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Tax Identification Number For Sole Proprietor Who Has A Full Time Job by edmasta01: 2:37pm On Jun 14, 2018 |
I have a full time job. In my job, I have a PAYE TIN. I have now opened a new sole proprietorship business (business registration) few weeks ago and looking to put my tax in order. Will i be able to use the TIN from my PAYE job or do I have to apply for a separate TIN for my business? Can someone who has experience of this advise please. Thanks. |
Re: Tax Identification Number For Sole Proprietor Who Has A Full Time Job by SOFTENGR: 2:59pm On Jun 14, 2018 |
edmasta01:Speak with the tax officials in the state. I believe another tax ID can be generated for you as a sole proprietor, different from PAYE. |
Re: Tax Identification Number For Sole Proprietor Who Has A Full Time Job by barristerzinny(f): 3:05pm On Jun 14, 2018 |
edmasta01:you have to register another tin number and also register for value added tax. Go to www.firs.gov.ng to find out or visit any firs office near you or engage a tax consultant, if you are still in doubt. |
Re: Tax Identification Number For Sole Proprietor Who Has A Full Time Job by Eggyloo: 7:33pm On Jun 14, 2018 |
You will need to register your business name for taxes payable to FIRS. In your case, VAT. You would be issued a TIN. You will need to register with the nearest FIRS in your area. For income tax purposes, you would be directly assessed by State Internal Revenue Service. Yes, you need to register your business name with the relevant internal revenue service. However, all your income (employment and personal busines) and corresponding income taxes would be grouped together under your tax payer ID. The reason is, you and your business are seen as one entity. Trust this helps. You can reach me directly here for a free consultation. I help small and medium businesses with accounting and tax issues. https:///eUnshNw 1 Like 1 Share |
Re: Tax Identification Number For Sole Proprietor Who Has A Full Time Job by edmasta01: 10:22pm On Jun 14, 2018 |
SOFTENGR: Thanks for this. It's in Lagos State. |
Re: Tax Identification Number For Sole Proprietor Who Has A Full Time Job by edmasta01: 10:22pm On Jun 14, 2018 |
barristerzinny: Will go to my nearest FIRS. Many thanks. Does this mean when I get TIN from FIRS, my tax will be paid to the state government (LIRS) |
Re: Tax Identification Number For Sole Proprietor Who Has A Full Time Job by edmasta01: 10:27pm On Jun 14, 2018 |
Eggyloo: Thanks so much for this explanation Eggyloo. Here's what I understand from your explanation: 1. I'll register with FIRS to collect my TIN for the purpose of VAT? That means, FIRS will give me TIN and i will remit VAT with FIRS? 2. I'll also need to go to LIRS (biz is in lagos), to register my business for the purpose of income tax. How will LIRS group my PAYE income and sole proprietor biz income as one? Will they be able to do this with the TIN? |
Re: Tax Identification Number For Sole Proprietor Who Has A Full Time Job by Eggyloo: 10:17am On Jun 15, 2018 |
edmasta01: For comment 1, the answer is Yes . For comment 2, income tax payable to LIRS could be from employment or self-employed. Since you fall into 2 categories and you are an existing tax payer, it would be grouped using your current payer id. TIN is for FIRS while payer ID is for LIRS. You can drop a note via the link below for my immediate attention. I'll be able to address all your questions. https://docs.google.com/forms/d/e/1FAIpQLSeTDgleTXbE3yiN0tCDMmtnWcpi9Z6DbmSyxyJza6FRyJMyfw/viewform |
Re: Tax Identification Number For Sole Proprietor Who Has A Full Time Job by barristerzinny(f): 6:51pm On Jun 18, 2018 |
edmasta01:no it will be paid to federal government, except you obtained your tin number from Lagos State inland revenue. |
Re: Tax Identification Number For Sole Proprietor Who Has A Full Time Job by konews: 9:01am On May 22, 2020 |
In order to supply the varying needs of the community, and make the consumer enjoy their output of production, many form of Business units have developed rapidly. In Nigeria, and nearly all west Africa countries, the commonest form of business unit is the sole trader. Sole Proprietorship Defined A sole trader is the form of business in which the control, finance, organization and management is solely done by a single person, who invariably is the owner of the business. This means that in the sole proprietorship, the individual owns the business, assumes all risk and operates the firm for his own personal interest. Additionally, this form of ownership is ideally suited for the small business, especially when it is just beginning ( since flexibility and personal attention are extremely important. The sole trader was the earliest form of business organization, and at present, he is still the most usual form, particularly in retail trade. https://businessplanhub.com.ng/the-sole-proprietorship/#more-188 |
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