₦airaland Forum

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.

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:
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

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

You will sir if you run a business in Nigeria. Also, if you want to expand your business.

designVATExcel:
Nice write up.
2 questions most startup always ask:
1) Can taxes be filed online in Nigeria?
2) How can one file nil returns, i.e. no revenue.
Can the OP throw some light here

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.

Hello Patrick,

Good idea you have there. May God make you dream come true.

All you need is a laptop!

Nice one.

Accounting is not rocket science. Just records keeping. We are a call away.

www.virtualaccountant.ng

Legend!!!!

Keep proper accounting records

dotcomnamename:
Thanks. However, how will Nigerians in diaspora apply and get their TIN for their companies/businesses registered in Nigeria? Nawa O!

You need to contact a tax consultant - us/we/virtualaccount, ASAP to assist you with this. Our number and contact details are in our signature.

deturla:
Since you have not commenced business, No, you won't be required to pay taxes.

But note that your registration may trigger other statutory registration like VAT etc.

According to the law failure to register for VAT or tax generation after incorporation triggers a POL of N20,000 and certain penalties as determined by the tax law.

Either ways, I'd advise that you go to a tax consultant closest to you for tax advise straight away.

Do not GO to the TAX OFFICE on your own.

@virtualaccountantng, are you here?

I missed this earlier. Your advice is in order. The OP best bet is to contact a tax consultant ASAP. We might be able to get some waivers with the current VAIDS.

jaxxy:
Ok thx bt how can i know if i hv a tin or not cos this was issued by a former company i worked with so it was done for me by the coy.

Individuals without a registered company do not need TIN. TIN is only required if you registered your company with CAC, whether business name or limited company. You can confirm your TIN from FIRS website, use Google please. If it's not there you can go to any FIRS close to your office to register for a TIN absolutely free !

However, if you're too busy to do it yourself we are able to help you do this for as low as 10k and we will send you a printout within an hour. We are good like that

jaxxy:
I hv a tax clearance card/certificate bt not sure if i hv a Tin. Is dat possible. It was issued by Lirs. Pls clarify this for me.

100% possible. TIN is issued by FIRS. Tax clearance is issued by State for sole proprietorship business and FIRS for limited companies.

I must state that it's not common (I cannot use impossible because we are in Nigeria ) for FIRS to issue tax clearance without a TIN.

www.virtualaccountant.ng

deturla:
As a blogger? Nah!

Since the tax authorities are still trying kinda hard to deal with internet businesses and e-commerce, the only way you can start remitting taxes is if your online business is incorporated with CAC, there and then all other statutory obligations are triggered.

How can someone who is just a blogger and online freelancer start remitting taxes?

Beats me.

Narutop, please take note. If you are not ready for the hassles of registering and paying taxes or if your business structurally is not ready for such massive move. Biko, stay your lane.

Ideally, he should pay his tax whether registered with CAC or not and this is based on experience. Only PAYE is applicable here.

And that's why I said as a good citizen. It's his obligation, but he can choose to not disclose just because the government "won't know".

The benefit is that, he will be saved from all the hustles I highlighted earlier.

narutop:
Are online freelancers and bloggers who work from home required to pay tax or get TIN?

Yes, as a good citizen of Nigeria, you ought to register yourself with the taxman and remit on a monthly/annual basis. You can get a tax clearance certificate/card at the end of the year and you can be saved from a lot of hustles like lastma, visa application, finance for expansion etc.

We will advise you to register today to do the needful.

Virtualaccountant.ng helps SMEs comply with tax and other regulatory compliances. Did I mention that we are ridiculously affordable!!!

dyoung4:
How can someone that already have TIN with business name formally notify FIRS and CAC for closure of business?

Hi,

What kind of business did you register. You'll be required to have a board resolution for dissolution and some fees are payable to CAC with your final audited accounts. For FIRS, you'll be required to do a tax computation on cessation basis and file your financial reports (prepared on breakup basis).

You will need a professional to help you handle this and guess who Virtualaccountant.ng .

