How to use eNapsa to file Monthly Napsa Returns

Do you need to submit your NAPSA return? Submitting your monthly NAPSA returns online via eNAPSA is easy and convenient once you understand the steps.

The National Pensions Scheme Authority has implemented eNAPSA a new system for filling monthly NAPSA returns before making payment.

To start using eNAPSA you can follow this step by step guide below.

Step 1:
Complete the eNAPSA services registration form which can be downloaded from the NAPSA website under the menu “Pension Information > Contributions > Contributions downloads” as shown below or alternatively you can obtain a hard copy from any NAPSA office.

Step 2:
Return the completed form to a nearest NAPSA office or you can scan and email a completed form to to Customer Services via info@napsa.co.zm and wait for the SMS from NAPSA which will confirm your account update.

Step 3:
Finish the eNAPSA registration process by visiting the NAPSA website www.napsa.co.zm and click on eServices tab and go to sign-up.

Step 4:
If you are an employer, login using the employer account number, login ID and password but if you are a member, use your social security number and password sent to you by the eNAPSA system via sms.

If you face any particular challenge with signing up and uploading returns, do not panic, the Authority has set up eNAPSA help desks at all their offices countrywide.

Their eNAPSA helpdesks are open on all working days across the country feel free to call their toll free number 677.

How Professional Tax Software Can Benefit Even The Smallest Business

Professional tax software can be a powerful tool for many businesses and organizations. Since it can be challenging to navigate the murky world of taxes on one’s own, it’s important to have the resources to quickly and efficiently process tax information. The following guide explores how professional tax software can benefit even the smallest business.

Taxes can be a challenging requirement of everyday life. While taxes pay for roads, schools and other infrastructure, it can be challenging to pay a significant amount of one’s business income towards taxes.

In addition, it can be challenging to understand how tax regulations evolve over time. Since the government amends the tax code on an annual basis, it can be difficult to understand how new deductions and taxes loopholes can impact a business’s bottom line.

It’s also important to understand the expenses associated with a professional accountant. While an accountant can be a good choice for a larger business, it may not be practical for all smaller businesses and organizations. In many cases, a professional certified public accountant (CPA) can cost thousands of dollars a month in payroll. This may not be a cost that all businesses can afford.

In many cases, smaller businesses will hire budget accountants to manage their finances. While a part-time accountant is a lot cheaper than other options, they do have several significant disadvantages. In many cases, a part-time accountant doesn’t have the same training or experience as a full-time accountant. In addition, he or she may not know enough information about a business to make intelligent decisions. This may cause a business to pay higher tax rates than is necessary.

Deductions can also be a tricky issue for many businesses and organizations. The 2011 tax code contains over 832,083 words. This is longer than almost all books. Since one person can’t read this much information or his or her own, it may not be possible for a single individual to have a comprehensive understanding of the global tax code.

In addition, deductions have to be approved every year by the government. Since deductions usually expire after a certain amount of time, deductions that were valid one year may not be valid the next year. This can make it tricky to understand how deductions change and can make it difficult for businesses to maximize their potential deductions.

With professional tax software, it’s possible to quickly and easily manage the financial needs of a company. Since professional tax software is updated on an annual basis, there is no need to worry about missing deduction or unpaid taxes.

In addition, professional tax software comes with built-in auditing tools. Since it can be challenging to audit financial information on one’s own, it’s important to have tools that can do this automatically. By auditing tax information before it’s submitted, it’s possible to reduce the risk of an IRS audit in the future.

It’s also important to understand how professional tax software can help a business save money. In addition to reducing the risk of an audit, professional tax software can help a business save money on payroll. By avoiding additional payroll costs associated with an accountant, it’s possible for businesses and organizations of all sizes to save money.

About the Author: Tim Thomas has had 10 years of experience in tax accounting with TaxWorks. He could tell you that the industry has evolved and there are now things to help with efficiency, such as small business tax software. No matter how you prepare your personal taxes, as a business it is a good idea to have the best possible tax software in order to be as efficient and accurate as possible.

Tax Prep Tips to Avoid ZRA Problems

In this digital age, it’s now possible to prepare and file Tax Returns electronically; however, the physical filing continues to be popular among most Tax authorities including ZRA. Therefore to avoid Tax problems and disputes with ZRA, here are the Tax preparation tips you must keep in mind when preparing your Taxes.

Always use the correct Taxpayer Identification number (TPIN)

Tax payer identification number is a unique thirteen-digit computer generated number allocated to a taxpayer by ZRA. Some Tax filers fill wrong TPIN details and create complications as a result of their carelessness. It might sound simple but make sure you put the right TPIN details on your tax forms.

Avoid the last minute rush 30th September is the deadline.

You might be aware that every person who registers for TPIN is required to register for income tax because the income tax account is the one you use to remit income tax. Don’t wait until the 30th of September; file your ZRA Tax return on time. In fact, you can avoid stress and careless errors that may cause problems with ZRA. Closer to the dead line, ZRA offices are filled with cues of Tax payers waiting to file their returns, timely preparation can reduce the time you spend queuing at ZRA offices. Keep in mind these ZRA due dates

You don’t only have to be a genius to prepare ZRA returns.

