till the business can cover its costs of production.


Slay Queen Beauty Part I

SQB Ltd (Slay Queen Beauty Ltd) is back. This time with solutions in the sequence that should have been used to tackle the problems in the first place. However, one of the bittersweet rites of passage for every entrepreneur is discovering what does not work for you, picking yourself up and starting over! So let’s jump right into it shall we?

Inventory & Costing

Remember that Bolu already had some makeup and a car.

A cost is described as a monetary valuation of effort, materials, resources, time and utilities consumed, risks incurred and opportunity foregone.

Now her car…

In this post, we are going to take a look at a hypothetical entrepreneur who started a make-up business a year ago. We will take a look at the financial difficulties she has encountered along the way.

Bolu loves make up, she has been a make-up enthusiast since she was old enough to try on her mum’s fashion fair radiant red lipstick. While at university every summer, she would attend one make-up school or the other; her friends always requested her skills for events and birthdays. …

Entrepreneurs are generally very driven individuals, and in Nigeria, this is no exception. These days, we see more and more Nigerians getting inspired to step out and chase their dreams with no safety nets. Some leave well paying jobs with benefits, or defy parents that had dreams of them falling into the doctor-lawyer-banker-engineer professional bracket, all chasing the entrepreneurship dream. So noble, standing up for yourself, taking this huge leap of faith to start a “Business”, providing goods and/or services, while totally neglecting the financial aspect of the business.

The thing is, even if you just fell down from heaven…


We offer boutique financial services, such as: book-keeping,costing/pricing strategies & business/financial workshops entrepreneurs & SMEs.

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