Starting  a  new business can be challenging especially from tax perspective.
It is necessary that  new business know the following tips.
 
1.Registration of your business for tax.

Always register your business  with FIRS and the state government  of residence.
Firms, individuals doing business and  registered businesses need to register for VAT while companies need to register for VAT and company income tax.
It is necessary to register your business even when you are anticipating commencement. This is necessary to avoid penalty and ‘headache’ during start up.
 
2.keep track of your business transactions.
 
keep track of your expenses, income, purchases and disposals.
Even when you don’t have a computerised accounting  system. Your receipts can be kept in a paper envelope and in a safe custody.
Always demand for evidence of payments for any transactions.
 
 
 
 
Disclaimer: obi azubuike is not by this publication acting as a professional adviser, and therefore not liable for any damage whatsoever due to your reliance on this publication.
Consult your professional adviser who understand your circumstance.
 
 
 
 
 
 
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