Jf Consultants - Accountants and Auditors

We offer in Kenya.

Our services include:

1. Business name registration
2. Private and public companies registration
3. Conversion of business name to private liability company
4. AGPO application
5. .Limited Liability partnership registration.
6. Non Profit Organizations registration

Talk to us for assistance

📞+254 (0) 758951144🇰🇪
📧[email protected]
www.jfconsultantsltd.co.ke

The deadline for filing your KRA Tax Returns for 2023 is fast approaching.

Don't wait until the last minute! Our team is here to help you navigate the process and ensure compliance with KRA regulations. Don't risk penalties – let us file your returns with confidence!

Talk to us

📞+254 (0) 758951144🇰🇪

📧[email protected]

www.jfconsultantsltd.co.ke

Turnover Tax(TOT) is probably the most misunderstood tax in Kenya.

The following are some of the correct facts about TOT
✅TOT is applicable to businesses whose annual turnover is between KES 1,000,000 and KES 25,000,000
✅TOT rate is 3% of sales.
-TOT doesn't allow expenses deduction.
✅TOT is an Income Tax
✅TOT is a final tax
✅TOT is payable monthly
✅Rental Income, Professional Fees incomes and incomes subject to final withholding tax are exempt from TOT.
✅TOT is optional: You can elect(choose) not to be subject to TOT, by notice in writing addressed to the Commissioner, in this case you will be subject to corporate tax(tax on profits)
✅TOT and corporate tax are mutually exclusive: You cannot be registered for both, you choose either.
✅TOT and VAT are not mutually exclusive: a taxpayer who is subject to TOT can still register for VAT. Once you hit VAT threshold of KES 5,000,000 vatable sales, you are obligated to register for VAT, your TOT registration not withstanding.

𝐕𝐮𝐤𝐚 𝐞𝐓𝐢𝐌𝐒 𝐮𝐤𝐢𝐭𝐮𝐦𝐢𝐚 𝐔𝐒𝐒𝐃🚨
It's as easy as dialing *222 # and following the highlighted steps.
Deadline ni 31st March 2024 so hurry!
Learn more here; https://t.co/4YQ5VLHWDy

𝐕𝐮𝐤𝐚 𝐞𝐓𝐢𝐌𝐒 𝐮𝐤𝐢𝐭𝐮𝐦𝐢𝐚 𝐔𝐒𝐒𝐃🚨

It's as easy as dialing *222 # and following the highlighted steps.

Deadline ni 31st March 2024 so hurry!

Learn more here; https://t.co/4YQ5VLHWDy

with Kenya Revenue Authority

Tax season brings two sides: 1. Owning the KRA, and 2. The KRA owing you! It's a tale of two faces every taxpayer experiences.

On one hand, owing the KRA can be stressful, but with strategic tax planning and meticulous tax preparation, you can maximize all your credits and potential deductions to minimize what you owe. 💡✅

On the flip side, if the KRA owes you, it's cause for celebration! However, don't leave money on the table. With expert tax strategizing, we ensure you receive the Tax Credit you're entitled to. 💰🎉

At Jf Jf Consultants - Accountants and Auditors, we understand the importance of navigating both sides of tax season. Our team of experts is here to help you optimize your tax strategies. Trust us, we've already handled thousands of taxpayers with unique tax situations and crafted the best solutions for every tax challenge you're experiencing now.

Reach out to us and schedule your consultation now!
📧 [email protected]
📞+254 (0) 758 951 144
Website: https://jfconsultantsltd.co.ke

HOME TO BUSINESS/CO. REGISTRATION SERVICES IN KENYA

✅Limited company
✅Business name
✅Partnership
✅Certificate of incorporation/ Registration replacement.
✅Change of Directors
✅Company Pin processing
✅CR12 Processing
✅Tax compliance certificate.
✅AGPO certificate.
✅Business license processing
↔What do you require to register a COMPANY/BUSINESS?↩
✅KRA individual PIN.
✅Original ID copies.
✅Passport photosize.
✔NGOs' REGISTRATION/FOUNDATION
✅Name search
✅Documents compilation
✅Constitution making
✅Documents submission to the Coordination Board.
📞+254 (0) 758951144
📧[email protected]
Website: www.jfconsultantsltd.co.ke

Did you Know that loans advanced to company directors, employees or relative of directors at an interest rate lower than the prescribed market interest rate constitute a benefit chargeable to tax? The tax chargeable on such loans is referred to as Fringe benefit tax (FBT) and is computed at 30% on the value of the taxable benefit.

The taxable value of the benefit is the difference between the actual interest charged and the Commissioner’s prescribed rates published on a quarterly basis.
FBT is due and payable on or before 9th of the following month and is paid together with Pay as You Earn (PAYE).
For any further clarification on FBT compliance or assistance on any other payroll issues, feel free to contact us for any clarifications and advice.

