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Pova House Ntinda, Kampala

Accounting

Your financial objectives are always our top priority, which is why our billing platform is based on the value of the services we provide and not necessarily the time alloted to do so. Our commitment to partner with you to achieve your financial success will require an initial consultation. Rest assured that we will take the time to assess your needs and let you get to know us before proceeding.
In order for an accountant to gain a comprehensive idea of your or your business's financial state, you will need to provide certain information. Accountants handle 5 main parts of a business's finances:
  • 1. Assets - An asset is anything directly owned by a business. It could be in the form of cash, equipment, property or investments (shares etc).
  • 2. Liabilities - A liability is anything a company owes. This could be a loan or a mortgage, or taxes owed to HM Revenue and Customs like VAT, NI, income tax etc.
  • . Equity - Equity is a company's total assets minus liabilities, or in other words, the sum of what a company owns without owing to creditors.
  • 4. Expenses - Expense is the cost of goods or services provided by another company or organisation.
  • 5. Income - Income is the excess of revenue after expenses for an accounting period.
If you are struggling to keep up with your business's financial accounts, or wish to focus more on other aspects of your business, then you may want to consult an accountant for help. An accountant will undertake all accounting duties and remove the responsibility of tax deadlines from your shoulders, freeing up your time and energy so that you can concentrate on other parts of your business. There are three important reasons why you may wish to consult an accountant:
  • 1. An accountant could prevent you from getting into legal trouble

    Businesses must provide records of their accounts by law. It is a requirement for companies to report their financial performance to the market systematically, informatively and consistently. These rules are instigated so that business performance can be compared in an unbiased way across the market. Because business is about balance in relation to all other businesses, inaccurate or misleading financial information about one company could have a domino effect on the market-place. According to a survey by Accounting Age, one in 10 accounts filed to Companies House is rejected due to mistakes. Mistakes, such as miscalculations on crucial figures, can result in business having to pay more tax than they really owe. There are numerous tax deadlines throughout the financial year that, if missed, will result in a penalty. One error or a single delay could result in businesses having to pay interest on top of late fees. It may be worthy to note, however, that the HMRC reward good organisation skills. If you are prepared to pay your tax early, then you could earn interest. It takes a lot of time, patience and a certain amount of mathematical ability to produce good account records. Managing accounts for limited companies can be particularly complicated. HM Revenue and Customs suggest that Limited Companies seek a solicitor or accountant for help with Corporation Tax.

  • 2. An accountant could help you make profitable business decisions

    Accurate accounting is not only a legal requirement, it is essential for the proper functioning of the business world. Experts commonly refer to accounting as the "language of business". Just as language constitutes the framework of civilization, accounting constitutes the main driving force behind commerce. Accounting is the bridge, the method of communication between business and market. A single bad business decision is often enough to secure your business's failure. In order to make a good business decision, you will need to have a detailed knowledge of your business's financial history, current state and future forecast - otherwise your business could end up losing more than it could ever hope to make. An accountant will use this information to predict the most profitable path to take, potentially determining the success of your business.

  • 3. An accountant can reduce your taxes

    When it comes to paying less, many accountants know certain 'tricks of the trade'. These are all entirely legitimate ways in which businesses can keep their tax rates as low as possible. Many businesses pay more than they need to, simply because they don't know about certain government schemes and initiatives, flat rate schemes or certain expense claims that can end up saving thousands. Accountant know how to make cost-effective business decisions, and they also know how to avoid hidden costs. All of this information can be found across our accounting services pages.

Taxes

We maintain a policy of the strictest confidence with respect to every client. Rest assured that no one will learn about your matters through this firm – relatives, associates, or friends who may have referred you to us. Your information is kept in a totally encrypted environment and is backed up and monitored offsite 24/7 through multiple levels of security. The network of data centers we use are among the most advanced and secure in the world – Type 2 SOSC2 audit compliant, with redundancies and advanced control systems. We retain no hard copies of your information following the completion of our engagement. We at Valley Tax have spared no expense or steps necessary to ensure that your information is protected at all times. We value your trust in our commitment to keep your data safe.
Our fees vary for each service and each individual circumstance, depending on the complexity of the process. Please feel free to call and setup an appointment to discuss the services specifically needed for you or your company. ​ ​​ For our contact information, please visit the "Contact Us" page.

Random Knowledge

Your first contact with us is usually during the planning stage. You can assist by either providing relevant information or directing the auditor to the right person or office. Each auditor that requests information can explain the audit's purpose and objectives, so you can understand why questions are being asked, and provide accurate answers. If you have questions or concerns about the information being requested, it is appropriate to discuss those concerns with the auditor.
In accordance with ICPA's Charter, signed by OSILLO & CO's CEO and a representatives of the Board of Trustees, "all Internal Audit personnel have unlimited and unrestricted access to all data, records, files, property and personnel of the the client firm."