I will gonna setup sole propriety company for sure. The steps you mentioned are probably the steps I am going to do. It would be good if we (You and I) documents our steps and then post it somewhere more reachable for the guidance of others.
Ok sounds good. Are you already a filer? And do you've an NTN already?
I already have a personal NTN. I was told for a sole proprietor, the business name can be added to the same NTN. I'll look into what is process. I'll keep posting all steps here.
I'll also try to contact FBR again & see if they can give more insights on the need of making a sole proprietorship company.
Please keep sharing your experience as well down the road when you proceed with the process. I'll contact with my tax consultant as well and see are steps from here.
Yes I am already a filer due my salaried income And yes with the same NTN a sole propriety business can be established. Most likely I will not be doing anything myself will ask my consultant to do it, because I want to make this perfect. Currently in process of submitting my tax return for 2019 so it might take a bit of time till I am able to setup everything.
Just looking at FBR-IRIS, I am guessing it will cost nothing to establish sole company. Like I said, I will have to pay the consultant for gettting these few clicks done, which will cost some fee.
Time wise is guess a day max but I will update as I get to that step in few weeks.
Ok, please let me know how much your consultant will charge for it.
Although I think it might be something really simple for anyone to do. I'll do some research how this is done.
Well you can hire a tax consultant, they normall charge a small fee to file your tax returns. Or you can do it yourself but it might be a bit complex for a person doing for the first time.