Tel: +254 (0) 758951144
Email: [email protected]
Website: www.jfconsultantsltd.co.ke

JF Consultants Audit And Accounting Firm | Financial Experts JF Consultants Audit and Accounting Firm offers; audit and assurance, bookkeeping, taxation advisory, payroll services, company registration and consultancy

The Kenya Revenue Authority (KRA) through their public notice dated November 2023 notified the public that all taxpayers including those not registered for VAT would be required to be on boarded to eTIMS effective 1st January 2024.

KRA has subsequently extended this deadline to 31st March 2024, however, taxpayers will be required to capture on eTIMs the invoices issued during the transition period January 2024 to March 2024 once on boarded on eTIMs.
Likewise, taxpayers will be required to ensure that their expenses are supported by eTIms/TIMs generated invoices otherwise such expenses will not be allowable for income tax purposes.

Contact our tax service team for clarification and assistance with the eTIMs onboarding process.
Talk to us
+254 (0) 758951144
[email protected]
www.jfconsultantsltd.co.ke

Vat Automated Assessment is a system based solution that detect inconsistencies between the purchases and sales that have been declared in the VAT returns filed in iTax.

The system automatically communicates the inconsistencies to the buyer and the seller and disallows input taxes on invoices that remain unsolved after a period of time.

VAA will detect inconsistency in the following do not match between the seller and the buyer.

-Invoice number.
-Date of Supply
-Buyer/Seller PINs
-Net VAT Amount

In such a event the buyer and/or seller is expected to amend the respective VAT invoices to reflect the true position.

Let's Develop a Culture of Filing Kenya Revenue Authority Income Tax Returns Early.

It is crucial to establish a culture of filing income tax returns early. Timely tax filings not only reduce the burden on taxpayers but also help the government manage its finances efficiently.

With early filing, taxpayers can avoid last-minute rush and errors due to hurried completion of the forms. Additionally, it gives ample time for verification and correction if necessary.

Let us all make a conscious effort towards establishing this culture of timely tax filing. Its Tax Season. Get you tax filing done by a professional.

Talk to us
+254 (0) 758951144
[email protected]
www.jfconsultantsltd.co.ke

The global trend toward stronger tax enforcement has increased the need to focus on mitigating tax compliance risks. Businesses must not only stay on top of returns, audits and tax disputes, but also focus on understanding and responding to regulatory changes quickly.

Business owners, no matter how small or large, are required to follow the tax laws of the country they belong to (and sometimes of other countries too). These laws govern the income reporting requirements, calculation of taxes, payment of taxes, and procedural requirements for it. Tax laws tend to be quite complicated for businesses, especially in countries with a large tax code, and to make things trickier, they keep on changing from time to time.

The risk of non-compliance can be risky and cause great losses. Our knowledgeable team can help you with customized services that will ensure that your company is complying with all the legalities.

We ensure that your business is in compliance with standard financial and legal requirements in the changing business scenario.

Talk to us

+254 (0) 758951144

[email protected]

www.jfconsultantsltd.co.ke

JF Consultants Audit And Accounting Firm | Financial Experts JF Consultants Audit and Accounting Firm offers; audit and assurance, bookkeeping, taxation advisory, payroll services, company registration and consultancy

📢𝐔𝐩𝐝𝐚𝐭𝐞 𝐨𝐧 𝐒𝐢𝐦𝐩𝐥𝐢𝐟𝐢𝐜𝐚𝐭𝐢𝐨𝐧 𝐨𝐟 𝐭𝐡𝐞 𝐕𝐀𝐓 𝐑𝐞𝐭𝐮𝐫𝐧 𝐅𝐢𝐥𝐢𝐧𝐠 𝐏𝐫𝐨𝐜𝐞𝐬𝐬.

Kindly note that the VAT return will now be pre-filled with tax information available to KRA with effect from the February 2024 tax period and not the January 2024 tax period as earlier communicated.

This adjustment is intended to ensure that ALL VAT claims are supported by valid TIMS/eTIMS generated tax invoices since any input VAT claim that is not validated through TIMS/eTIMS or against existing customs import declarations for import VAT claims will not be allowed.

In this regard, we remind all Taxpayers of their obligation to issue electronic tax invoices and transmit the invoice details to KRA.

We also advise all VAT registered Taxpayers to proceed and file their January 2024 VAT self-assessment returns by 20th February 2024.

Further, we remind Taxpayers that upon roll out of the simplified VAT return, they will be required to confirm the accuracy of the declaration before submission of the return.

We will continue to sensitize Taxpayers on the simplified VAT Return filing process and to support and facilitate all Taxpayers to comply with the electronic tax invoicing requirements.

Are there any tax returns that you failed to file and pay in the past, resulting in penalties?

