INK Consult

provision of general accountancy services including:
payroll
SSF
WHT
VAT
CASH BOOK
BANK RECONCILIATION ETC

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[05/20/19]   PAYROLL ACCOUNTING FOR SMALL BUSINESS OWNERS
If you have employees at your small business, you handle payroll regularly. You must also record payroll expenses in your accounting books. For accurate and compliant books, you need to know how to do payroll accounting.
What is payroll accounting?
As a small business owner, you use payroll journal entries to record payroll expenses in your books. Payroll journal entries fall under the payroll account and are a part of your small business general ledger. Expenses entered in the payroll account include gross wages, salaries, and other earnings as well as payroll taxes.
Types of payroll accounting journal entries
There are three types of payroll accounting entries:
• Initial recordings
• Accrued wages
• Manual payments
Each type of payroll entry is handled differently. Usually, you work with initial recording entries.
Initial recordings are the primary entries for payroll accounting. For these entries, record the gross wages your employees earn and all withholdings. Also, include employment taxes you owe to the government.
Accrued wages are recorded at the end of each accounting period. These entries show the amount of wages you owe to employees that have not yet been paid. Later, when you pay those wages, you reverse the entries. Initial recording entries take the place of accrued wages.
Manual payments will come up occasionally in payroll accounting. Use these entries when you manually cut a check for pay adjustments or employee terminations.
Payroll liabilities and expenses
You need to record all payroll transactions in your journal. The entries are expenses (amounts already paid), liabilities (amounts owed but not yet paid), and assets (cash). Here are some common payroll entries:
• Gross wages and salaries
• F**A tax payable
• income withholding payable
• Payroll payable (wages you owe but haven’t paid yet)
• Other deductions and withholdings (e.g., retirement contributions)
As you do your payroll accounting, record debits and credits in the ledger. Whether you debit or credit a payroll entry depends on the type of transaction made. The debits and credits in your books should equal each other.
Some accounts are increased by debits and decreased by credits. Other accounts are increased by credits and decreased by debits. Use this chart to see how each account is affected by debits and credits:

[04/25/19]   What is Income Tax?

Is a tax charged on a persons’ income from employment, business and investment. Individuals i.e. employee, self-employed, partners in a partnership, shareholders and directors of companies and trustees and beneficiaries of a trust are taxed different from companies and trusts.



Do you need to pay tax?

Yes, you must pay tax as obliged by law because tax is the resource that government use for national development. This tax come from self-employed persons, companies, partnerships, income of government workers, etc.



How do I pay my taxes if I do not live in Ghana?

If you do not live in Ghana but do business with people living in Ghana, such persons will withhold tax from the non-resident person and pay to GRA


A person not living in Ghana but owns a permanent place of business in Ghana must pay the corporate tax as it is paid by all businesses


What happens if I do not pay or file my taxes?

Sanctions would be applied to a registered taxpayer who defaults in filing/payment, such as interest, penalty compounded.
A person earning income but not paying tax would be made to pay taxes owed for all the years of business if you are caught or prosecuted as prescribed by law.


Types of Income Taxes

Corporate income tax (CIT)
Personal Income Tax (PIT)
Pay As You Own (PAYE)
Withholding Tax


How do I register to pay my Income Tax?

Visit any Domestic Tax Revenue Division offices near you
Complete and submit form and attach relevant Registrar General’s Department business registration
Any other documents as demanded by the Commissioner-General
a link to the address pages would be useful

a link to the form would be useful or an explanation of which form to use

how do people get this?

[11/22/16]   Taxpayer Identification Numbering System (TIN ACT)
The TIN is a unique Identification Number issued to taxpayers for official transactions with the under listed public institutions.

(a) The Domestic Tax Revenue Division of the Ghana Revenue Authority

(b) The Customs Division of the Ghana Revenue Authority

(c) The Controller and Accountant General's Department

(d) The Registrar General's Department

(e) District Assemblies and

(f) Any Public Institution which the Minister may by legislative Instrument prescribe.
Issuance of TIN
All persons liable to pay tax, or from whom taxes are withheld at source by employers or agents through payroll deductions and /or other business transactions under any enactment are required to register.
Application for Issue of TIN
Every person liable to pay tax or required to withhold tax at source under any enactment shall apply in a form prescribed by the designated Public Office.

Use of TIN
A person transacting a business with any of the listed public institutions specified above shall quote their taxpayers identification number for purposes of identification.
Specified transactions that require TIN
A person shall not be permitted to undertake the under listed activities without use of a TIN

(a) to clear any goods in commercial quantities from any port or FACTORY

(b) to register any title to land, interest in land or any document affecting land

(c) to obtain any Tax Clearance Certificate from the internal Revenue Service, Customs Excise and Preventive Service or the Value Added Tax Service.

