COMPANY SECRETARIAL SERVICE.

 We help organizations update their compliancy status with the registrar of companies URSB and also reconcile disclosures in their Tax returns with returns it has filed with the registrar of companies URSB.

Company secretarial services are one of the most overlooked services by management of most organizations yet failure to comply can cost a company a lot of money in Penalties and interest on penalty when noted and raised as queries in assessments by the authorities. The income tax Act and the Companies Act all emphasize on proper records which should be filed to them URA and URSB which records should agree.

Compliancy outcomes can tremendously improve the quality of management in terms of decisions making, implementation and redirecting the organization safely out of danger of authorities (penalties and fines) and right into the opportunities that an economic environment has to offer.

Also before I go into the depth of this service, let me first explain what a company secretary’s secretarial duties are;

When you register an organization there are rules and regulations called company procedures which you are expected to abide with when managing the affairs of your organization. The basic ones are filing Annual returns, Appointing Auditors and holding annual general meetings, which you might have done by now.

What I’ve just explained is the basic company compliancy procedures. An organisation needs to watch out for compliancy activities that if not dealt with can cause the organisation to incur  liabilities more specifically URA. This usually occurs when they examine the information that you have disclosed to them in your Tax return and demand for evidence.

The income Tax law requires that companies or organization must keep proper records. Now reference to proper records does not only refer to invoices, receipts and LPOs , agreements and so forth, it  includes other supporting documents that need to be filed with the registrar of companies at the Uganda registration service bureau.

These documents will defend transactions that have been disclosed or entered in accounting records of the company or organization. Decisions of actions taken or to be taken by the company are arrived at by way of resolutions either in an Annual General Meeting AGM or Extraordinary General meeting EGM. This does not only apply to big companies, it is for all companies that are legally constituted under the Uganda companies Act.

 Therefore, transactions or any other activities that the company or organization finds its self undertaking should follow these procedures.

For example if you filed say an income tax return to URA and in it your financial statements shows that the company was not paying rent simply because the directors of the company owned the property and had leased it to the company, this has to be supported inform of resolutions made in an AGM or EGM to which the document should have been filed to this effect with the registrar of companies as the law requires it. Failure to abide by this is an open check for the Tax man URA to charge you with falsification of information filed in your income Tax return under section 142 of the income tax Act. You can further be charged with failure to keep proper records under section 139. To which the penalty is to pay twice the amount of tax payable for that financial year plus interest.

Now you should not get worried. If you do not have a person with expertise about such matters in your organization. A professional practicing account can do it for you.

Word of caution though, that not all accountants have this expertise, it is those Accounting firms who have developed strength through time tested success of correct application of this expertise like JW & PARTNERS who can help you better.

But, how do you tell who is competent to help you with your company secretarial challenges?. It is simple; it’s the way they explain it(Company secretarial services) to you just like how I’m doing now. So if your accountant or Auditor has never raised this as an issue while with you do not bother asking him about it he will let you down.

It’s not enough to just claim that we also offer company secretarial /registration service like most individuals and firms are doing, just visit their websites and you will see what I’m talking about. The danger in using the services of such people is that vital company procedures with serious tax implication and severe penalties are overlooked because of their lack of in-depth knowledge of the service.

We JW & PARTNERS have been in this business long enough not to allow such simple professional oversights to occur to you. So what are you waiting for SIGN-UP for the service Now. Call or write.

There is also another perspective of the same. let’s say you made resolutions and properly filed them with the registrar. Where the tax man will try to make you pay, will be in your accounting records(system). Remember your records with the registrar of companies will only support your final financial statement reports through your accounting system.

 Take this example; if in one of your resolutions the directors had resolved to increase the company’s liquidity by borrowing from private individual like family members and friends and also through financial institution. Your accounting records should show how these monies come in and how it was spent. Failure to show this is failure to keep proper records. Remember again in the auditor’s report of your audited accounts; it states that ‘’The financial statements are in line with the accounting records’’. Failure to prove this to be so will be interpreted by URA as falsification of records under section142.of the income Tax Act.

Companies and organizations who have suffered this full scale interpretation have been severely crippled to being non existence. Some of them will make blanket statements that taxes are putting them out of business yet the problem is compliancy. So don’t be like them make that wise decision now and SIGN UP for this service it will be worth it.

This is Our Approach in serving you;

Immediately you SIGN-UP, we start with first carrying out a thorough examination of your records to URA over at least five years because that is how long URA expects you to keep these historical records, and then look into your account with the registrar of companies or URSB to determine, to what extent you were compliant with the basic company procedures and filling of resolutions.

                                

 e-mail.jwandpartners@gmail.com, 0704024835 Managing Partner John Ochola,    0772 564808 Director Business Advisory Patrick Omony  Office line; 041-4-256408.

HOW TO SIGN UP FOR THE SERVICE.

We have two categories of clientele that you can choose to be serviced as;

a)    Regular Clients

b)    Retainers Client

Regular clients Category;

This is a one off or walk in client. He is charged per the assignment. Say if he has a one off transaction or undertaking that he/she wishes to be advised a bout company procedures to follow. He receives a quotation for that assignment.

Retainer Client Category;

This is long term. Here a client signs with us a contract where he pays an agreed monthly retainer fee for which he receives unlimited consultations at no extra charge for all his company secretarial needs. This may range from acquisition of credit, managing of company assets, mortgages, expansions etc….

Thank you

Regards

Patrick Omony

Director Business Advisory

JW & PARTNERS 0772 564808.

Other services we offer that is of great benefits to your company are;

a.    Tax Accounting and Tax Advisory service

There is Tax accounting and Management accounting and these should not be confused;

If a director of accompany withdraws money from the company to go an undertake duties of the company. For management accountability purpose it can be captured as money paid to director x, this from a tax point can be interpreted as income to the director to which it will be added back by the tax man to be taxed as PAYE or income tax in the director’s return. Usually this is discovered when URA request for your accounting records as they enforce compliancy.

This therefore means that companies should start accounting in their books of  information in such a manner that will a void more tax liability. Your accounting packages should be configured to cater for this. You can also sign up you company for this service Tax accounting and Tax Advisory service.

b.    Accounting Information and control management service.

In this we help you set up an acceptable and efficient way of how you can capture and manage your accounting records for both management and Tax purpose. This will came in handy especially when objecting to TAX assessments raised by URA.