Don’t stress. File any pending returns for the period up to 31st December 2022 and get 100% tax amnesty on penalties and interest.

Ni dakika chache tu!😉

https://bit.ly/3F53A60

"At Jf Consultants - Accountants and Auditors , we're more than just an accounting and auditing consultancy firm. We are your strategic partners in success, offering a wide range of services tailored to meet your business needs.

Why work with us?
✅ Proven Track Record: With years of experience and a long list of satisfied clients, we deliver results you can trust.
✅ Expert Team: Our dedicated team of certified professionals brings expertise and industry insights to every project.
✅ Personalized Solutions: Your success is our priority. We offer customized solutions to address your unique challenges.
✅ Integrity and Transparency: We operate with the highest ethical standards, ensuring transparency in all our dealings.

Whether you're a startup, SME, or established enterprise, we're here to support your journey.

Contact us now to explore how we can elevate your business to new heights.

Talk to us

📞+254 (0) 758951144🇰🇪

📧[email protected]

https://jfconsultantsltd.co.ke

JF Consultants Audit And Accounting Firm | Financial Experts JF Consultants Audit and Accounting Firm offers; audit and assurance, bookkeeping, taxation advisory, payroll services, company registration and consultancy

Business Owners and Entrepreneurs need to understand how changes in domestic and international tax laws and regulations affect their company and how it operates.

Effective tax advice and planning that is tailored to the businesses needs and realities can help organizations adapt to all of the environments in which they operate, respond quickly to changes, mitigate risks and even gain a competitive edge.

Business tax costs can be excessive and often place a burden on profits and capital. However, enterprises can often reorganize their operations to enhance tax benefits.

We help companies integrate tax planning into business operations to help maximize growth opportunities, minimize expenses and risk, enhance return on investment and drive efficiencies across operations.

Now, more than ever, tax needs to be an integral part of strategic business decisions.

Contact us for timely and expert Tax advice!

Talk to us

Phone No: +254 (0) 758951144

Email: [email protected]

There are certain glaring issues that draw the attention of tax assessors. Whereas these areas do not necessarily indicate that a taxpayer is at fault, it is important for one to be always ready with explanation. As a rule, a taxpayer must always be conscious of the information that the KRA already has either from third parties or from the taxpayer himself.

Where the taxpayer has inconsistencies in his own information or is obviously in the wrong, he should make all efforts to get that matter fixed before it generates into a tax dispute.

Here are some tips on areas where the taxpayer needs to be double sure:-

🔹Inconsistencies between PAYE returns and Salaries and Wages in the annual returns (ITC) and Audited accounts.
🔹Inconsistencies between monthly VAT returns and annual returns (ITC) especially sales and Purchases
🔹 Bank statement details versus information in the annual returns (ITC) and Audited accounts
🔹 Authenticity and completeness of accounting records
🔹 The dates when Returns are filed
🔹 Penalties outstanding and why they are imposed
🔹 Withholding Tax certificates against the incomes declared in annual returns(ITC)
🔹 Expenses claimed in annual returns (ITC) against withholding taxes charged- for expenses subject to withholding tax
🔹 Tax Losses
🔹 Excess input tax claimed over output tax leading to VAT refund position
🔹 Transactions between company and its employees or directors
🔹 Intra-group trading especially for Multi-National companies
🔹 Any correspondence with KRA

The above list is not exhaustive but is intended to serve as a general guide on areas that are likely to be picked out in Tax audit.

Contact us for timely and expert Tax advice!

In a bid to meet revenue targets that it has persistently missed in recent years, the Kenya Revenue Authority has in the recent weeks been undertaking comprehensive compliance checks on all taxpayers.

The Taxman is keen on nabbing tax cheats be they individuals or corporates through compliance check measures that scrutinize the individuals and or companies declared income and their expenditure against their tax remittances and this has been evidenced by the increased tax reviews on Income Tax going as far back as five years ago.

The compliance checks may be done through tax returns review, comprehensive audits or investigations.

The outcome may include additional assessments or in the case of fraud; prosecution of the offenders.

Similarly, the compliance checks may cover issues on Individual Income Tax (individuals or corporate companies), VAT, and Customs Duty, Excise, PAYE, Withholding and other taxes administered by KRA.

- ?

Noncompliance arises when a tax payer information as declared in the year end income tax returns is inconsistent with the monthly tax returns filed during the year.

Tax payers are supposed to ensure the following tax areas, amongst others, are reconciled in the final accounts, examples:-

▶ (PAYE) - I tax PAYE returns should be reconciled with payroll expense in the final accounts.

▶ / - Monthly VAT returns should be reconciled with income in the final accounts.

In summary, non-compliance can be avoided by ensuring adherence to the following among other things:-

⏺ Pay monthly taxes within the stipulated timelines;

⏺ Paying installment taxes within the stipulated timelines;

⏺ Perform monthly reconciliations for sales, payroll, withholding tax and addressing any gaps before the year end.