(d) to obtain a Certificate to commence business or a business permit issued by the Registrar-General or a District Assembly

(e) to receive payment from the Controller and Accountant General or a District Assembly in respect of a contract for the supply of any goods or provision of any services.
What do I need to register?
One of the following:
• Certificate or Letter of Business Registration
• Copy of Valid Drivers License (picture page)
• Copy of Valid Passport (picture page)
• Copy of Valid Voters ID
• Copy of Valid National ID
Where do I need to register
A completed application form with one of the documents listed above has to be submitted to one of the under listed agencies:
• Registrar General's Department
• Domestic Tax Revenue (Income Tax & VAT) Office
• Custom Division Office
• Large Taxpayer Unit (only for employees of large companies registered with the Unit)

[11/16/16]   do you know you can know do your SNNIT validation on the net,
see INK consult to help you out to avoid been in a harry and to avoid paying penalty, we are there to serve you better at a lower fee
INK CONSULT: PROFESSIONAL SERVICES AT AN AFFORDABLE CHARGE

[11/10/16]   DOMESTIC TAXES
Domestic taxes are administered by the Domestic Tax Revenue Division (DTRD) of the Ghana Revenue Authority. It is the merger of the operational wings of the erstwhile Value Added Tax Service and the Internal Revenue Service. Some of the domestic taxes being administered by the DTRD include:
INCOME TAX
Corporate Tax: This is the tax paid by companies on their profits in the year. The tax rate is 25%.
Personal Income Tax: Self-employed persons are required to pay Income tax at graduated rates in four equal installments. The current Personal Income Tax rates took effect from January 2016.
Pay As You Earn (PAYE): The PAYE contributions are withholdings from salaries of employees in order to satisfy their income tax responsibilities. The PAYE is computed with the Personal Income Tax rates. (See box below)
ANNUAL TAX RATES
Chargeable Income (GH¢) Rate (%) Tax (GH¢) Cumulative Chargeable Income (GH¢) Cumulative Tax (GH¢)
First 2,592 Free NIL 2,592.00 NIL
Next 1,296 5 64.80 3,888.00 64.80
Next 1,812 10 181.20 5,700.00 260.00
Next 33,180 17.5 5,806.50 38,880.00 6,052.50
Exceeding 38,880 25
Exceeding 38,880 – 25%
MONTHLY TAX RATES
Chargeable Income (GH¢) Rate (%) Tax (GH¢) Cumulative Chargeable Income (GH¢) Cumulative Tax (GH¢)
First 216 NIL NIL 216 NIL
Next 108 5 5.40 324 5.40
Next 151 10 15.10 475 20.50
Next 2,765 17.5 483.88 3240 504.38
Exceeding 3,240 25
Exceeding 3,240 – 25%
Vehicle Income Tax (VIT): This is a tax collected from commercial vehicle operators on quarterly basis.
• The VIT system makes it obligatory for commercial vehicle operators to buy VIT stickers from any GRA District office on a quarterly basis
• These stickers are in various categories and rate depending on the vehicle’s passenger capacity and type of operation e.g. taxis, trotros, tour buses, etc.
• The sticker must be pasted on the front windscreen
• Monitoring is done with the assistance of the Police Service

TAX STAMP
This is a tax collected from small-scale self-employed persons in the informal sector on quarterly basis. Under the Tax Stamp System, business operators in the informal sector are grouped according to business type e.g. dressmakers, susu collectors, chop bar owners, butchers etc. The business types are further grouped by class/size to arrive at equitable rates to be paid according to both type and size.
STAMP DUTY
Stamp duty is administered under the Stamp Duty Act, 2005 (Act 689). The Stamp Duty is not a tax on transactions, but on documents brought into being for the purposes of recording transactions. It is therefore a tax on documents or specific instruments which have legal effect.
GIFT TAX
This is a tax payable by a recipient on the total value of taxable gifts received in a year of assessment. The total value of taxable gift(s) must exceed GH¢50.00 in a year of assessment. Assets on which tax is imposed include land, buildings, money (including foreign currency), shares, bonds and securities, business and business assets. The rate of tax is 5%.
CAPITAL GAINS TAX
This is a tax paid on the gains made from the realization or sale of a chargeable asset where the gain exceeds GH¢50.00. Assets on which tax is imposed include land, buildings, business assets including goodwill and shares of a resident company. The rate of tax is 15%.
RENT TAX
This is the tax paid by rent income earners on the gross amount earned in a year of assessment. The rate of tax is 8% on the gross rent income. It is a final tax.
MINERAL ROYALTIES
This is a tax imposed on persons for the extraction of natural resources on or under the surface of the earth. The rate is 5%.
COMMUNICATIONS SERVICE TAX (CST)
The Communications Service Tax (CST) is a tax levied on charges for the use of communications services that are provided by communications service operators. It is paid by consumers to the communications service providers, who in turn pay all CST collected on a monthly basis.
VAT
Value Added Tax (VAT) is a broad-based tax imposed on the expenditure of consumers when they purchase goods and services. It is collected by businesses which are registered to charge the tax in stages on the “value added” from the manufacturing to retail level The businesses then account for the tax so collected at the end of every month. The current standard rate of the tax is 15 percent. A zero (0) rate is also applied to all exports.
NATIONAL HEALTH INSURANCE LEVY (NHIL)
The National Health Insurance Levy (NHIL) is a levy imposed on goods and services supplied in or imported into the country. All goods and services are subject to the levy unless they are otherwise exempted. The levy is charged at a rate of 2½ on the VAT exclusive selling price of goods supplied or service rendered. The NHIL is collected by registered businesses in the same way as VAT is collected.
VAT Flat Rate Scheme (VFRS)
This is a special method for collecting and accounting for VAT/NHIL. It is designed for traders operating in the retail sector. Under the VFRS, registered retailers of taxable goods shall charge VAT/NHIL at a marginal rate of 3% on the value of each taxable item sold.

