CACAnnualReturns.com is operated by Adebayo Oluwole & Associates, a professional practice led by a Chartered Accountant and CAC-accredited agent. We assist businesses, companies and incorporated trustees with annual returns and other CAC compliance filings.
This is our professional service website, rather than the official CAC website.
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Missing the Filing Deadline: One of the most significant mistakes is failing to file the annual returns within the stipulated timeframe. Missing deadline can lead to penalties, which can accumulate and become a financial burden for the company.
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Inaccurate Information: Providing incorrect or outdated information is another common mistake. Ensure that all details, such as the company’s name, registered address, directors’ names, shareholders’ information, and financial statements, are accurate and up-to-date. Errors in these essential details can lead to delays in processing or even rejection of the filing.
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Not Including Audited Financial Statements: For certain categories of companies, audited financial statements are required for annual returns filing. Failure to include these statements can result in rejection of the filing. It is essential to prepare and attach the relevant financial documents to avoid this mistake.
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Ignoring Penalty Fees: Companies that miss the filing deadline should be aware of the penalty fees imposed for late submission. Some businesses may overlook these fees and underestimate their financial impact. It is essential to factor in these penalties and prioritize timely filing.
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Submitting Incomplete Forms: Incomplete or improperly filled annual returns forms can lead to complications and delays in processing. Ensure that all sections of the form are appropriately filled, and all required documents are attached before submission.
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Not Retaining Acknowledgment Receipt: After filing the annual returns, the company should receive an acknowledgment receipt from the CAC. Neglecting to retain this receipt may result in difficulties in proving compliance if needed in the future.
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Lack of Professional Guidance: Filing CAC annual returns involves legal and financial intricacies. Not seeking professional advice from legal or accounting experts can lead to misunderstandings or misinterpretation of requirements, resulting in errors during filing.
Do you want to file the annual business for your business or company, contact us by filling this online form
Adebayo Oluwole is Managing Partner of Adebayo Oluwole & Associates, a Chartered Accountant, ICAN Fellow, tax consultant and CAC-accredited agent. His practice provides CAC annual returns, registration and post-registration compliance support alongside accounting and tax consultancy services.
Discuss your business requirements
Speak with Adebayo Oluwole & Associates about annual returns, accounting, tax or business compliance support.