Nov 28 2020
Why you need to have a tax agent?

Are you worried about your tax issues? Have you gotten a tax assessment and demand notice from KRA? Do you want to sleep well knowing that you are compliant with the tax requirements? If you want all this, it means it’s time you appointed a tax agent to help you in handling all your tax matters. An authorized tax agent is a person who has been certified by the KRA to perform the following functions:-

  • Prepare and submit tax returns on behalf of a taxpayer
  • Liaise with the KRA on behalf of the taxpayer on matters relating to tax
  • Provide tax advisory services to the taxpayer
  • Represent the taxpayer in matters relating to tax before the commissioner or the Tax Tribunal
  • Deal with any matter relating to tax on behalf of the taxpayer

The commissioner must maintain a register of all persons who have been licensed to act as tax agents in Kenya.  In addition, a tax agent is required to act professionally when providing their services.

Kindly consult Nelkins Consulting & Outsourcing to get your tax issues sorted. We are a registered Tax Agent or Tax Consultants.

neladmin 0 Comments
Nov 28 2020
Understanding the Minimum Tax

Minimum tax is set to come into effect from January 01, 2020. This new tax shall be payable by individuals and businesses irrespective of whether they make a profit or not. The rate for the minimum tax shall be 1% of the gross turnover by the individual or company.

The tax shall be filed and paid in installments. This tax shall be due on the 20th day of each period ending on the 4th, 6th, 9th, and 12th month of the year of income.

After self-assessment, an individual or business will determine which is higher between the installment tax and minimum tax. The higher of the two will form the tax payable for the year.

There are however some incomes that are exempted from minimum tax. These are:-

  • Employment income
  • Income that is subject to the Residential Income Tax
  • Income that is subject to the Turnover Tax
  • Income that is subject to Capital Gains Tax
  • Income from Extractives Sector
  • Any other income exempted by the Act

Please contact us at Nelkins Consulting & Outsourcing for more tax solutions to fully utilize the tax-saving opportunities available and to counter tax risks associated with the minimum tax

neladmin 0 Comments
Nov 28 2020
How to register a company in Kenya

How to register a company in Kenya

Registering your company in Kenya has been simplified by the One-step Company/Business Registration process. This means that you can apply for registration of your company on Monday and get the Registration Certificate by Wednesday of the same week. We will describe the process of registering a private limited company in Kenya.

Documents needed to register a Company

  • 5 proposed names of your Company
  • National ID Numbers of all the Directors, shareholders, and company secretary
  • Passport Photos of each of the Directors, shareholders, and company secretary
  • KRA PINs for all the directors, shareholders, and company secretary

Log in using any of the director’s E-citizen Account. Then go to the Business Registration Services portal. Click “Make Application”

The sections to fill in their order include:

  1. Preferred name section

This section has an option for one to enter 5 proposed names of the new company

  1. Articles and Memorandum Section

In this section, you will fill in the memorandum and articles of association details. You can have specially prepared articles and memorandum or you can adopt the articles and memorandum for general businesses

  1. Registered Office Address Section

In this section, you will enter the proposed company’s postal office and physical address. Ensure to be specific and fill in all the details including Plot No

  1. Share information Section

In this section, you will provide the details of the number of shares you would wish to register your company with. You will also fill in the share allocation among the owners.

  1. Directors/Shareholders Section

In this section, fill the details of the directors, shareholders, and company secretary. Please be specific on their physical and postal address. Start by providing their KRA PIN. Then upload their Passport Photos

  1. Beneficial Ownership Section

The Business Registration Services has introduced a requirement for all companies to register their beneficial owners. This is the person who directly controls the company. Fill this beneficial ownership section.

  1. Application Documents Section

In this section, you should download the CR1, CR2, CR8, and statement of nominal capital from the portal. Sign them appropriately then scan each copy separately and upload it.

Review you application and submit. Then pay Ksh 10,750 using Mpesa or any other method that is convenient for you and wait for your application to be reviewed.

For any challenges when registering your company, please contact Nelkins Consulting & Outsourcing. We will help you get over this hurdle as quickly as possible.

neladmin 0 Comments