Kreston KM is hiring audit professionals

Kreston KM is hiring audit professionals

Kreston KM & Co LLP (Kreston KM), Certified Public Accountants, is an accounting firm registered and operating under the Accountants Act Chapter 15 of 2008 – Laws of Kenya. The firm, a member of Kreston Global, a global network of independent accounting firms, provides professional services that include audit, accountancy tax, and consulting. To adequately…

Installment tax [Definition, calculation, and payment]

Installment tax [Definition, calculation, and payment]

Installment tax is income tax paid in advance. Income tax is an annual tax, however, businesses are required by law to pay this tax in advance in four equal installments for normal business and two installments for farming business. Calculation of installment tax is based on the lesser of the amount specified in the preceding…

Why businesses need professional accounting services

Why businesses need professional accounting services

Accounting is part and parcel of every successful business. A business that desires to grow must commit to account for its revenue and expenses to have a clear picture of their performance and if they are achieving the business objectives or not. Accounting is of crucial importance to correct preparation and submission of tax accounts,…

Rental income tax in Kenya [Meaning, calculation and payment]

Rental income tax in Kenya [Meaning, calculation and payment]

Rental income tax is a tax payable on income from rental property (both commercial and residential rental income). Two regimes of accounting for rental income took effect in January 2016. One is the monthly rental return and the other is the yearly income return. The monthly rental return is for residential rental income with turnover…

Audit firms in Nairobi – How to pick the best

Audit firms in Nairobi – How to pick the best

Audit is a very important undertaking for businesses and organizations as it helps to ensure the financial documents are accurate and reflect a fair and true position. Indeed audit helps points to aspects of an organization that needs improvements, areas of concern and compliance with relevant statutes ensuring the operations runs smoothly and better profitability. …

How to prepare payroll in Kenya

How to prepare payroll in Kenya

Payroll processing is a vital element for every business operation today. It is often complex andcan turn into a nightmare if not done correctly. When it comes to processing payroll, businesses should invest in payroll software to reduce thetime spent by human resource managers preparing payroll. It is important to look for softwarethat meets your business…

Kenya PAYE 2020 rates
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Kenya PAYE 2020 rates

Pay-As-You-Earn (PAYE) is a method of collecting tax from individuals in gainful employment, in Kenya. Gains or Profits includes wages, casual wages, salary, leave pay, sick pay, payment in lieu of leave, fees, commission, bonus, gratuity, or subsistence, traveling, entertainment or other allowance received in respect of employment or services rendered. If you are an…