How Do I Register My Employees For Paye

Personal Income Revenue enhancement (PIT) - PAYE Registration

Registers your business as an employer with the State Internal Revenue Service, Payment of the directors, business owners and the employees via the PAYE system.and provides payroll services for your business or company with payslips and calculating all deductions and taxes.

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"Fast registration Quicker than trying to annals yourself. With employers reference number"

* Nosotros compute PAYE remittance for our clients on monthly footing *

All employers should register with the relevant state taxation authority, such equally Lagos Inland Revenue Service (LIRS) for income revenue enhancement withholding. The PAYE Regulations, 2003 fabricated pursuant to the Personal Income Tax Act provides that all employers are to register with the State Board of Internal Revenue Taxation Office nearest to the registered visitor accost for the purpose of remitting income taxation deducted from their employees.

In accord with Personal Income Tax Act 1993 (NO 104) operation of P.ay As You lot Earn (PAYE) Regulations 2003. The employer must within 6 months of commencing a business deduct tax from emoluments of employees and remit the corporeality deducted to whatsoever of the designated collecting banks.

Requirements

The registration requirements are as follows:
a) A copy of certificate of incorporation.or business name registration
b) List of staff and their annual salaries.
c) The Directors' Revenue enhancement Clearance Certificates (at present Electronic Tax Clearance Certificate)
d) Letter of application for registration.

Upon completion of registration, an Employer's Identification Number volition be issued.. An employers who fails or refuses to register commits an offence and is liable on conviction to pay N25,000 in addition to the payment of arrears of the tax due.

Personal Income Tax (PIT) Rates

The current rates applicable to the chargeable income rates:

Below N300,000 @ one per cent
1st N300,000 @ 7 per cent
Next N300,000 @ 11 per cent
Side by side N500,000 @ 15 per cent
Next N500,000 @ xix per cent
NextN1,600,000 @ 21 per cent
Above N3,200,000 @ 24 per cent

The sixth schedule of PITA, 2011 (Amendment), listed the post-obit as tax exempt:

a) National Housing Fund contributions.

b) National Health Insurance Scheme contributions.

c) Life Assurance Premium.

d) National Pension Scheme.

e) Gratuities

Deduction and Remittance of Tax

The employer must within six months of commencing a business deduct revenue enhancement from emoluments of his employees and remit the amount so deducted to whatever of designated collecting banks in the state.

Where an employee works under the supervision or direction of a person who is non his employer, that person (hereinafter referred to as the "manager") must furnish the particulars of the employee'southward emoluments to the Revenue enhancement Office nearest to the company and the director must deduct the tax due from the employee'southward emoluments and remit same to any of the designated collecting banks.

Inside 10 days of the finish of every calendar month, an employer must pay all deductions fabricated from his employees too as all other taxes due to the nearest taxation function or to any of the aforementioned designated banks. An employer who fails to brand proper revenue enhancement deduction or fails to business relationship properly for deductions fabricated commits an offence and is liable on conviction to a penalty of the total sum of taxes due and ten% per annum thereon. Employer are too liable to interest and penalty for late or non-remittance.

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Records of Deduction

An employer must provide the following particulars regarding emoluments of each employee on a monthly basis:

The name of the employee
The Taxpayer's Identification Number
The address of the employee
The month of payment
The amount of emolument for the month
The contribution past the employee to approved pension funds in the calendar month
The cumulative tax free emoluments twelvemonth-to-engagement
The cumulative net emoluments year-to-date
The cumulative taxable emoluments twelvemonth-to-date
The respective cumulative tax and The tax, if any, deducted or repaid on making the payment for the month.

This information may be sent to the inland acquirement through the collecting bank in an electronic format.

Employer Annual Declaration and Certification Form H1

Employer should return the annual proclamation and certification Form H1, not later than thirty days subsequently the end of each twelvemonth, an employer must render to the State Branch Inland Revenue (SBIR) or Tax Function where he is registered Form H1, a return in respect of each employee showing the 6 full emoluments of each employee during the year, the tax relief, if any and the total tax deducted from the employee.

Due engagement for filing Annual Personal Income Tax Return

Latest on 31 of January of the following year

Penalisation of N500,000 for failure to file on or before 31 January of the following year.

Due date for remittance of Pay Equally You lot Earn (PAYE)

Latest by the 10th day of the post-obit calendar month.

Penalty - 10% penalty of the amount due and interest atcommercial charge per unit per annum for failaure to remit the tax.

PROCESSING PERIOD

Processing period 5 - 7 working days, but allow upto 10days

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