Cov

journey to growth..AAT in view
Honest lessons, mistakes and wins
accounting tweets!

[Cov @Covenant2222]

@AskMichaelTaiwo Energy spent on things you cant control

[Cov @Covenant2222]

But simple, consistent financial support

When their numbers are clear, running the business becomes less stressful

Small businesses deserve systems that fit where they are, not where big companies are.

[Cov @Covenant2222]

I've been thinking alot about small businesses. Many SMEs actually want to do things properly,but hiring a full time accountant is expensive for them.

Most small businesses are just trying to survive: rent, inventory, salaries, bills..there's little left.
So they handle their

[Cov @Covenant2222]

Finances themselves, often without proper records or guidance. Because of this, many either overpay tax or estimate thier taxes incorrectly

That's where the problem starts
Tax confusion,cash flow issues,wrong decisions.

Sometimes what these SMEs needs isn't a full accountant

[Cov @Covenant2222]

@abazwhyllzz Yes oo

[Cov @Covenant2222]

Luck is what happens when preparation Meets Opportunity.

[Cov @Covenant2222]

@impeculiar1b @Covenant2222

[Cov @Covenant2222]

@hossainantor99 Yes o

[Cov @Covenant2222]

@nuradeeeen Yes oo

[Cov @Covenant2222]

@FIRSNigeria If you make money from virtual assets( crypto,NFTS,online trading etc .. you're now required to keep proper records and report those activities to the tax authority. That is what this provision is saying

[Cov @Covenant2222]

@MasterBolaji True, Nigeria's VAT rate is lower. But the real issue is value for money. Higher or low taxes work when citizens can clearly see services and accountability..dont let me get started on EDUCATION Tax that is wasting

[Cov @Covenant2222]

@MaRyAm_MuKtAr @FIRSNigeria I dont think investment returns will be affected or taxed because that's passive income, it's made with little or no effort, they dont tax passive income

[Cov @Covenant2222]

@MaRyAm_MuKtAr @FIRSNigeria From my understanding,the reform is more about administration and compliance,but clearer communication on how investments returns are affected will be helpful.

[Cov @Covenant2222]

@FIRSNigeria This provision is saying that if you deduct tax, you must also file monthly returns, paying the tax alone is not enough. Reporting it is now compulsory under the new tax laws.

[Cov @Covenant2222]

@favour98176 @Covenant2222

[Cov @Covenant2222]

@richardokunolar Agreed, awareness is still very low.

Clear education on who is taxable and who isn't will go a long way so this low income earners and businesses will not panic unnecessarily.

[Cov @Covenant2222]

@_IsolaTemitope Especially those times when that sleep hit you and you feel like you want to die😭😭

[Cov @Covenant2222]

@FIRSNigeria This is only for people or companies enjoying special tax incentives (like tax holidays or special exemptions)

They must now report this incentives every year in addition to their normal tax returns (profit)

if you dont enjoy any special tax incentives this does not affect you

[Cov @Covenant2222]

You're welcome

[Cov @Covenant2222]

From 2026, things are changing when it comes to paying tax in Nigeria. The government has made it simpler for both individuals and business owners to get a tax ID, but it also means they are taking tax more seriously now.

[Cov @Covenant2222]

The aim is to make it easier to identify people and businesses for tax purposes. This means the government can now track income and ensure that more people are paying what they should.

[Cov @Covenant2222]

This is not to scare anyone. It’s just to help you stay informed and prepared. Starting now, it’s wise to learn how to register, file returns, and pay the right taxes so you don’t run into issues later.

#SME #TAX2026 #TIN