Virtualaccounts:


Hey, only VAT is currently filled online. There are plans to enable filing for other taxes in Nigeria. Especially taxes taxes paid to the federal government.

2. Yes, you can file nil returns, however, the authority will want to see your bank statements if you're consistently filing nil returns.

We are Virtualaccountant, cheap affordable accounting services.

What service do u offer i want a good account to manage my books

VocalWalls:


I run several businesses. Fortunately.

You still have till March 2018 to regularize your records with the authority. You don't want to know the huge liabilities you've accumulated over the years that you will either pay or bribe your way. The government always remembers.

You can reach us on our digits below to help you put your records in order. You may be losing money.

Virtualaccountant

Op, so the VAT that is collected on service is expected to be remitted to FIRS? for a new company is there a tax break? Or we start paying as soon as we start business?

VocalWalls:
I'll rather go to hell than pay income tax to the Nigerian government.

Don't be deceived, tax has already been deducted from your income before they even pay, so it seems you are already in hell....LOL

...

ola9ja:


Don't be deceived, tax has already been deducted from your income before they even pay, so it seems you are already hell....LOL

Who deducts my money? From where?

Virtualaccounts:


You still have till March 2018 to regularize your records with the authority. You don't want to know the huge liabilities you've accumulated over the years that you will either pay or bribe your way. The government always remembers.

You can reach us on our digits below to help you put your records in order. You may be losing money.

Virtualaccountant

This is like the funniest thing I've read. They should come and arrest me.

Oh

VocalWalls:


Who deducts my money? From where?

Do u buy Power frm PHCN or go to places like Mr Biggs or shoprite? VATs re charged on all ur purchases, even from ur bank accounts dr re WHT charges. I guess u re already in hell? Say hi to Abacha n co over dr. Even frm ur shares n securities taxes ve been paid.

ggiz:


Do u buy Power frm PHCN or go to places like Mr Biggs or shoprite? VATs re charged on all ur purchases, even from ur bank accounts dr re WHT charges. I guess u re already in hell? Say hi to Abacha n co over dr. Even frm ur shares n securities taxes ve been paid.

Those are indirect, I said income tax.

There are different forms of taxation

***just passing by***

Good one

pat1612:

What service do u offer i want a good account to manage my books

We do bookkeeping, accounting and tax computation/compliance services. We also help with business registration.

Please visit our website or check my signature to reach us. We are online real time 24/7.

VocalWalls:


This is like the funniest thing I've read. They should come and arrest me.

I'm sure you got my message. God bless you.

Virtualaccounts:


Hey, only VAT is currently filled online. There are plans to enable filing for other taxes in Nigeria. Especially taxes taxes paid to the federal government.

2. Yes, you can file nil returns, however, the authority will want to see your bank statements if you're consistently filing nil returns.

We are Virtualaccountant, cheap affordable accounting services.

wow, thanks for this. When next i'm in need of accounting services, will sure buzz you up.

masties2:
Op, so the VAT that is collected on service is expected to be remitted to FIRS? for a new company is there a tax break? Or we start paying as soon as we start business?

There is tax break for companies that have pioneer status (just google to know more). Others have breaks only when they make loss in the first four years. The break apply to Company Income tax and not to other taxes.

Contact us for more details.

please can someone help with this.

say i run a company and in the whole year, i only did a single business that does not involve buying and selling, simply just provision of 'not quantifiable' service, say SW dev.

what amount of tax am i to pay to firs?, especially if in my invoice to the serviced coy, i demanded 5% tax.

Virtualaccounts:


There is tax break for companies that have pioneer status (just google to know more). Others have breaks only when they make loss in the first four years. The break apply to Company Income tax and not to other taxes.

Contact us for more details.

Please I have an online firm and I do business with people mostly outside Nigeria. Please who will will I pay tax to?

starchris:

Please I have an online firm and I do business with people mostly outside Nigeria. Please who will will I pay tax to?

The authority you pay to depends on what business you registered, either a limited company or sole proprietor. If limited company, then you ought to pay to federal government (except your employees tax which payable to their states of residence.). For sole proprietorship, you pay all taxes to your state of residence except VAT.

Cheers!

DonTim1:
please can someone help with this.

say i run a company and in the whole year, i only did a single business that does not involve buying and selling, simply just provision of 'not quantifiable' service, say SW dev.

what amount of tax am i to pay to firs?, especially if in my invoice to the serviced coy, i demanded 5% tax.

I assume the 5% you demanded is VAT. Please note that VAT is not your tax but the tax your customers are paying to the federal government because you added value to them. You're only a collection agent of the government.

