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After getting my TIN for a business name, how do I compute the amount of VAT?

cc: databoy247
Scantee

pepe1:
After getting my TIN for a business name, how do I compute the amount of VAT?

cc: databoy247
Scantee

how old is the business name?

scantee:
how old is the business name?

Business name is April 2015
TIN is August 2015

Thanks

pepe1:
After getting my TIN for a business name, how do I compute the amount of VAT?

cc: databoy247
Scantee

File in previous month before 21 days of Current month are over.

Either add 5% to your invoices and remit to FIRS as VAT or calculate (5/105)*Price if the vat is inclusive in price.

bigx:


File in previous month before 21 days of Current month are over.

Either add 5% to your invoices and remit to FIRS as VAT or calculate (5/105)*Price if the vat is inclusive in price.

i doubt he has done any business/contract with the company, @OP let us know if you have done any business/contract using the company name since registered.

scantee:
i doubt he has done any business/contract with the company, @OP let us know if you have done any business/contract using the company name since registered.

Thanks for your reply.
The business name is for my spouse's Cake shop.
She has gotten some orders mostly from family and friends cos we just secured a Shop.
Though, she objected to the registration and TIN cos it is just a small shop but I am looking at the bigger picture.
I want to know how to pay the VAT to avoid penalties.

Its a pleasure to be among this group of notable minds and fellows. I work as a Registry Staff with Federal Polytechnic, Bida and i happen to work with their Works and Engineering Services(tho broken down to two units now with the Physical Planning and Development coming on stream). I have personally seen how the game of projects and contracts is been played though not personally involved.

When i read through the first epsiode, i felt really motivated and i met a colleague of mine who is actively involved in the contractual process, his response was in the affirmative and we have actually started thinking on how we can start the process right from incorporation.

Besides if there are big players in the contract and procurement industry based in the north who are interested, i wouldnt mind sharing infos on when there are opening in TETFUND or School sponsored projects.

Oga Databoy247 and scantee i appreciate your efforts, i wouldnt mind joining in your foot steps.

Kk

I intend upgrading my business name to a limited liability company retaining the current name.
Any advice on how to go about it?

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9japrof:
Its a pleasure to be among this group of notable minds and fellows. I work as a Registry Staff with Federal Polytechnic, Bida and i happen to work with their Works and Engineering Services(tho broken down to two units now with the Physical Planning and Development coming on stream). I have personally seen how the game of projects and contracts is been played though not personally involved.

When i read through the first epsiode, i felt really motivated and i met a colleague of mine who is actively involved in the contractual process, his response was in the affirmative and we have actually started thinking on how we can start the process right from incorporation.

Besides if there are big players in the contract and procurement industry based in the north who are interested, i wouldnt mind sharing infos on when there are opening in TETFUND or School sponsored projects.

Oga Databoy247 and scantee i appreciate your efforts, i wouldnt mind joining in your foot steps.

welcome onboard bro

Am glad I found this thread. Thanks to everyone on this wonderful thread

Happy new year Every1

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mexxy1:
I intend upgrading my business name to a limited liability company retaining the current name.
Any advice on how to go about it?

Yes, you have to file for annual returns for the years you did business and they would close your business name and proceed to registering your LLC

pepe1:

Thanks for your reply.
The business name is for my spouse's Cake shop.
She has gotten some orders mostly from family and friends cos we just secured a Shop.
Though, she objected to the registration and TIN cos it is just a small shop but I am looking at the bigger picture.
I want to know how to pay the VAT to avoid penalties.

Sonc she has not registered for TIN I advise she does so ASAP. So that when she is filling for subsequent years she would be filling NIL with bank statements.

okerekeukachi:

Yes, you have to file for annual returns for the years you did business and they would close your business name and proceed to registering your LLC

Thanks.

okerekeukachi:

Sonc she has not registered for TIN I advise she does so ASAP. So that when she is filling for subsequent years she would be filling NIL with bank statements.

Thanks for your reply.
Though she objected but I have registered for TIN. I now want to know how to calculate the Vat.

pepe1:

Thanks for your reply.
Though she objected but I have registered for TIN. I now want to know how to calculate the Vat.

.05% on your turnover or every sales invoice.

Fellow contractors in the house, complement of the season. I have been following the trend from the previous one to this season 2, my special appreciation goes to databoy and scantee, you guys are much.

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We have vast knowledge of Niger Delta terrain as we have worked in bayesla, Rivers, Akwa Ibom, Delta, Cross River, Abia etc and other south east and north central states.

Our office, equipment yard and laboratory is located in Port Harcourt. You can reach us on:08038960711 email: leadwayinfra@gmail.com. come let's strike a deal.
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ozota:
Fellow contractors in the house, complement of the season. I have been following the trend from the previous one to this season 2, my special appreciation goes to databoy and scantee, you guys are much.

For those of us into building and construction, we Leadway Infrastructure Ltd handle a very important aspect of construction process SOIL INVESTIGATION (testing) and BOREHOLE DRILLING. You can contact us for any of such services as we deliver the best.

We have vast knowledge of Niger Delta terrain as we have worked in bayesla, Rivers, Akwa Ibom, Delta, Cross River, Abia etc and other south east and north central states.

Our office, equipment yard and laboratory is located in Port Harcourt. You can reach us on:08038960711 email: leadwayinfra@gmail.com. come let's strike a deal.
Below are our previous work pictures.

Complement bro

This Post is a fantastic one. God bless OP n co who have been educating us since last year. please o databoy and scanty if a foreign company partners with my newly registered company llc, which is one week old, can we do contracts for Federal Min of Agric? I mean contracts.

Babacele:
This Post is a fantastic one. God bless OP n co who have been educating us since last year. please o databoy and scanty if a foreign company partners with my newly registered company llc, which is one week old, can we do contracts for Federal Min of Agric? I mean contracts.

It depends. For contracts you need your CAC document, tax clearance for three years and some other important things I can't really remember.

I have always been interested in doing contracts for myself. I helped my dad's company execute a contract for an oil and gas coy between 2014 and 2015. I registered my own (ltd) in 2015.. my major problem is I don't even know how to write a proposal for a contract. I'm working on getting my tax clearance right now... any advice is going to be highly appreciated. I'm from delta.. and my intention is to start contracting there.

okerekeukachi:

It depends. For contracts you need your CAC document, tax clearance for three years and some other important things I can't really remember.

thanks bro

You can register at www.officemanager.com.ng to get latest contract opportunities around the country.

Yeeeeeahhh, i have to officially register my presence on this educating tread. I can hardly believe that i red it from cover to cover (season 1&2). May God keep blessing you guys and enrich you in knowledge. Databoy (Lemme officially name u Dataprof, u aint a boy no more) and scantee man, i salute you guys.

I will be also be contributing the little i know on this tread, answering some questions i can in the absense of my the bosses while i keep learning in the process.

Less i forget, i work with a reknown and highly connected logistic companies in Lagos as contract sourcing,evaluation and assessment manager so i understand all what as been discussed so far. I also played a key role in filling documents for TIN,TCC (as a trained accountant), Company profile development, company letter head design.

so letz keep this rolling and make dis 2nd episode a success too.

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