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Become Rich With Nigerian Food Export Business!
Become Rich With Nigerian Food Export Business!

Become Rich With Nigerian Food Export Business!

Nigerian Food Export Business offers a great opportunity for massive profits.  Many superstores and groceries in the United States and Europe eagerly await high quality food supplies from Nigeria. If you got the capital, wh...

How to Start Small and Grow Big in Nigerian Commodities Export Business
How to Start Small and Grow Big in Nigerian Commodities Export Business

How to Start Small and Grow Big in Nigerian Commodities Export Business

I know you will survive the COVID-19 pandemic. So don't just sit at home playing Lido, Draft or Chess. Now is the time to plan for another source of extra income. Find out how!

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Corporate Tax Mistakes You Should Avoid!
Corporate Tax Mistakes You Should Avoid!

Corporate Tax Mistakes You Should Avoid!

If you have a corporate (business) bank account, but are using it to operate your personal transactions, you risk falling out with FIRS (Federal Inland Revenue Service) for avoidable tax issues. Learn how to avoid this FIRS ...

Police SECURITY and Emergency Numbers For States in Nigeria
Police SECURITY and Emergency Numbers For States in Nigeria

Police SECURITY and Emergency Numbers For States in Nigeria

Below are the Police Control Emergency Phone Numbers for States in Nigeria which you can contact at any time for Rapid Response to Criminal Incidents around you and your environment. Good luck!

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2020 China Canton Trade Fair Opportunities
2020 China Canton Trade Fair Opportunities

2020 China Canton Trade Fair Opportunities

The Canton Fair holds three times every year. Aba Chambers of Commerce, Industry, Mines and Agriculture (ACCIMA) usually invites you to join its Business Delegations to the various editions of the China Imp...

Smile to the Bank with Nigerian Fashion Export Business!
Smile to the Bank with Nigerian Fashion Export Business!

Smile to the Bank with Nigerian Fashion Export Business!

The world is fascinated by Nigerian Fashion and Costumes. Nigerian Fashion Export Business is therefore a sure route to wealth. Many talented dressmakers at Aba - the Enyimba City, got what it takes! Start your Nigerian Fas...

NIRSAL's Agro Geo-Cooperative Farming Model is a Game-changer for Agricultural Financing in Nigeria
NIRSAL's Agro Geo-Cooperative Farming Model is a Game-changer for Agricultural Financing in Nigeria

NIRSAL's Agro Geo-Cooperative Farming Model is a Game-changer for Agricultural Financing in Nigeria

If, as a smallholder farmer, you desire to easily obtain agricultural bank loans through NIRSAL Bank, you must be ready to join and operate as an Agro Geo-Co-operator. Find out why, and how to go abo...

Recover Your Stolen Phone – in 5 Easy Steps!
Recover Your Stolen Phone – in 5 Easy Steps!

Recover Your Stolen Phone – in 5 Easy Steps!

There is a way you can trace and recover your lost phone. Just remember that your phone or mobile device has a unique IMEI identity which can be used to track it to wherever it is on planet earth.

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Nigeria Economic Sustainability Plan - How to Plug-in and Benefit!
Nigeria Economic Sustainability Plan - How to Plug-in and Benefit!

Nigeria Economic Sustainability Plan - How to Plug-in and Benefit!

Following the health and economic crisis triggered by the COVID-19 pandemic, Nigeria setup her Economic Sustainability Committee in March 2020, charged with the mandate to develop a clear Economic Sustainability Plan in resp...

Multiple Taxation in Abia State – Governor Okezie Intervenes
Multiple Taxation in Abia State – Governor Okezie Intervenes

Multiple Taxation in Abia State – Governor Okezie Intervenes

Following series of complaints about multiple taxation in Abia State, the state Governor Dr. Victor Okezie Ikpeazu met with key stakeholders on internally generated revenue collection chain, on Monday July 9, 2018, where the...

COVID-19: Aba Chamber of Commerce Donates Palliative Materials to Abia State Government
COVID-19: Aba Chamber of Commerce Donates Palliative Materials to Abia State Government

COVID-19: Aba Chamber of Commerce Donates Palliative Materials to Abia State Government

Aba Chambers of Commerce, Industry, Mines and Agriculture (ACCIMA) recently donated palliative materials to the Abia State Government, to help cushion the effect of the 'sit-at-home' order and lockdown in Abia State.<...

South-East Governors Deliberate on Security and Economy of the South-East
South-East Governors Deliberate on Security and Economy of the South-East

South-East Governors Deliberate on Security and Economy of the South-East

In their last meeting, the South-East Governors Forum among other matters deliberated on issues bordering on Health, Security and Economy of the South-East in particular and Nigeria in general. See what they discussed!

Party after Party - Smile to the Bank as Events Planner and Management Expert!
Party after Party - Smile to the Bank as Events Planner and Management Expert!

Party after Party - Smile to the Bank as Events Planner and Management Expert!

Many Social, Political, Cultural, Corporate and Sports events need expert planning. Both individuals and corporate bodies use Events Planners and Management experts to execute their events. For event planners, business is ...

School CHALK Production – Simple Home Business That Rakes in Profit
School CHALK Production – Simple Home Business That Rakes in Profit

School CHALK Production – Simple Home Business That Rakes in Profit

School Chalk production is a simple process - no technicalities. Raw materials are available. The market is ready. Demand is increasing. Profit is guaranteed. What are you waiting for? Start your School Chalk Production Busi...