⏺ Engage professionals for advice on all matters of tax compliance, where necessary.

For more information regarding this alert, please contact;

In a recent decision, the Tax Appeals Tribunal has held that providing sample information as evidence in a tax dispute is not sufficient to discharge the burden of proof imposed on a taxpayer.

The Tribunal stated that an express statement by a taxpayer that sample documents have been availed is an admission that no sufficient evidence has been provided to displace a tax assessment.

Requiring taxpayers to avail 100% support documentation disregards commercial realities on bulky or intensive transactions and the dangers that such a requirement may pose to all stakeholders to a tax dispute. Meanwhile and unless the decision is reversed, the decision of the Tribunal (as the trier of facts) holds.

.
Yes. So long as we are doing business and not philanthropy.
We are in business!

Implementation of the Finance Act,2023 and extension of eTIMs to all businesses

Taxpayers have a window of approximately 7 weeks, to 31 December , to comply with the requirement 👇

Failure to comply implies non deductibility of expenses not supported with eTIMs invoices on account of the purchaser

Business partners are encouraged to support each other in this process.

The move is expected to widen the tax net and increase tax revenue to Kenya Revenue Authority

There are certain glaring issues that draw the attention of tax assessors. Whereas these areas do not necessarily indicate that a taxpayer is at fault, it is important for one to be always ready with explanation.

As a rule, a taxpayer must always be conscious of the information that the KRA already has either from third parties or from the taxpayer himself.

Where the taxpayer has inconsistencies in his own information or is obviously in the wrong, he should make all efforts to get that matter fixed before it generates into a tax dispute.

Here are some tips on areas where the taxpayer needs to be double sure:-

✅ Inconsistencies between PAY returns and Salaries and Wages in the annual returns (ITC) and Audited accounts

✅ Inconsistencies between monthly VAT returns and annual returns (ITC) especially sales and Purchases

✅ Bank statement details versus information in the annual returns (ITC) and Audited accounts

✅ Authenticity and completeness of accounting records

✅ The dates when Returns are filed

✅ Penalties outstanding and why they are imposed

✅ Withholding Tax certificates against the incomes declared in annual returns (ITC)

✅ Expenses claimed in annual returns (ITC) against withholding taxes charged- for expenses subject to withholding tax

✅ Tax Losses

✅ Excess input tax claimed over output tax leading to VAT refund position

✅ Transactions between company and its employees or directors

✅ Intra-group trading especially for Multi-National companies

✅ Any correspondence with KRA

The above list is not exhaustive but is intended to serve as a general guide on areas that are likely to be packed-out in Tax audit.

Contact us for timely and expert Tax advice!

Talk to us

Phone No: +254 (0) 758951144

Email: [email protected]

https://jfconsultantsltd.co.ke

JF Consultants Audit And Accounting Firm | Financial Experts JF Consultants Audit and Accounting Firm offers; audit and assurance, bookkeeping, taxation advisory, payroll services, company registration and consultancy

Looking to start your company?
Get started today!
It’s simple, Talk to us for assistance
📞+254 (0) 758951144🇰🇪
📧[email protected]
http://www.jfconsultantsltd.co.ke

Are you aware that The Finance Act, 2023 introduced a tax amnesty on interest and penalties on tax debt running from 1st September 2023 to 30th June 2024? The amnesty covers principal taxes that were due and had been paid before 31st December, 2022. Where the principal tax had not been paid by 31st December 2022, a taxpayer can apply for amnesty on interest and penalties on the unpaid tax that have accrued up to the 31st December, 2022. The taxpayer must propose a payment plan for the outstanding amount and commit to pay all the outstanding principal taxes not later than 30th June 2024.

As your trusted tax advisors, we would like to assist you in taking advantage of this special window. Jf Consultants - Accountants and Auditors is offering the following customized tax advisory services in a bid to ensure that you are not left out in claiming your waiver, where applicable:

i. Determination of your individual and/or business tax compliance levels across all tax heads in accordance to relevant tax legislation;
ii. Resolution of your iTax ledger matters that may have resulted in interest and penalties accruing;
iii. Liaising with the Kenya Revenue Authority (KRA) on your behalf on settling any outstanding tax liabilities;
iv. Negotiation with the KRA on a payment plan to settle outstanding tax liabilities;
v. Engaging with KRA on resolution of the waiver on penalties and interest under the Amnesty programme; and
vi. Spearheading the dispute resolution process in case of further tax assessment.

Should you have any questions on this or any other tax matters, we are happy to partner with you to enhance your tax compliance levels. Please feel free to reach out to us through the undersigned contacts.

Talk to us for assistance
📞+254 (0) 758951144🇰🇪
📧[email protected]
www.jfconsultantsltd.co.ke