Accounting & Finance
As accounting and Financial planning team, we consider ourselves to be in the personal financial service business.
Accounting & Finance Department
Accounting and Finance are often used together, and some even deem them to be similar. The article will cover what is finance, what are the types of finance, and the different classes of financial instruments. So let us understand what is finance? Finance is the allocation of assets, liabilities, and funds over time, process, mediums to reap the most out of the activity. Finance is majorly divided into three segments: Personal Finance, Corporate Finance, and Public Finance.
What we do
COMPANY FORMATION
People start up their business because they are good at business presumption and have allegiance to do so. Although, they may not be skilled in financial or legal perspectives. We are here to assist you. Yes, you’ve come to the right place. PTM Consulting Services is helping new business startups get off on the right foot. in-depth expertise in tax and accounting practices enables us to give you the critical advice you need to change your business idea into reality.
BOOKKEEPING
We are providing you with a systematic way of recording and organizing your financial transactions. Good bookkeeping practices benefit the business by helping you manage and control your finances, plan for future growth and ensure that your accounts are completed more efficiently. There are many benefits of bookkeeping including better cash flow, decision making, financial management, and organized income and outgoings
PAYROLL SERVICES
Our payroll services are designed to provide you with a comprehensive solution for managing your payroll duties. With our services, you will only need to provide your employee data, such as the hours that have been worked, employee address information, and other related details. Once we receive the data, we’ll handle the rest. we offer an attractive and valuable payroll service for you, provide a less expensive, simpler means of paying your employees, filing your taxes, and more.
SELF-ASSESSMENT TAX RETURNS
Completing your own self-assessment tax return is no easy task. That’s why we want to take the hassle off your shoulders and put it on ours. Our tax return service means we calculate your taxable income, and left you to know any taxable income, and left you known any tax to pay or if you’re entitled to a tax refund! It’s fast, cheap and easy. All you need to do is send us the appropriate documents proving your income and expenditure, and then we’ll do the hard part for you we use HMRC-approved software for this service.
VAT RETURNS
Preparing and submitting your VAT return can be a hassle. It’s one of that must-do, but incredibly tedious, tasks you need to sort out. So, we’re sure you would rather someone took it off your hands. Leaving your VAT to us means you can feel reassured it’s done both quickly and correctly – so you have more time to focus on your business. We will help you decide whether you need to be VAT registered from the outset or not. And we will continue to monitor your situation, so that should it become necessary for you to register for VAT, we can deal with all of the paperwork for you. We will also look at the VAT schemes you are eligible for and decide whether you would be better off adopting one or a mixture of them. As with other areas of tax, we can act as your Agent for VAT purposes and therefore correspond with HMRC on your behalf
ANNUAL ACCOUNTS
This is a core service for us and our team has experts to prepare annual accounts for you. Should you choose this service the Company’s books and records should be completed to include a trial balance sufficient to be able to create a basic set of accounts. All bookkeeping, VAT returns, dividend calculations, and any other company administration will have been completed by you during the year and you will supply us with summary information at the year-end. Our advisors will be happy to discuss the level of service best suited to your needs and advise on the most beneficial service for you.
CASH FLOW PROJECTIONS
Our cash flow projection service offers a cash flow forecast plan. Have a professional accountant work with you to build a cash flow model to predict the future cash positions of your business. It’s vital that you understand how your decisions today will change the course of your business in the upcoming days. When we do a cash flow forecast for your company, we will review all of the variables that affect your cash-in and cash-out positions. The model we create for your business will be custom-built to you and your needs. Once it’s created, we can update it and meet with you each week or month depending on your needs.
Why do you need accounting consultants ?
Accounting consultants help you understand what the various reports mean, and how the data you’re seeing affects your company. Accounting consultants help with a number of tasks related to accounting services:
- Financial forecasting, Analyzing financial statements.
- Determining the profitability of your business.
- Analyzing accounts payable to see where your business might be able to save money.
- Determining what accounting services you need.
- Setting up consistent accounting practices.
- We have extensive industry experience in senior positions and we understand the business needs. Our clients benefit from our practical experience.
Tax advisory service
Taxation affects all businesses. Developing effective tax strategies that encompass the whole entity is essential. We take the time to examine an entity as a whole and assess how each individual transaction will affect the overall tax position of the entity and management objectives.
With tax legislation becoming ever more complex, we walk our clients though each step of the way to ensure that their organizational objectives are sustainably achieved. At PTM we understand clients ‘needs and objectives. Our tax professionals offer programmatic solutions to clients across different jurisdictions, thereby ensuring that the tax burden is no higher than it should be.
The key services we provide include:
- Acting as your tax agents including advising you on the payment of installment and final taxes, review of tax computations, submission of self- assessment returns and handling routine correspondence from the revenue authorities.
- Tax advisory and planning services in areas of direct and indirect taxation both at the national and international levels. This includes reviewing the tax implications and providing tax efficient solutions on proposed business transactions including joint ventures, mergers and acquisitions and business restructuring.
- Tax treaty interpretation involvement an analysis of the provision of tax treaties with a view to developing tax optimization strategies.
- Tax incentives including advising on tax incentives available for investments.
- Registration with the relevant revenue authorities.
- Tax exemptions for qualifying organizations, including advising on tax planning opportunities available for new investments.
- Carrying out tax health checks to ensure compliance in all areas of direct indirect taxation.
- Carrying out VAT refund audits and following up on tax refunds from the revenue authorities.
