Lexis Business Consultants Limited

We provide Complete bookkeeping & accounting, payroll, tax computation and filing e.g. NHIF, NSSF, PAYE, VAT, Income Tax, Withholding Tax etc, internal audit, tax compliance and follow-up of tax claims. Visit us at Westlands Mirage Towers, Tower 1, 6th floor.

Home : Lexis Business Consultants Limited LBC prides in being a Christian-based company with diverse professionals, committed to delivering quality service by exercising high levels of integrity.

Lexis Business Consultants Limited , we will sort you out on all issues related to taxes and maintaining your books of accounts records properly and accurate.
Reach on us on +25412-55-77-39 or visit us at our office The Mirage Towers, Westlands, tower 1 , 6th floor.

At Lexis Business Consultants, we will sort you out of the VAT and other taxes stress when they are due and how to manage them. Get in touch with us at: [email protected] or visit our website for more information www.lexisbusiness.co.ke
Or call /whatsapp us on +254712 557739.
Visit our offices at Mirage Tower, Tower 1, 6th Floor, unit 1 Westlands, Chiromo Road.

Change of Office Location
Dear Esteemed Customers
We would like to advise you that we have now moved to a new office space at the Mirage Towers on Chiromo Road. Our new office is located on 6th Floor, Unit 5, Tower 1 .

We will continue to keep you posted with any new developments as we continue to make changes to improve on service delivery.

Thank you for your continued support.

Yours faithfully,

Lexis Business Consultants Limited

From Lexis Business Consultants we thank you for your support through out the year 2020. We wish you a Merry Christmas and a Happy New Year 2021.

Worried about taxes?

You don’t have to leave your house to talk to us. We’re ready to serve you online anytime.
FILE KRA RETURNS AND OTHER STATUTORY DEDUCTIONS

Let’s help you with tax planning and send you important tax reminders and updates.We provide fast, flexible and affordable:

1. Tax Consultation & Advisory
• Rental Returns Filing
•VAT Filing
•Installment Tax
•PAYE
•Withholding Tax
•Turnover Tax(TOT)
•Payroll preparation and monthly run
•Assessments Objections
•VAT inconsistencies
•Tax Obligations(Add/Remove)
•Bookkeeping services
•Accounting software installation and training
•External and internal audits.
•Tax health check

WE CARE; WE WANT YOU TO EXCEL
Talk to us +254 712 557739
or email us at [email protected] or [email protected]
or Visit our website for more information
www.lexisbusiness.co.ke

Lexis Business Consultants Limited – Audit, accounting, Payroll, Tax consultants in Nairobi Kenya We bring you the best possible solutions for the growth and prosperity of your business or your personal finances, with us you can’t go wrong.

TYPES OF TAXES IN KENYA

1. Income Tax
Income tax is a direct tax charged upon all the income of a person, whether resident or non-resident, which accrued in or was derived from Kenya.

Income Tax is imposed on;
• Business income from any trade or profession
• Employment income
• Rent income
• Investment income
• Income from services rendered among others
• Pensions among others

There are different methods of collecting income tax from companies & partnerships, based on their sources of income.

These methods include:

a. Corporation Tax
This is a form of Income Tax that is levied on corporate bodies such as Limited companies, Trusts, and Co ? operatives, on their annual income.

Companies that are based outside Kenya but operate in Kenya or have a branch in Kenya pay Corporation Tax on income accrued within Kenya only.
Do partnerships pay corporation tax?

b. Pay As You Earn (PAYE)
This is a method of collecting tax at source from individuals in gainful employment.

Companies and Partnerships with employees are required to deduct tax according to the prevailing tax rates from their employees? salaries or wages on each payday for a month and remit the same to KRA on or before the 9th of the following month.

c. Withholding Tax (WHT)
This is a tax that is deductible from certain classes of income at the point of making a payment, to non-employees.
WHT is deducted at source from the following sources of income:
• Interest
• Dividends
• Royalties
• Management or professional fees (including consultancy, agency or contractual fees)
• Commissions
• Pensions
• Rent received by non-residents
• Other payments specified

Companies and partnerships making the payment, are responsible for deducting and remitting the tax to the Commissioner of Domestic Taxes.

d. Advance Tax
This is a tax paid in advance before a public service vehicle or a commercial vehicle goes for the annual inspection.

e. Installment Tax
Installment tax is paid by persons who have tax payable for any year that amounts to Kshs. 40,000 and above.

2. Rental Income Tax
This is a tax charged on rental income received from renting out property. Taxation of rental income depends on how the rented property was used for residential or commercial purposes.

Companies and Partnerships that rent out property to other persons for either residential or commercial use are required to pay income tax on rent received

To facilitate compliance, KRA appoints agents to withhold and pay, a percentage of the gross rent as tax. These agents can be verified via the agent checker on iTax.

3. Value Added Tax (VAT)
Value Added Tax is charged on supply of taxable goods or services made or provided in Kenya and on importation of taxable goods or services into Kenya.

While companies & partnerships can voluntarily register for VAT they MUST register if their annual revenue exceeds Kshs. 5,000, 000.

To facilitate compliance, KRA appoints agents to withhold and pay, VAT on supplies made. These agents can be verified via the agent checker on iTax.

4. Excise Duty
This is a duty of excise imposed on;
• goods manufactured in Kenya, or;
• imported into Kenya and specified in the 1st schedule to Excise Duty Act, 2015.

Companies and Partnerships dealing in excisable good and services are required to pay excise duty.

The List and types of Excisable goods and services are listed in the 5th Schedule as read together with Section 117 (1) (d) of the Customs and Excise Act, CAP 472 Laws of Kenya.

They includes;
• Mineral water
• Juices, soft drinks
• Cosmetics and Preparations for use on hair
• Other beer made from malt
• Opaque beer
• Mobile cellular phone services
• Fees charged for money transfer among others

5. Capital Gains Tax (CGT)
This is a form of income tax which is charged on a net gain that a business makes after sale of land or building.

6. Agency Revenue
This is a type of payment that KRA collects on behalf of various revenue collection agencies in Kenya.
The two types of Agency Revenue include;
• Stamp Duty
• Betting and Pool Tax

a. Stamp Duty
Stamp duty is a tax charged on transfer of properties, shares and stock.

It is collected by the Ministry of Lands, which has seconded the function to Kenya Revenue Authority (KRA).

b. Betting and Pool Tax
This is a tax charged on winnings from betting, gaming and lottery activities.

Betting, gaming and lottery businesses are required to withhold as tax, and pay to KRA, a percentage of the winnings being paid out to winners.

Talk to us for timely by our trusted professional team via:
sms/call/whatsapp 0712557739 or 0701510630 .
You can also get in touch with us by email : [email protected] or [email protected].

Lexis Business consultants Ltd (LBC) is a professional accountancy firm in Kenya.Our full range of accounting and financial services ensures you will have the best professional advice, affordable and time effective Service.Contact us for all your Tax & Acccounting services Inquiries.

Phone: + 254 701 501 630.
Email: [email protected]
Www.lexisbusiness.co.ke

From LBC, we thank you for your support through out the year.