[01/22/16]   WHAT IS VAT?

Value Added Tax (VAT) is a tax applied on the value added to goods and services at each stage in the production and distribution chain. It forms part of the final price the consumer pays for goods or services. In some countries it is called 'Goods and Services Tax' or GST.

NATIONAL HEALTH INSURANCE LEVY

1 What is the National Health Insurance Levy (NHIL)?

The National Health Insurance Levy (NHIL) is a levy on goods and services supplied in or imported into Ghana. All goods and services are subject to the levy unless they are exempt. The Levy is charged at a rate of two and one half per cent (15%) on the VAT-excusive selling price of the goods supplied or services rendered.

2 Why the Levy?

The levy is to partly finance the National Health Insurance Scheme (NHIS). The then Cash and Carry System of healthcare financing presented a strong barrier to healthcare access for the majority of Ghanaians, and that if the health of the population is to be secured, then there was an urgent need to replace it with a system that will improve access to health facilities. Healthcare insurance is a risk pooling arrangement by which the cost of healthcare to any single individual in the society, whether rich or poor, becomes a collective responsibility of all the people in the society.
More than 60% of the resources of the Fund are expected to be obtained from the National Health Insurance Levy. The remainder will be obtained through the following:

Two and one half per cent (2½%) of each person’s contribution to the Social Security and Pensions Scheme Fund;
Such monies as may be allocated to the Fund by Parliament;
Money that may accrue to the Fund from investments made by the National Health Insurance Council; and
Grants, donations, gifts and any other voluntary contribution made to the Fund.

All persons in the informal sector will make direct contributions into their District Health Insurance Fund.

[01/19/16]   Taxpayer Identification Numbering System (TIN ACT)

The TIN is a unique Identification Number issued to taxpayers for official transactions with the under listed public institutions.

(a) The Domestic Tax Revenue Division of the Ghana Revenue Authority

(b) The Customs Division of the Ghana Revenue Authority

(c) The Controller and Accountant General's Department

(d) The Registrar General's Department

(e) District Assemblies and

(f) Any Public Institution which the Minister may by legislative Instrument prescribe.
Issuance of TIN

All persons liable to pay tax, or from whom taxes are withheld at source by employers or agents through payroll deductions and /or other business transactions under any enactment are required to register.
Application for Issue of TIN

Every person liable to pay tax or required to withhold tax at source under any enactment shall apply in a form prescribed by the designated Public Office.

Download Individuals /Sole Proprietors Registration Form

Download Business / Organisation Registration Form

Download Tax Type Registration Form
Use of TIN

A person transacting a business with any of the listed public institutions specified above shall quote their taxpayers identification number for purposes of identification.
Specified transactions that require TIN

A person shall not be permitted to undertake the under listed activities without use of a TIN

(a) to clear any goods in commercial quantities from any port or factory

(b) to register any title to land, interest in land or any document affecting land

(c) to obtain any Tax Clearance Certificate from the internal Revenue Service, Customs Excise and Preventive Service or the Value Added Tax Service.

(d) to obtain a Certificate to commence business or a business permit issued by the Registrar-General or a District Assembly

(e) to receive payment from the Controller and Accountant General or a District Assembly in respect of a contract for the supply of any goods or provision of any services.
What do I need to register?

One of the following:

Certificate or Letter of Business Registration

Copy of Valid Drivers License (picture page)

Copy of Valid Passport (picture page)

Copy of Valid Voters ID

Copy of Valid National ID

Where do I need to register

A completed application form with one of the documents listed above has to be submitted to one of the under listed agencies:

Registrar General's Department

Domestic Tax Revenue (Income Tax & VAT) Office

Custom Division Office

Large Taxpayer Unit (only for employees of large companies registered with the Unit)

[11/05/15]   come in for your professional services at affordable price

Category

Telephone

Address


Oyarifa - Teiman
Accra

Opening Hours

Monday 07:00 - 17:30
Tuesday 07:00 - 17:30
Wednesday 07:00 - 17:30
Thursday 07:00 - 17:30
Friday 07:00 - 17:30
Saturday 07:00 - 17:30
Sunday 07:00 - 17:30
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