Planning your Tax Calendar Ahead of 2021

2020 is gradual rounding up; one crucial question you should be asking is:

How can I ensure that 2021 is an effective and efficient year for myself, my business and my organisation?

One of the many ways to achieve an amazing year ahead is to prepare a tax calendar for you and your organization.

To begin with, planning of the year ahead is crucial in order to avoid missing tax deadlines and paying avoidable penalties both for yourself and your organisation. It is always important to categorize your important documents by the tax year as you combine all the receipts, income statements, and other documents you need to get ready for your filings. This makes fulfilling your tax obligations which include: tax filing and remittances easier and enables you to ensure seamless tax procedures and process in 2021.

As explained in our previous publications, the first quarter (Q1) of every year is termed the ‘Personal Income Tax Filing Season’. What happens in the tax space during the P.A.Y.E (Pay-As-You-Earn) and PIT (Personal Income Tax) filing returns process. In our article ‘What Is Your 2021 Tax Strategy – How To Stay Ahead of The PAYE Filing Returns Process’ all the details pertaining to PAYE and PIT have been expatiated.

The PAYE filing returns relates to employers in paid employment. Employers should take note of this as the obligation lies on the employer. The PIT fillings returns process relates to self-employed individuals.

Going by the order in which this occurs in the Tax 2021 calendar, the P.A.Y.E returns filing occurs first in January 2021. The deadline for the filing returns is January 31, 2021. Next to this is the PIT filing returns process, the due date for this is March 30, 2021

Automation of the PIT Returns filing has been made available and can easily be done also through PITApp®  (https://pitapp.taxit.com.ng/)

Having a tax efficient 2021 has been made easy if you follow these steps:

1. Reach out to a team of licensed tax professionals to assist with your PAYE and PIT returns filing compliance process and all tax-related processes in general. Taxaide’s Professional Personnel has a team of licensed tax practitioners who can assist with the PAYE and PIT compliance process.

2. Update yourself and your organization frequently by following our blog to get updates of all recent developments in the 2021 tax space and beyond.

3. Download our mobile tax application – Tbook (available on Android and iOS) or visit the web application – https://tbook.com.ng/. Tbook would ensure that you are updated on all tax and economic related news, articles and videos.

For more information on the PAYE and PIT Returns Filing and other tax-related issues, especially on how to be tax efficient in 2021 please do not hesitate to contact us at:

Tel: +234 700 TAXAIDE (070 829 2433), +234 1 631 0971

WhatsApp: +234 810 701 7274

Email: payrolldesk@taxaide.com.ng, business@taxaide.com.ng

Website: www.taxaide.com.ng

Let’s have a tax-efficient 2021! Happy Holidays!

Leave A Reply