Tips on Staff Hiring Process for Small Business

Hiring the right staff is crucial to the success of small business. Hiring is one thing every small business owner should get right. However, depending on the type or size of your business, you may not need to hire any staff at the start up stage.  As the business begins to grow, it will get to a point that you will need additional hands to work with you. Knowing when to hire and ability to hire a right personnel is very crucial. Getting a right person can actually be a spring board for your growth. But if you get it Continue ReadingTips on Staff Hiring Process for Small Business

Company Income Tax in Nigeria

Understand How Company Income Tax is Computed in Nigeria. As a limited liability company, you are liable to pay company income tax. Any company doing business in Nigeria, whether resident (registered in Nigeria) or non resident (foreign company registered outside Nigeria) is expected to pay company income tax on profits accruing in, derived from, brought into or received in Nigeria. The company income tax rate is thirty percent. Companies with a turnover less than One Million Naira are charged at twenty percent of their assessable profit. Basis of Assessment The profits of companies are assessed on a preceding year basis. Continue ReadingCompany Income Tax in Nigeria

The Relevance of Information Technology in Small Business

Information Technology is not an option in small business; it is a must. I can say that one of the best things that have happened in this generation is the advent of Information Technology. Information Technology has made a lot of things easy for us. Some things which ordinarily would have taken years to accomplish can now be done within few hours. If you are in business, Information Technology is not an option; it has to be embraced. Nowadays, I don’t think of any business that can survive without the use of Information Technology but the degree of usage may Continue ReadingThe Relevance of Information Technology in Small Business

Value Added Tax (VAT) in Nigeria

Understand How Value Added Tax (VAT) Affect Your Small Business. Value Added Tax is a tax on spending and it is borne by the final consumer of goods and services because it is included in the price paid.  As mentioned above, you have to register as a VAT Agent. The law specifically states that a taxable person shall, within six months of commencement of business register with the Board for the purpose of the tax.  All businesses and organisations are to register for Value Added Tax in the local VAT Office nearest to their offices or operating bases. Branches of Continue ReadingValue Added Tax (VAT) in Nigeria

Withholding Tax in Nigeria (Administration and Rates)

Explanatory Notes on Withholding Tax Administration in Nigeria. A withholding tax is the tax required by Law to be withheld by a party from each payment made to another contracting party from the income or services rendered. Such tax withheld must be added up on monthly basis and remitted directly to the Federal Inland Revenue Service (for withholding tax on limited liability companies) or State Internal Revenue Service (for withholding tax on individuals and enterprises). All Withholding tax remittances must be accompanied by the schedule of the payees/contractors in order to obtain the certificate of payment for them. Please note Continue ReadingWithholding Tax in Nigeria (Administration and Rates)