VALENTINE AYO-AJAYI & CO is an indigenous firm of Chartered Accountants established with a view of pioneering positive change within the Accountancy profession through a well-structured, polices, strategies and standards that’s exhibits a very high quality of professional work. The firm is positioned to provide innovative, efficient, and dynamic and value adding Accounting, Audit and Assurance, Tax management, Financial and Management consulting to meet the need of our esteem client (Individual and business community)
This is one of our main activities, covering large, medium-sized companies, partnership and sole proprietorship. Our audit approach comprises a risk-based system audit, balance sheet audit (both interim and final audits). It also goes much beyond the statutory Limits by employing an exploratory approach that reveals lapses and evaluates performances.
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We provide advice and assistance for clients on a wide variety of accounting matter including:
- Development of a suitable accounting system or improvement of the existing one and Charts of Account
- General bookkeeping, accounting and ledger entries, opening of accounting books
- Preparation and presentation of management accounts, provision of information for management budgets, cash and profit forecast.
- Provision of accounting support to client who require additional accounting services.
- Investigation and Exploratory accounting in accounting problem areas, or areas of suspected fraud or misappropriations.
- Preparation of business valuation statement either for specific business situations or for new startup companies
- Fixed Asset Register, Classification and Tagging
- Implementation of Accounting packages-Peachtree, Tally, Sage Pastel, etc.
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The complexity of fiscal legislation has increased considerably the demands from clients for tax advice. We provide comprehensive service on taxation for corporate and individual clients in the following areas:
- Companies income tax
- Personal income tax
- Petroleum profit tax
- Capital gains tax
- Sales tax
- Value added tax
- Withholding tax
The firm also provides the following services:
Procurement of tax clearance certificate
- Corporate tax planning
- Preparing tax returns and agreeing tax liability with the Inland Revenue on behalf of client
- Obtaining Certificates of Acceptance for Capital Expenditure
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Here we review audited accounts for tax management purposes; we compute tax returns, liaise with the Federal Inland Revenue Services and agree tax liabilities. Under this we shall take a critical review of the company’s operations based on the content of audited financial statement that would be made available to us by the Auditors. We shall prepare tax returns and agree tax liabilities with the Inland Revenue Authority, taking into consideration the existing Tax Laws.
We shall liaise with the revenue authorities on behalf of company with a view to providing adequate and up to date information on relevant tax laws as it affects your operations.
Finally, we will obtain Companies income tax clearance certificate for the organization and attend to all queries and investigators concerning the company.
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We review and examine current Payroll for the purpose of determining the tax liability for each member of staff. Our advice would be based on the current profit and the amount of physical cash the organization actually want to put into the hands of staff.
We design a structure to be adopted as a suitable PAYE Taxation System for organization taking into consideration the statutory tax laws and guidelines. This is aimed at minimizing and managing the tax liability payable to a comfortable level.
We monitor the completion and filing of form A in order to process deduction cards to get the free pay allowance, thereby reducing the tax burden on each member of staff. We shall attend to all tax audit / investigation that may involve the company and at the end ensure that a letter of clearance is obtained for the organization.
At the end of the year, we shall file form H (Employer’s Annual Return Form) with the relevant Internal Revenue Authority.
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This is an advance payment of tax on certain items. We shall be responsible for the withholding tax management and liaise with the relevant tax authority on their behalf.
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In order to keep focus on their professional staff and core functions, most institutions tend to outsource their administrative and support staff. We also provide this service as part of our Human capital development exercise.
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- We have a Very vibrant liquidation and receivership department that handles the winding up and realization of asset of companies as directed by a court order or at the specific request of the shareholders. Liquidation is a painstaking process that has to ensure that primarily the interests of the creditors are protected and those of any other parties that may lay claim to the assets of a company. It also ensures that a fair value is obtained for those assets, that there is a speedy disposal of same and that equity is maintained in fund distribution.
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For clients embarking on business expansion or incubation we assist in equity sourcing, loan debenture sourcing / advice and debt / equity mix.
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This involves Training and Training needs analysis, Personnel Outsourcing, Performance Appraisal System Design, Manpower Audit and Review staff recruitment etc. We review the human resource capital with a view to determine their appropriateness and sufficiency. We offer recruitment of top level personnel and provide relevant training for capacity building.
We provide the following Human Resource development services:
- Training
- Change management
- Performance management
- Remuneration management
- Sourcing and recruitment of personnel
- Job profiling and matching
- Development of job description
- Development of material for advertisement
- Collation, screening and short listing of candidates for interview
- Interview sessions
- Recommendations for hiring
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This is another area where we could be of service to the company. The certificate is normally required by the Federal Inland Revenue Service – from a company claiming capital allowances on qualifying expenditures in order to reduce liability.
• This involves all capital expenditure above N500,000
• The Federal Ministry of Industries processes the above certificate
Tax Savings
It has been observed generally that certain asset that have been fully depreciated and capital allowance claimed still have good realizable values. We could still legally repackage such assets in order to claim capital allowance, considering their current values.