ZRA provides detailed instructions on how to complete all official forms on ZRA home page including procedures for making electronic and cheque payments of Tax to ZRA. Therefore, you have an option to either go it alone or use an Accountant. But if the processes seem a little confusing from the start, I would advise hiring a consultant to avoid serious problems with ZRA.

Don’t try Tax avoidance schemes you don’t fully understand.

I know you must have heard of this term “Tax Avoidance”, this is simply tax planning to the extent that the affairs of your business are legally arranged in such a way as to minimize the tax liability. Although tax avoidance is “strictly legal” and with the letter of the law, it is in contrary to the spirit of the law.In short, tax avoidance schemes exploit loopholes in the legislation which every tax authority tries to close as soon as the loophole has been identified.Having a clear understanding of your taxes and how they work can save you time and frustration. Taking expert advice can help prepare you for any tax issues that may arise.

Pay your VAT Taxes to ZRA promptly.

In most countries, businesses are required by law to register for Vat if they deal in taxable goods and services and the turnover exceeds the threshold. Submit correct Vat returns and keep good Tax records to avoid problems with ZRA.

Don’t Invade Taxes.

Why invite trouble from ZRA by engaging in Tax invasion? Unlike tax avoidance, tax invasion is the illegal manipulation of the tax system to avoid paying taxes. It is the intentional disregard of legislation in order to escape paying taxes which include falsifying returns and claiming fictitious expenses. Don’t expose yourself by falsifying returns.

State the correct banking details.

ZRA has in the recent past undergone major changes from manual processes of making payments by cheques and cash to electronic payment mechanisms. You must always detail your correct name or business name, Taxpayer identification number (TPIN), tax type (e.g. Customs Duty, Vat, Asycuda, etc),tax period, tax district/port, tax payer ZRA account and the correct amount of tax being paid.

How to Keep Good Tax Records

Did you know that you can avoid panic during Tax preparation time when you Keep Good Records through out the year? In this article, I want to look at why Good record keeping is important in your Business and also show you how to Keep Good Tax Records.

Good record keeping is very important for future Tax reference. When your records are properly maintained, you will always be able to file the correct information when you prepare your Tax return.

In addition, your local tax authority such as IRS in America or ZRA may at a later stage select your return for further examinations or in case of disputes with your Tax authority, you will need your documents to prove that the amounts claimed in your return were based on facts.

In most cases, your tax authority will not require you to keep your records in a specific way but generally, these are the most important files you must maintain.

Sales Invoices

Open a file of all your sales invoices. If you use a cash register in your business, then at the end of the day, total up your sales and calculate your total daily sales and the tax due. You will find this information on the audit roll (copy till slip). Attach the audit role to your daily sales report and place on file.

Credit notes and refunds

Open another file for credit notes or cash refunds. For every refund you make, keep clear records on your file. Alternatively, design a form where your customers collecting any refund can sign clearly indicating their name, signature and contact as proof of getting the money. This will show that you are not just creating fictitious credit notes and refunds to reduce your sales.

Purchases

Open file for all your purchases and another file for all your payments supported with proof of payment including any other records and cancelled documents that support any tax deductions made in your return.

Though these records can be managed very well using accounting software, it is not enough to merely post all you documents into the accounting system and neglect the records. While all your posted business information can still be retrieved from your system at any time, the tax authorities would be interested in the source documents which support your figures.

Good record keeping can not only save your business from tax problems with revenue service, but it saves you time and effort when organising and completing your return. If you hire a professional to prepare your return, and your records are very straight, the professional can be done in no

Smart Way of Filing Your Income & Vat Tax Return

In an article on Starting a small business, I mentioned that registration for Vat and Income Tax with various Tax authorities is a requirement. In this article the focus is on what you need to know before Filing your first Income Tax and Vat tax Return to any of your Tax authorities.

If you successfully file your tax registration forms with the department of taxes, you are under obligation to submit your sales tax or Vat returns and make payments for any taxes due by specified dates. You are also required to maintain sufficient records and retain them for specified minimum period and allow Tax authorities access to your business premises to examine goods and records at any time.

This is a serious obligation, but there is always a smart way of doing things, these are some of the Tips to avoid Tax return problems with the authorities.

1. Take note of the Accounting date. Most Income tax authorities require that accounts are made by the end of a given specific date. This refers to a date on which the accounts are made up for Income tax purposes for example ZRA requires that accounts be made by 31st March.

2. Avoid late submission of returns and non payment of taxes as it may attract penalties and interest for the days a return is late. Carefully take note of the required closing dates of submitting Tax returns following the end of the charge year to avoid penalties for late submission of Tax Returns.

3. Get information about the correct Income tax and Vat rates including the correct procedures of calculating your Taxes to ensure you pay the correct tax amounts. Get details of any annual Tax adjustments in the national Budget. You can get this information from your tax authority.

Preparing your taxes from scratch with a pile of receipts and sales invoices for the whole period and a blank Tax Form on your table can be a frustrating experience. Ultimately, paying a professional Accountant to prepare your Taxes every time you need to prepare Returns can be expensive especially for a small business. But using Accounting software, you can easily build up your daily transactions on a daily basis and simply print a tax report at the end of the period when you need to prepare your Taxes.

In countries such as the US where you can e-file your federal tax returns, the use of free online tax software saves you time. But In countries where you need to download and print the Tax Forms and then complete the Forms manually, i would recommend you get accounting software.