- Employment taxes and employee benefit/pension, Maternity leave
- Value added tax, Rental income tax. Property tax Etc.
PTM Consulting Services help in analyzing financial and tax problems, formulating solutions and making recommendations designed to provide advice on taxation for clients ranging from individuals to business.
It is important our clients’ are aware of their personal and corporate tax obligations in their country of residence and domicile; and they will fulfill those obligations annually. Let us know if you need PTM consults’ help to clarify your annual reporting obligations.
AREAS OF EXPERTISE
Good bookkeepers are hard to find. Our bookkeepers are thoroughly vetted, we test their communication skills, multi-industry experience, Quick Books acumen, and accounting prowess. They also must pass our skills test.
Controller Review: If a Bookkeeper is working in isolation, without oversight and guidance by a skilled Controller, you run the risk of poor work product, fraud, and coverage gaps. Complete Controller provides you with a Bookkeeper + Controller team. Our Controllers review your finances and work with you and your Bookkeeper to ensure efficient practices and accurate results. Don’t take the risk of hiring a Bookkeeper without supervision or support!
The Auditor is a specialist who carries out the legal audit of accounts, verifies compliance with laws on public and privet business. As a result, experts can be defined in various economic disciplines, including accounting, Financial statements, and internal and external Auditing of accounting records for corporations, private, public, and non-profit organisations.
Through robust audit tools, resources and procedures, we deliver high quality audit services, adhering to the highest standards of independence, ethics, professional objectivity while applying technical excellence. Our services can strengthen your business and stakeholders’ confidence. You’ll receive professionally verified results and insights that help you grow.
We can also help you with:
- Addressing regulatory reporting requirement
- Cost assurance and billing audit
- Advice on controls and processing system weaknesses
- Preparation of accounting policy manuals and policy reviews.
- Advice on use of various accounting treatments for complex transactions
Individual entrepreneurs and micro-businesses are an important part of most worldwide economies, however they represent a sector that is often overlooked by financial institutions. In order to effectively lend to this sector, a unique approach that considers the needs of each client is required. PTM has extensive experience in supporting micro finance lending and employs a holistic approach that promotes:
- Effective and efficient lending procedures
- A client-centric approach focused on superior customer service
- Institutional capacity building
- Dynamic risk management and monitoring processes
- Long-term sustainability
A smart approach to microfinance can both boost portfolio growth and drive economic development.
PTM Consulting Services Ltd has a specialise Tax Advisers specialise in tax planning, and as part of their professional remit will spend considerable amounts of time ensuring their knowledge is current and that they are up to speed with the latest legislation.
Don’t assume that hiring a tax consultant is only for the rich, or that you just don’t need one. Hiring one could cost you a few hundred dollars, but it might also save you a few thousand dollars-or much more.
Key responsibilities:
Declaration – Taxpayers must submit a tax ‘declaration’ each tax period for each tax type for which they are registered. Declaring is also referred to as ‘tax filing’. The tax declaration contains all the information, including annexures and declaration forms, required by RRA to determine the amount of tax due for that tax period.
Tax period – The ‘tax period’ refers to the period of time that the declaration refers to, which varies by tax type. The declaration concerns the taxable activities during the tax period. Note that the tax period is often not the same as the deadline or the date at the time of declaration
Deadline – The deadline refers to the date that tax declarations and payments must be submitted by in order to avoid penalties and fines. Taxes can be declared and paid at any time between the end of the tax period and the deadline. This is referred to as the ‘filing period.
Transaction – A ‘transaction’ refers to any payment or exchange of goods or services being bought or sold. Annexures – During the declaration process, many tax types require additional information to be submitted in ‘annexures’. Typically, annexures are spreadsheets, with separate ‘tabs’ for different aspects, and are completed for every relevant transaction during the tax period.
Declaration Form – During the declaration process, each tax type also requires the key information to be submitted in a ‘declaration form’. This requires the total of all relevant transactions during the tax period. Turnover – ‘Turnover’ refers to the total value of sales made by a taxpayer in a tax period. This may also be referred to as revenue, business income or total sales.
Our services are the following:
- The general corporate income tax rate in Rwanda is 30% and companies are required to file tax returns with 3 months after the end of the fiscal year;
- Value Added Tax (VAT) is levied at a standard rate of 18% on consumable good and services.
- Companies can carry forward business losses for the subsequent 5 fiscal years, however carry back is not permitted;
- Withholding tax is imposed on dividends payable to both residents and non-resident entities at a standard rate of 15%, unless reduced by tax treaty;
- All companies in Rwanda are subject to withholding tax on interests and royalties at a flat rate of 15% unless reduced by a tax treaty;
- Capital gains arising from the transfer of commercial real estate are taxed at a rate of 30%;
- All employers must contribute 3% of their employee’s gross salary to Rwanda social security fund;
- Rwanda companies are subject to a 5% withholding tax on imports of goods and services for commercial usage;
- A 5% tax discount is applicable to companies engaged in exports if the company exports goods and services bringing more than US $5 million in tax benefits in a fiscal year;
- Rwanda has concluded only 3 double tax avoidance treaties with Belgium, south African and Mauritius (not ratified yet);
- PTM Consulting services ltd will assist the client with: Documenting and implementing accounting procedures. Implementing financial accounting software (Sage, and Quick books and so on). Preparing financial accounting records, and Preparing forecasts, budgets and performing sensitivity analysis.
