TAX ACCOUNTING AND TAX ADVISORY SERVICE

The Ugandan government's plan to finance over 70% of its budget  from its revenue sources means it will demand for increased compliancy whose effect will be felt in Increased drastic enforcement measures.

What this means for a tax payer like you and me is to be more cautious in the way we handle our business and personal affairs in relation to tax, if we are to avoid unobjectionable tax assessments. We therefore come to you with this proposal for you to SIGN-UP for our Tax Accounting and Tax Advisory service;

Tax payers will begin to see tax amendmends that will give the tax authorities power to raise assessments in business areas or sectors that were earlier overlooked in the income tax law.

With increased pressure on tax compliancy, many firms like JW & PARTNERS and individuals do come up to try and help tax payers with their tax matters.

Word of caution though; Not all who purport to be tax consultants are competent enough to handle tax matters. Some business owners have sadly found that out the hard way. So the snag is How do you tell a genuine tax consultant from a quack?. Simple. You listen to them. If you are unable to asses them due to lack of technical knowledge, JW & PARTNERS has a service code named Hire of consultant service click here for more.

But if you feel you have fairly good tax knowledge to asses the competence of a firm then I advise that you ask them to make a pitch  on this service. Most of what you will hear is how good they are in Tax matters, who they have worked for and their experience, but that is not enough because any one can make those claims. what you would like to know about them is how they understand you as an entity and how they will go about this service to help you and its benefits.

Its important to note that Very few tax consultants are competent in all industry sectors. They specialize in sectors. High profile consultants have sometimes let down there clients by exposing them to incur high tax liability because they attempted to advise in sectors they (Tax consultant) were not familiar with.

JW & PARTNERS we are different .We shall tell you if we cannot handle your situation and will refer you to someone we know that can help you if there is genuinely a chance for you to eliminate or reduce the tax liability you are faced with.

So how does our Tax Accounting and Tax advisory service  proposal look like?

We have often received clients with complicated tax problems whose mess resulted from serious disclosures or non-disclosures of transactions in their Tax return over a period sometimes covering several financial years to which assessments have been raised. In most cases it is too late for them to be helped. But situations like these are avoidable, if one signed up for this service (Tax Accounting and Tax advisory service) before assessments are raised. This will enable us put your tax affairs in order through amendments and rewriting of your accounting records.

Remember a disclosure in your Tax return that was made in ignorance of the prevailing tax laws according to section 142(2) of the income tax, demands that the tax payer proves that he was ignorant of the law at the time of filing the return. Tax Authorities have argued that some scrupulous tax payers have attempted to evade taxes sighting ignorance.

When you Sign-up for the Tax Accounting and Tax Advisory services, we assign you a Team which will examine all disclosures in your tax returns ie VAT, PAYE, WHT, Income tax, custom Tax before filing it (return) with URA and also look at intended transactions of imports or domestic nature so that we can advise on the tax implications and avert the risks.

Our team will be able to help you avoid making wrong disclosures that may attract serious tax recomputations. This we do through proper TAX PLANNING which may include characterization of transactions in your tax return in a way that gives you (the tax payer) greater tax relief and security benefit.

Secondly our tax accounting service is where we help you appropriately treat every tax sensitive transaction in your accounting records. Now let me explain what this means…..take the simplest example of disposal of assets. When a company disposes of its assets, it is not enough to indicate the fair value gain from disposal in your return. Tax payers need to show in there accounting records that this asset had a certain amount of capital allowance so that the net of this income is allowed for tax purpose. Tax payers should arrive at this chargeable income from disposal of asset by calculating it out of the entity’s accounting system; However if this is not done correctly, it will come to haunt you when the Tax authorities request for the accounting records to trace this transaction. And if found that accounting records were not properly kept it becomes an offense to which a penalty is sought. That’s why its advisable to use a Tax consultant who is an accountant. 

Our Tax accounting service will ensure that management is properly advised that when capturing records in their accounting system, that, they also cautiously make proper description of transactions to avoid them being disallowed by the tax man which then can result into more tax.

Our Tax Advisory service will ensure that the tax payer safely registers new investments or enters transactions wisely drafting contract agreements that will make light the tax burden on him. Your Imports, acquiring or disposing of assets, management fees etc…will be safely handled.

OUR APPROACH;

Signing up for this service means you bring us on board to work with your Accounts and Finance department. Our Team will specifically be looking at your monthly returns ie. VAT, PAYE, WHT, Income Tax, Import tax return.

 Your accounting department prepares the returns but before submitting to URA, it hands it over to us to examine, we also look at the accounting records to ensure that the information in the tax return have been properly captured in the accounting system. Our team will ensure that all transactions are properly characterized and also establish if any transactions with serious tax implication had been omitted or prematurely included in the tax return.

All this work will ensure that you minimize your Taxes as much as possible or as much as allowable by the law.

To access this service you can call or write to us on email: jwandpartners@gmail.com , or call Managing Partner Mr. John Ochola +256 70 024835, Director Business Advisory Mr. Omony Patrick +256 772 564808  Office line; 0414 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 client 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 the Tax implication. 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 Tax 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.    Company secretarial/Registration Advisory service

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.

Failure to comply with company procedures can be serious. The most important aspect of this that will cause you to incur a liability with the Authorities more specifically URA, is when they examine the information that you have disclosed to them in your annual return.

The income Tax law requires that companies or organization must keep proper records. Now reference to proper records do 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.

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.