Glist Consultants

Glist consultants
Guiding Success, Illuminating paths,

🌟 Discover Our Services at Glist Consultants! 🌟

At Glist Consultants, we're committed to empowering businesses and individuals with top-notch financial solutions. Our comprehensive services include:

1. Financial Consultancy:
- Expert advice tailored to your unique financial needs.
- Strategic planning for growth and stability.

2. Bookkeeping and Accounting:
- Precise record-keeping to track income, expenses, and profits.
- Financial statements that provide insights for informed decisions.

3. Taxation Services:
- Efficient tax planning and compliance.
- Maximizing deductions and minimizing liabilities.

4. Business Registration Assistance:
- Smooth company registration and legal compliance.
- Guidance on choosing the right business structure.

5. Tourism Levy and NTSA Services:
- Hassle-free handling of tourism-related fees.
- NTSA compliance for transport businesses.

📩 Contact us today to explore how Glist Consultants can elevate your financial journey! 💼

Guiding Success, Illuminating paths

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This is a good one

Bookkeeping serves as the rhythmic pulse of any business, ensuring its financial health.
Let's dive into the essentials:

Recording Transactions: Bookkeepers meticulously record every financial transaction-sales, expenses, payroll, loans, and more. These entries form the backbone of financial statements.

Balancing the Books: They maintain the balance between assets, liabilities, and equity. The accounting equation (

Assets=Liabilities+Equity

) guides their dance.

Financial Statements: Bookkeepers generate crucial reports:

Income Statement (Profit & Loss): Reveals revenue, expenses, and net income.

Balance Sheet: Lists assets, liabilities, and equity at a specific moment.

Cash Flow Statement: Tracks cash inflows and outflows.

Accuracy Matters: A misplaced decimal can lead to chaos. Bookkeepers double-check their steps, like a tightrope walker over a pit of decimals.

Software and Tools: Modern bookkeepers embrace digital tools-accounting software, spreadsheets, and cloud-based systems. They’re the tech-savvy maestros of ledgers.

Compliance and Taxes: Bookkeepers ensure compliance with tax laws. They’re the backstage crew for tax returns.

Remember, behind every successful business, there’s a diligent bookkeeper orchestrating the financial symphony. 🎵📚

Feel free to ask more about bookkeeping or any other topic; We are here to assist! 😊
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🇰🇪🇰🇪A Kenyan Date with Money 🇰🇪🇰🇪

🇰🇪 Kenya, a land of vibrant culture, breathtaking landscapes, and resilient people. But let's talk about something that unites us all— 💸💰MONEY💰💸

🌿 Imagine this: You're sitting under the shade of an acacia tree, sipping chai, and having a heart-to-heart with your wallet. Yes, your wallet! Because money deserves our attention, too.

🌼
- "Hey, Money! I see you've been hanging around. Let's get acquainted."
- Money nods, intrigued. It's been waiting for this moment.

🌱
- "Money, where have you been? What dreams do you hold?"
- Money leans in, whispering tales of business ventures, education, and family milestones.

🌟
- You sway to the rhythm of opportunity. Money waltzes with your aspirations.
- "Invest in that small business," it whispers. "Save for Ruth's dream vacation."

🌴
- "Money," you say, "let's build a legacy."
- Money grins, revealing compound interest secrets and growth charts.

- "I promise," you declare, "to use you wisely."
- Money smiles—a Kenyan sunrise breaking through the clouds.

- As the sun sets over the Rift Valley, you pat your wallet.
- "Thanks for the date, Money. Let's do this again."



*Disclaimer: This post is for inspiration and entertainment. Consult a Glist Consultants fGlist ConsultantsrGlist Consultantsdvice.* 🤝

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Glist Consultants - Consultancy and Supplies Glist Consultants is a leading consultancy company that provides a wide range of services and supplies for businesses.

Tax Amnesty Deadline!
Did you have a KRA PIN prior to Jan 2024?
Do you know it's a requirement by law to file your Individual income returns?

Hey there! 🌟 Don't forget to submit your individual PAYE (Pay As You Earn) returns to the Kenya Revenue Authority (KRA). The deadline is approaching, so hop onto the KRA iTax platform and complete your filing. It's essential for accurate tax records and compliance. Happy filing! 📊💼

Remember to double-check the specific deadlines and requirements on the official KRA website. 🇰🇪✨

The feedbacks we are getting are very warm and positive.
For giving us business, we owe you better services. Cheers 🥂

Guiding Success, Illuminating paths.

The recent notice by KRA on housing levy is in line with the Affordable Housing Act as passed in March 2024.
In the the notice KRA is notifying all persons(individuals & incorporated ) that AHL is now chargeable on all persons @1.5% of the gross income received or accrued.
The notice further enumerates the incomes subject to AHL as:
a)Gross Rental income
b)Gross Sales receipts (Amount chargeable to turnover tax)
C)Any other sales, before subjecting the same to VAT
While the above is correct, the notice failed to address exemptions provided for under the Affordable Housing Act, Section 5.
Under section 5, employers who pay AHL through the payroll(ie by matching employees AHL deduction) are exempted from paying AHL on sales.
In short, as an employer, you either deduct and match employee contributions or pay 1.5% on your entire sales.
Small business that don't have employees have been cornered here. Their proportionate contribution will be higher as compared to big businesses

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Let's discuss fringe benefits in the context of Kenya.

These benefits go beyond regular salaries or wages and are provided by employers to their employees. Here are some key points related to fringe benefits in Kenya:

1. Fringe Benefit Tax (FBT):
- Employers often offer non-monetary perks to their employees, such as housing allowances, medical insurance, company cars, and other benefits.
- To ensure transparency and fairness, the taxation of these fringe benefits is governed by specific legislation in Kenya.

2. Understanding Fringe Benefit Tax:
- Fringe Benefit Tax (FBT) applies specifically to loans provided by employers to employees, directors, or their relatives at an interest rate lower than the market rate.
- The taxable value of this benefit is calculated as the difference between the market interest rate and the actual interest paid on the loan.
- If the loan extends beyond the date of termination of employment, FBT continues as long as the loan remains unpaid.
- Employers with PAYE obligations are responsible for paying FBT.

3. Calculation Example:
- Let's consider an example:
- Ken receives a loan of Kshs. 3,000,000.
- Interest charged: 3%
- Market interest rate for the month: 9%
- Fringe Benefit calculation: (9% - 3%) = 6%
- Fringe Benefit amount: Kshs. 3,000,000 × 6% = Kshs. 180,000 per year (Kshs. 15,000 per month).
- FBT payable by the employer: Kshs. 15,000 × 30% = Kshs. 4,500 for the month.

4. Compliance and Penalties:
- Failure to remit FBT attracts a penalty of 25% of the tax due, while late payment results in a 5% penalty.
- The prescribed interest rate is based on market lending rates as determined by the Commissioner each quarter.

Remember, understanding fringe benefits and complying with tax regulations is essential for both employers and employees in Kenya. It ensures fairness and contributes to a transparent working environment.

Guiding Success, Illuminating Paths.

Are you ready to hit the bull's eye in terms of business growth? It all starts with keeping proper business records for your business.

Don't be like most people who always think that their businesses are too small to keep books of accounts. It's only when you account for your business can you really know whether your business is on an upward trajectory or not. Else you be working for your suppliers, your landlord and the tax man.

In case you need any assistance in proper record keeping, you can reach us via our mail: [email protected]