To determine how much tax you're liable for, you will need a tax consultant who will help you do a calculation. Again the percentage of tax you'll pay depends on your kind of business.

Cheers!

Choi! Dem plenty oo Anyway sha, plus and minus, a business man never loose. Everything on the lazy consumers

DonTim1:
please can someone help with this.

say i run a company and in the whole year, i only did a single business that does not involve buying and selling, simply just provision of 'not quantifiable' service, say SW dev.

what amount of tax am i to pay to firs?, especially if in my invoice to the serviced coy, i demanded 5% tax.

I will assume the 5% tax you mentioned us VAT. This VAT being charged and collected by you is called output VAT, while the VAT you incurred and paid on your business related expensesins called input VAT. The total VAT payable by you is the difference between your output VAT and input VAT. So you may be at payable or a refundable position, depending on which is greater. However, some input VAT are not allowable for deduction against the output VAT rather, they are to be capitalized or expenses as the case may be.

For service firms such as yours, no input VAT is allowed for the firm. Hence all the VAT you have collected on behalf of the government should be remitted accordingly.

Contact VirtualAccountant...to help make your tax issues become no-issues. VirtualAccountant is the cheapest professional accountant you will have around.

VocalWalls:


This is like the funniest thing I've read. They should come and arrest me.

Arresting you for not paying taxes is not the most weighty issue here. Think about taking that your business to the next level through a contract dealing with a government agency or big indigenous or even a multinational company. Trust me, you will need a valid tax Clearance Certificate (TCC) to pull this off. A tax clearance certificate is the evidence that you paid your taxes up to date. You can not do business with companies in some particular sectors of the economy e.g Oil and Gas without a valid TCC because their process of awarding contracts is highly monitored and regulated.

TCC is free but must pay your taxes to get it or bribe your way to get.

Contact VirtualAccountant today for affordable professional accounting and tax services to help clean up your records.

ilori1930:
I will assume the 5% tax you mentioned us VAT. This VAT being charged and collected by you is called output VAT, while the VAT you incurred and paid on your business related expensesins called input VAT. The total VAT payable by you is the difference between your output VAT and input VAT. So you may be at payable or a refundable position, depending on which is greater. However, some input VAT are not allowable for deduction against the output VAT rather, they are to be capitalized or expenses as the case may be.

For service firms such as yours, no input VAT is allowed for the firm. Hence all the VAT you have collected on behalf of the government should be remitted accordingly.

Contact VirtualAccountant...to help make your tax issues will become no-issues. VirtualAccountant is the cheapest professional accountant you will have around.

Thanks, where is you coy located, or can we talk on phone or please PM

DonTim1:


Thanks, where is you coy located, or can we talk on phone or please PM

I have just sent you a PM. Check your inbox

ilori1930:
I have just sent you a PM. Check your inbox

Responded, thanks

DonTim1:


Responded, thanks

Hi DonTim1, I had since left you a message in your mail with my phone numPerhapi have been expecting message from you since then. Perhaps you haven't checked your email. Let me know as soon as you receive my message.

BR.

What % of taxes paid makes up looted funds?

Virtualaccounts:


Hey, only VAT is currently filled online. There are plans to enable filing for other taxes in Nigeria. Especially taxes taxes paid to the federal government.

2. Yes, you can file nil returns, however, the authority will want to see your bank statements if you're consistently filing nil returns.

We are Virtualaccountant, cheap affordable accounting services.

how do u calculate d amt of tax of a company or the percentage rate of tax

bhankymyk:
how do u calculate d amt of tax of a company or the percentage rate of tax

For a limited company, tax rate is 30% of taxable income/profit. Taxable income/profit is derived from accounting profit after deducting non taxable income and adding non allowable expenses. These are accounting jargons and you may need an Accountant to help you with the calculations.

For a sole proprietorship, the rate ranges from 7-24% of income, depending on the income band. Usually the highest rate is 18.96%. Again, you may need an Accountant to assist with the calculations.

Regards.

Virtualaccounts:


For a limited company, tax rate is 30% of taxable income/profit. Taxable income/profit is derived from accounting profit after deducting non taxable income and adding non allowable expenses. These are accounting jargons and you may need an Accountant to help you with the calculations.

For a sole proprietorship, the rate ranges from 7-24% of income, depending on the income band. Usually the highest rate is 18.96%. Again, you may need an Accountant to assist with the calculations.

Regards.

wao tanks for ur enlightenment, I really appreciate