Virtualaccountant.ng helps SMEs comply with tax and other regulatory compliances. We are good like that

muyimart:
Thanks for the post,am having problem with TIN collection, i have a registered company already, when i got to osogbo TIN office i was asked to bring TAX CLEARANCE, I went to clearance office/local gov where the company was located , i was asked to pay 55k for tax clearance.

You're about to be scammed ! You can't have tax clearance if you've not filed your tax returns. Even if you have not commenced operations, you'll still be required to file a statement of affairs and pay a pre incorporation levy of 20k, not 55k.

Ask to see the tax controller of that tax office, he/she should be able to guide you.

Virtualaccountant.ng helps SMEs comply with tax and other regulatory compliances. We are ridiculously affordable!!!

tobimillar:
What's the monthly or yearly estimate for a registered coy with vac whose profit monthly is less than 10k ? Bottom line how is the tax calculated

Hi Tobi,
The tax rate for a limited liability company is 30% while that of an individual/sole proprietorship is a graduated rate from 7-24%. Taxes are calculated after reliefs and allowable expenses are deducted.

Virtualaccountant.ng helps SMEs comply with tax and other regulatory compliances. We do book keeping and other accounting services too at very ridiculously reduced prices.

gidimasters:
As a business owner[Sole proprietor], Must I register for individual TIN and business TIN? deturla

You don't need a separate TIN as an individual if you've a business registered as a sole proprietor. The law sees you and the business as one. Separate TINs will he required if you run a Limited Liability company.

Virtualaccountant.ng helps SMEs comply with tax and other regulatory compliances.

oluemmakay:
Good Day Sir, I have an Incorporated company and have also obtained my TIN, but have not really commenced business in full gear. At what point am I expected to remit tax?

You're expected to start filing tax returns once your company is registered. As tax is paid on earnings, you will only pay tax when you earn money. Meanwhile, filing of VAT MUST commence immediately, failure will attract 25k for late registration and additional 5k for every month of default.

Virtualaccountant.ng helps small businesses comply with regulatory requirements at ridiculously reduced prices.

Your choice, your business.

Intrepid01:
Lol......so much for fun...

Well it depends on what you want. If what you want as an individual is plenty money at the early stage of your career then the big four isn't a place for you. But if what you want is experience first and then "PLENTY" money later then it is the BEST place for you. So the choice is always the individual......

With the new increment is kpmg's pay this month it can measure up. Remember it's differential pay at different levels. From what I gathered, they may be paying more than PwC.

That doesn't mean this report isn't crap thought.

Thank you.

Hello there

Why most start-ups fail in the Nigerian environment?
Hmm!

@OP nice points there. However, many intrepreneurs are not equipped enough to start their business yet so it's important to get some experience working for someone else before launching out. They need the experience for Knowledge, Experience, Network and Capital.

Entrepreneurs should learn to separate their business money from their personal money. That way they know how business is fairing and they can think of strategies and expansion.

Don't just start a business, engage a knowledgeable person to guide you. As entrepreneur, we give free advice to start-ups on registration of business, structure, operations and compliance.

Engage us today for other services like bookkeeping, tax advice, accounting, and other regulatory compliances. We are affordable and professional.

Our expert team of accountants can handle any kind of small business. Please contact us today; 08029753761, 08086108687. See www.Virtualaccountant.ng

This is a good one.

Dear Entrepreneur, take advantage of this and register your startup/small business with the CAC. Having a legal form gives clients/customers more confidence in your business.

Hence, continued patronage and growth.

Thank me later

VirtualAccountant.ng

You can also look inward to identify a hobby and develop it while waiting. Start an enterprise from your house, grow a side runs.

My 2Cents.

VirtualAccountant.ng

In addition, it's expedient to set up a good accounting reporting system and track every 1kb. It is also advisable to comply with tax laws and regulations governing your business operations. You don't want the tax man to come with huge penalties when you're grown up.

Happy weekend guys.

VirtualAccountant.ng