Jf Consultants - Accountants and Auditors

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

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 KRA, via a public notice of 31 July 2024, informed the public of the migration of VAT and Income tax Legacy ledger balances to the iTax system. The migrated balances are subject to adjustment based on additional information not considered by KRA in arriving at the migrated balances.

Taxpayers have until 31 December 2024 to provide any additional information to facilitate revalidation and adjustment of the migrated balances. Unexplained debit balances after 31 December 2024 will be confirmed and demand notices issued for taxes due. Validated credit balances that qualify as overpaid taxes will be availed for utilization - to offset the taxpayer’s outstanding tax debts and future tax liabilities in line with the provisions of Section 47(1)(a) of the Tax procedures Act ("TPA").

Ensure your migrated legacy balances are accurate. Submit additional info to KRA by 31 December 2024 to avoid erroneous demand notices.

Taxpayers Have Until December 31, 2024, to Raise Concerns About Migrated Debit Balances by KRA for Resolution

Tax season can be stressful. One of the recent developments that has raised eyebrows is the migration of debit balances by the Kenya Revenue Authority (KRA). If you’re a taxpayer, it’s crucial to understand what this means for you.

?

Migrated debit balances refer to amounts that taxpayers owe but may not have been accurately reflected in their accounts. The KRA has transitioned these balances into a new system. This move aims to streamline tax collection and improve efficiency. However, discrepancies can arise.

?

If you have a migrated debit balance, it could impact your financial standing. Unresolved issues may lead to penalties or increased interest on unpaid taxes. It's essential to ensure that your records are accurate.



You have until December 31, 2024, to raise any concerns regarding these migrated balances. This deadline is critical for ensuring your voice is heard and your issues are addressed.



1. : Log into your KRA account and check for any discrepancies in your debit balance.

2. : Collect all relevant documents that support your claims—receipts, previous statements, and correspondence with KRA.

3. : Reach out through official channels—email or phone—to discuss any concerns you have about your balance.

4. : After raising an issue, keep track of its status. Follow up regularly until it’s resolved.

5. : If you're unsure how to proceed or if the situation is complex, consider consulting a tax professional.



Waiting until the last minute could complicate matters further. By addressing any concerns early on, you give yourself ample time for resolution before the deadline approaches.



The migration of debit balances by KRA presents both challenges and opportunities for taxpayers. Don’t let confusion over these balances affect your financial health. Take action now and ensure that your tax records are accurate before the December 31, 2024 deadline arrives!

Talk to us

📞+254 (0) 758951144🇰🇪

📧[email protected]

www.jfconsultantsltd.co.ke

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

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