Tax Planning
Tax planning is the analysis of a financial situation or plan to ensure that all elements work together to allow you to pay the lowest taxes possible . A plan that minimizes how much you pay in taxes is referred to as tax efficient. Tax planning should be an essential part of an investor's financial plan.
Why Tax Planning
Taxes can eat into your annual earnings. To counter this, tax planning is a legitimate way of reducing your tax liabilities in any given financial year. It helps you utilise the tax exemptions, deductions, and benefits offered by the authorities in the best possible way to minimise your liability.
FAQs
PAYE is a method of collecting tax from individuals,both Resident and Non-resident, in gainful employment. Gains or Profits includes wages, casual wages, salary, leave pay, sick pay, payment in lieu of leave, fees, commission, bonus, gratuity, or subsistence, travelling, entertainment or other allowance received in respect of employment or services rendered.
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A P9 form is a tax-deduction form that employers issue to their employees. It contains employees’ basic salary, benefits, allowances, pension contributions, gross pay, tax charges, and personal relief for the whole year.
Date: Return should be filed and tax payable on or before the 9th of the following month.
Penalty on late filing: Whichever is higher between, 25% of the tax due or Kshs. 10,000.
Penalty on late payment: 5% of the tax due and a late payment of 1% per month on the unpaid tax until the tax is paid in full.
Economy class is Ksh 300/=
Premium Ksh 1000/=
NOTE: Personal Assessement on ITAX is free.
Economy is simply filing return.
Premium comes with a benefit of a Tax Compliance Certificate(TCC). For more queries contact customer care..