Your Personal Security Tips
Your Personal Security Tips

Your Personal Security Tips

Use these Personal Safety and Security Tips to protect yourself, your family and environment. Remember, Police is your friend! Learn more...

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Wanted! Creative Solutions to African Problems
Wanted! Creative Solutions to African Problems

Wanted! Creative Solutions to African Problems

Africa is peculiar. Africans have peculiar needs. Africans are thus best placed to solve African problems because they know Africa and its peculiarities, environment, people and needs. Oh Africa, my Africa! Wake up!

Are You a Small Business Owner? Then Bite Into the MSME Survival Fund Now!
Are You a Small Business Owner? Then Bite Into the MSME Survival Fund Now!

Are You a Small Business Owner? Then Bite Into the MSME Survival Fund Now!

The Federal Government rolls out its Micro, Small and Medium Enterprises funding initiatives worth ₦75Bn. The scheme is estimated to save not less than 1.3 million jobs across the country and directly impact over 35,000 i...

Access to Easy and Affordable Loans for Small Businesses in Nigeria gets a Boost
Access to Easy and Affordable Loans for Small Businesses in Nigeria gets a Boost

Access to Easy and Affordable Loans for Small Businesses in Nigeria gets a Boost

Lack of access to credit is a major hurdle and setback for Micro, Small and Medium Enterprises in Nigeria. And that is precisely what NIRSAL National Microfinance Bank is set to reverse. Find out how!

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1st. Aba Investment Summit 2018 (archived)
1st. Aba Investment Summit 2018 (archived)

1st. Aba Investment Summit 2018 (archived)

The 1st. Aba Investment Summit 2018 was staged to boost the Abia State Government's push towards returning Aba - the Enyimba City to its primal position as the top investment destination of choice, east of the Niger.

Protect Your Money with This Mobile Banking Security Tip
Protect Your Money with This Mobile Banking Security Tip

Protect Your Money with This Mobile Banking Security Tip

For sure, the era of Information Technology, Internet and Mobile Banking is not only here with us, it is here to stay! Use This MOBILE BANKING Safety Tip to Protect Your Money!

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Security Tips While on Nigerian Roads
Security Tips While on Nigerian Roads

Security Tips While on Nigerian Roads

Have you noticed a proliferation of stop and search security check points in some states in Nigeria? This is attributable to the present level of insecurity in the country.

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Corporate Tax Mistakes You Should Avoid!

Written by
Tax Evasion Tax Evasion

If you have a corporate (business) bank account, but are using it to operate your personal transactions, you risk falling out with FIRS (Federal Inland Revenue Service) for avoidable tax issues. Learn how to avoid this FIRS trouble!

  1. If you registered a limited liability company with the Corporate Affairs Commission and you opened a corporate bank account for it, and you are using that corporate account for personal transactions, you risk having tax issues with the FIRS (Federal Inland Revenue Service).
  2. When FIRS notices the account, they will ask you to account for all the money that passed through it. They will ask you for different kinds of accounts - Financial Accounts,  Management Accounts, etc. You will be expected to show your VAT payments as well.
  3. If, as usual, you claim that your company did not do any business during the period, they will not believe you because there are transactions in the company's corporate account.
  4. So if you have a company registered and you do not use it, do not open a bank account yet or if you do, do not do personal transactions with it. Transact personal matters with just your personal accounts. That way, you only have PAYE (Pay As You Earn) to worry about with your State Government.
  5. If you must have a Business, why not start small by registering a Business Name? You can have your corporate bank account but you will not have any business with FIRS - just your state Internal Revenue Service.
  6. Because of BVN (Bank Verification Number), any corporate account can be traced back to the owner or owners, who will then have to account for all monies that passed through that account. Do not transact personal business with your corporate accounts. If an uncle abroad sends you N2m to buy a car, do not receive it with your corporate account. Receive it with your personal account. And so on.
  7. If you want to start a small business, just register a Business Name; not a limited liability company. When you grow big enough, you can then go corporate!

If you stick to these simple tips, you'll save yourself from avoidable tax issues in the future!

You may also be interested in: 
Access to Easy and Affordable Loans for Small Businesses in Nigeria

You may also be interested in: 
How to Apply, Qualify and Get the Central Bank of Nigeria Small Business Loans 2020.

 

Stay Smart, Wealthy and Wise!


       Jay Onwukwe

© Aba BUSINESS Pages

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2 comments

  • Comment Link Olisaemeka Raphael Thursday, 24 October 2019 17:29 posted by Olisaemeka Raphael

    Good day, Nwaba. am impressed by your blog infos.
    Kindly advice me. i opened a small business and in opening a cooperate/current account,
    my bank demanded for TIN and VAT, which i did.
    following your advice on TAX invasion.
    what challenges can i face in future as a result of registering for VAT.

    Report
  • Comment Link Olisaemeka Raphael Thursday, 24 October 2019 17:28 posted by Olisaemeka Raphael

    Good day, Nwaba. am impressed by your blog infos.
    Kindly advice me. i opened a small business and in opening a cooperate/current account,
    my bank demanded for TIN and VAT, which i did.
    following your advice on TAX invasion.
    what challenges can i face in future as a result of registering for VAT.

    Report

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