Frequently Asked Tax Questions
Frequently Asked Tax Questions…. Get in touch with us on info@optima-accounting.co.ke or call 0700 053980.
Month: January 2022
How to change your KRA iTax Portal Log in details
In case you have forgotten your iTax Log in credentials, do not worry. The iTax password recovery process is fairly simple and straight forward. Step 1: Access KRA Online Portal Access the KRA iTax portal by clicking this link KRA iTax Portal. Enter you KRA Pin Number/User ID then click continue Below the login button click…
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Finance Act 2020: Amendment on Input VAT Provisions in Kenya
The Finance Act 2020 has amended the provisions of claiming of input VAT by including an additional requirement. It states that a person claiming input tax will only be able to do so if the input tax claimed has been declared as output tax by the supplier for VAT purposes. The input-output matching concept of…
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SME Bookkeeping 101
Bookkeeping is the process of recording and classifying your business financial transactions. Bookkeeping is for all businesses, small and big and helps business owners know where revenue is coming from, where the money is being spent and when taxes are payable. This is the foundation of Accounting and helps a business owner realize if a…
Benefits that Payroll Software can deliver to Businesses in Kenya
Starting and growing a business in the competitive market today is not a walk in the park. Business leaders have to juggle various matters such as clients, suppliers, products/services, statutory regulations, competition, employees, among others. To manage time more effectively given the many demands, business leaders have to transition from the manual way of doing…
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When the tax man comes calling: Fight or flight?
What do you do when you receive that dreaded call that Kenya Revenue Authority officials will be undertaking an audit of your business? Do you close down your business, shave your head and disappear to the mountains to live the rest of your life as a monk? Absolutely not! A tax audit is an unavoidable…
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Business Budgeting
A budget is an estimate of income and expenses for a business for a given period of time. The budget contains the company’s revenue goals as well as expenditure limits. The importance of a budget cannot be overstated – without a budget companies cannot make the right decisions regarding the long term plans or even…
Business Planning for Growth
Business planning is a process of designing a road map to the next stages of your business. The planning process is concerned with the definition of a company’s objective and the resources (financial, human, technological) necessary to achieve those objectives. A business plan is a summary of how an entrepreneur, business manager or owner intends…