LKG Accountants

Feeling overwhelmed by taxes? Let us help.

At LKG Accountants, we simplify our client's financial matters, including:
• prompt tax return handling.
• Providing advice on your tax liabilities
• Identifying tax planning opportunities
• Handling all necessary tax computations
• Managing HMRC and Companies House correspondence,

Let us relieve you of your worries.
Contact us today for a quote at [email protected]

We are thrilled to introduce Light Kongomanyi, the Managing Partner and Director of LKG Accountants. With nearly four decades of experience in the field, Light is an exceptionally skilled accountant. During his career, he has spent 12 years in the Civil Service, 13 years in industry, and 14 years in practice.

He has conducted independent statutory audits for community-based companies NGOs and profit-making institutions and successfully trained and managed teams of accounting professionals across different industries. Light has played a crucial role in assisting businesses with start-up ventures and developing business plans, both for internal financial management and securing funding.

He is deeply committed to enhancing the financial performance of his clients and driving transformation within their organisations. To learn more about LKG Accountants, please visit the link below.

https://www.lkgaccountants.com/

Are you thinking about starting a business? Here are a few things you should consider.

USP (Unique Selling Point): in a sea of businesses, what makes yours stand out? Are you bringing something more to the table?

Market Insights: Don't overlook the power of research. Without understanding your market, meeting demand becomes a guessing game. Dive deep to uncover opportunities and bridge those gaps effectively.

Financial Planning: Let's face it, you can't predict every financial twist. However, arming yourself with knowledge about start-up costs and financial planning gives your business a sturdy foundation to thrive, even as you embark on new ventures.

If you would like to speak to our business advisors, email us at [email protected]

Breaking News:

President Julius Maada Bio has just signed The Finance Act 2024 making it law.

The Finance Act 2024 was ratified by Parliament with multiple fiscal provisions to enhance revenue mobilisation.

Vital provisions in the Finance Act 2024 are:

1. Introduction of 5% Import Duty on Rice in 2024, increasing to 10% in 2025.

2. Increase in other import duties for cement (20%), cooking gas (5%) and iron rods (10%).

3. The minimum Alternate Tax (MAT) rate is reduced from 3% to 2% and only applies to loss-making companies.

4. Income derived from digital products and services by companies such as Google, Meta and Amazon from consumers in Sierra Leone is taxable in Sierra Leone.

5. Adjustments in multiple Withholding Tax rates on Dividends, Management & Professional Fees, and Lottery Winnings to 15%

6. 1% Education Levy introduced, increasing contractors’ withholding tax rates to 6.5% (from 5.5%) for residents and 11.5% for non-residents (from 10.5%).

7. Harmonisation of Excise Duty rates for domestic and import sectors, except for beer and stout.

8. Introduction of Excise Duty on plastic products.

9. Introduction of Excise Duty of 10% for gambling, betting and lottery.

10. Stamp Duty is adjusted with multiple rates for property and other transactions.

11. Goods and Services Tax registration threshold increased from SLE 100,000 to SLE 500,000.

12. Re-introduction of GST exemption for plant and machinery for agriculture, manufacturing, mining and petroleum sectors.

13. Introduction of Duty exemption for plant and machinery for some elements of the manufacturing sector.

14. Demurrage days were adjusted from weekdays to official working days.

Wishing everyone a splendid New Year. From the team at LKG Accountants.

Do you need a professional and experienced team to carry out your audits and prepare your financial reports? Then you’ve come to the right place. LKG Accountants is home to a team of highly skilled Accounting professionals who are dedicated to helping your business.

Juggling your finances when starting up a business can present its unique challenges. At LKG Accountants our professional financial advisers are at hand to help with your budgeting, prepare your tax returns, and offer advice on cost-saving.

Welcome to LKG Accountants! We provide a comprehensive array of services tailored for diverse organisations, aimed at enriching their value and bolstering their businesses. Our commitment is to deliver top-notch services that empower clients and elevate their operations.