WHAT IS AN ANNUAL RETURN??
An annual return cannot be defined as the profit your business or company made during a period of one year, it cannot also be defined as a book record of financial status of your business, but simply defined as an annual remark for a business or company registered on the Corporate Affairs Commission (CAC) -
This Annual Remark is what makes your business name appear Active on the CAC website - You are trying to tell the Corporate Affairs Commission, that yes my business is active and up-doing please don't deactivate from the System !!
WHEN CAN I FILE FOR ANNUAL RETURNS??
For Business Names, you are to file for annual returns 18 months from the date of business name registration and before 30th June in a year.
Eg Josmer Frozzmatt Business Got registered on May 12 2023
MAY | JUNE | JULY | AUGUST | SEPTEMBER | OCTOBER | NOVEMBER | DECEMBER 2023
JANUARY | FEBRUARY | MARCH | APRIL | MAY | JUNE | JULY | AUGUST | OCTOBER |
NOVEMBER | DECEMBER 2024
You are to count 18 months from the month of registration, and 18 months from the month of registration Falls on October 2024 - Meaning The Due Date of Account is on May 2024 -
So now CAC Made it Known that Annual Returns Should be made on or before June 30th For Business Names ( Those who are not Limited and incorporated Trustees ) - Which Means The Due Date for Josmer Frozzmatt is on May 2024 - But Josmer Frozzmatt can still decide to pay on JUNE 2025 without having to pay any Default Fee
Hope this is Clear Enough ???
Company Limited and Incorporated Trustees are Different from the business name annual payment date - What I mean is this, CAC made it know that Limited and Incorporated Trustees can file annual returns not later than Fourty two days (42) inclusive of their yearly Annual Meetings.
It's Quite the same with that of business name, but this time you are counting an extra 42 days (1 month and 12 days and payments should be made from September not June 30th.
Hints: Count 18th Months and add 42 Days that's your Due Date
Eg Josmer Frozzmatt Limited company got registered on May 18th 2023 .
MAY | JUNE | JULY | AUGUST | SEPTEMBER | OCTOBER | NOVEMBER | DECEMBER 2023
JANUARY | FEBRUARY | MARCH | APRIL | MAY | JUNE | JULY | AUGUST | OCTOBER |
NOVEMBER | DECEMBER 2024
The 18th Month is still on OCTOBER 2024 - And Now The calendar for RC and IT starts from September so it means 42 days from the 18th Month is going to be November, December - So the Due Date of the Account is 18th May 2024.
* Log into the Post Incorporation Portal.
* In the Search Space, Input your RC/BN/IT Number and Click Search.
* Your Business Name Details, Registered Company Details, Incorporated Trustees Details will Appear on the Screen.
* Proceed to Dashboard.
* On the Menu, you will see Pay Annual Returns and all other post incorporation menu.
* Click on Pay Annual Returns.
* Fill and the Required Details including that of Turn over and Net Profit.
After Filling all Details Correctly, Click on Save and Continue, Make your Payments and return to your Dashboard.
Wait for approval - if the application is not on pending, go to Not submitted click on the application and it will move to pending .
Requirements for Filling Annual Returns;
* Status Report of your Business Name
* Turn over figure and Net Profit Figure
How to calculate; For your Business Turnover - Check your record for the year and add all sales ( 10,000 + 10,000 + 10,000 +10,000)
= 40,000 (Turnover) - Gross Profit (10,000) = 30,000
To Get Your Net Profit; You simply deduct all your expenses from the value gotten when you deducted the Gross profit from Turn over ( 30,000 - expenses 10,000) = Net Profit (20,000).
So if your business didn't make any sales just put it Zero (0).
Note : For Big Companies and incorporated Trustees, you need to involve the services of a chartered accountant to write and sign on the slip for uploading.
* You also need your filling Fees ;
For Business Names ( Filing is 3000 Naira - Default attracts extra 5000 naira )
Meaning if you are to pay 8000 Naira if you fail to pay your annual returns on the due date.
For Companies and incorporated Trustees ( Filling is 5000 Naira - Default attracts extra 5000 naira & 10,000 Naira )
That's a total of 10,000 Naira & 15,000 Naira, if you fail to pay up your annual returns on the due date.
Note: This does not include the charges of an agent helping you to file returns - these are strictly CAC Charges.
This is all about ANNUAL RETURNS ON THE CORPORATE AFFAIRS COMMISSION.
Do you need me to assist in filling - Send me a message on WhatsApp 09062177949
Hope this information was Helpful???
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