Being self-employed in Nigeria offers incredible freedom — you get to be your own boss, choose your clients, and control your income. But with that freedom comes responsibility, especially when it comes to managing finances and staying tax compliant.
That’s where a professional accountant comes in. At Faturoti Taiwo & Co., Chartered Accountants, we work with freelancers, consultants, and small business owners across Nigeria to help them save time, reduce tax stress, and grow their businesses.
Here’s why hiring an accountant as a self-employed Nigerian is one of the best business decisions you can make.
1. Stay Compliant with FIRS and LIRS Tax Regulations
Tax rules in Nigeria can be complex, and they vary between the Federal Inland Revenue Service (FIRS) and State Internal Revenue Services (like LIRS).
An accountant ensures you:
- Register correctly for your Tax Identification Number (TIN)
- File Personal Income Tax (PIT) and Self-Assessment returns on time
- Stay compliant with Value Added Tax (VAT) and Withholding Tax (WHT) if applicable
Avoid costly fines and penalties by letting a professional handle your tax compliance.
Learn more about FIRS compliance
Check Lagos State tax guidelines – LIRS
2. Save Time and Focus on Your Work
As a self-employed professional, your time is valuable. Handling bookkeeping, receipts, invoices, and tax filings can eat into your productivity.
An accountant helps by:
- Managing your financial records
- Preparing your annual accounts
- Filing taxes efficiently
- Advising on expense claims and deductions
This means less paperwork and more time doing what you love — running your business.
3. Maximise Your Tax Deductions
Many self-employed Nigerians miss out on legitimate tax deductions because they don’t know what qualifies.
Your accountant will identify and claim all allowable business expenses, such as:
- Office rent and utilities
- Business travel costs
- Marketing and advertising expenses
- Professional fees and software subscriptions
With expert tax planning, you can legally reduce your taxable income and keep more of your hard-earned money.
4. Get Clear Financial Insights
Having an accountant isn’t just about tax compliance — it’s about understanding your business performance.
An accountant can prepare:
- Profit and loss statements
- Cash flow forecasts
- Budgeting reports
These insights help you make smarter financial decisions and plan for long-term growth.
5. Access to Professional Advice and Support
When you work with Faturoti Taiwo & Co., you don’t just get bookkeeping — you get a trusted business partner.
We provide expert advice on:
- Business registration and CAC compliance
- Tax planning strategies
- Business expansion and funding
- Financial risk management
You’ll have peace of mind knowing your finances are handled by qualified professionals who understand Nigerian tax laws.
6. Prepare for Tax Audits with Confidence
If the FIRS or LIRS decides to review your financial records, having an accountant ensures that everything is in order.
Your accountant will:
- Keep proper records of income and expenses
- Represent you during audits
- Provide explanations and documentation to the tax authorities
This prevents unnecessary penalties and stress during tax reviews.
How Faturoti Taiwo & Co. Can Help
At Faturoti Taiwo & Co., Chartered Accountants, we specialise in:
- Bookkeeping and financial reporting
- Tax registration and filing (FIRS & LIRS)
- Business advisory for freelancers and SMEs
- Compliance with Nigerian financial regulations
Contact us today to schedule a consultation and discover how we can simplify your accounting and help your business thrive.
Hiring an accountant is not just an expense — it’s an investment in your business success.
For self-employed Nigerians, it means better financial control, full tax compliance, and more time to focus on growth.
With Faturoti Taiwo & Co., you’ll have a dedicated team of professionals ensuring your finances are handled accurately, efficiently, and in line with Nigerian tax laws.
Let’s handle the numbers while you build your success.