Anrank & Co.

P.O.Box 12283, Makanga House, Nalukolongo

+256 782 341885

Statutory Returns

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Company Statutory Returns

With the increasing focus on governance and regulation, tax compliance and filing of statutory has never been so important. Compliance failure represents not only a financial risk — financial penalties and a possible increase in the tax charge — but also a serious business risk, as it can damage a company’s reputation with the authorities and the public.

It is this complexity that inspires us at Anrank to assemble an experienced team of experts to enable you enable you file statutory returns as required.

Our Approach

We provide effective and prompt performance of all your statutory registration requirements.

Whether you’re running a sole proprietorship, a partnership, trust, close corporation or a private company, you need to file monthly and annual statutory returns with the regulatory bodies.

Statutory returns we can assist you in:

  • Income tax for business and individuals
  • Pay As You Earn (PAYE)
  • Value Added Tax (VAT)
  • Import-Export Tax
  • Tax directives for businesses and individuals
  • Social Security Fund

Your Advisory Checklist

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We check the tax computations together with expense schedules to ensure that all expenses that are not allowable have been adjusted and that all capital deductions have been claimed.

We compare the income per computation with that declared in the returns. We also check the correctness and timeliness of submitting the returns and reconciliation of tax statement of account.

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We examine all the payroll records including the staff files to ensure all emoluments are declared. We also recalculate the taxes to ensure correct tax rates have been used.

We ensure from the sample selected that the payroll agrees to the PAYE records and the employment contracts. We ensure that PAYE, NSSF and NHIF are correctly computed and paid on time. We also ensure that all the returns were submitted on time.

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We ensure that withholding tax has been correctly deducted, accounted for and remitted on a timely basis to the tax authorities in respect of all eligible invoices and agreements entered into.

We review the purchases day book, cash book and other similar records to identify invoices or payments that are subject to withholding tax and ensure that the same has been done and paid on time.

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We review the VAT control accounts to ensure that all output taxes have been declared and all eligible input tax has been claimed.

We compare sales per VAT returns with accounts for variances. We check the correctness and timeliness of VAT declaration.

We then prepare a report of findings and compute the outstanding taxes and penalties if any. We advice on how to resolve the matter and recommend the best way forward.