WELCOME TO OUR NAKURU OFFICE

Our Nakuru Office is officially open. We promise to ”TURN YOUR VISION INTO VALUE”

LOCATION:

Inder Singh Building, 2nd floor Left wing

Kenyatta Avenue, Inder singh Road

P. O Box 9937 – 00100 Nairobi

Phone numbers: 0202104874 | 0743758686 | 0735240888

Corporate Training No.: 0743767882

Email: info.nakuru@henrysmithwilson.co.ke

TAX DUE DATES

Have you already marked your Tax Due Dates?
Don’t you worry, Henry Smith & Wilson CPA got your back..

The pdf link below:

TAX DUE DATES

 

#YourAccountingPartner
#HSWCPA #tax

Henry Smith & Wilson CPA 2022 Corporate Training Calendar


You are welcome to enhance your skills with us.

At Henry Smith Wilson CPA, we Turn your Vision into Value.

Download via the link below:

HSW Training Calendar-compressed

POSITION OF VAT ON SACCO BUSINESS IN KENYA

POSITION OF VAT ON SACCO BUSINESS IN KENYA

Savings and Credit co-operative societies (SACCOS) are classified as “financial services providers” and therefore placed in the category of Tax Exempt services under part two of the first schedule of VAT Act 2013. Being tax exempt implies that SACCO’s are NOT entitled to claim inputs as per the applicable Law.

Legal Status/Definition:

A savings and credit co-operative society is an incorporated body whose core business is to accumulate savings from members and use the same to lend to its members at a reasonable interest rate for purposes of economic empowerment of its members. A Sacco is required to ensure that it does not diversify to other business operations which are considered non-core and therefore taxed heavily.

 Diversification

Saccos have today grown and diversified into other non-core business. For example, many Saccos have constructed their own buildings for purposes of hosting their offices and serving members better. The excess capacity in such buildings is rented out to tenants. The rental income earned will therefore attract commercial VAT and the Sacco will be required by Law to incorporate VAT obligation in the PIN so as to account and declare the VAT on that portion of income.  In such circumstances the Sacco will be required to apportion expenses based of office floor occupied while claiming input VAT to offset with output VAT. KRA will only accept inputs that are wholly and exclusively/directly incurred on the rented property.

VAT on Imported Services

Where a Sacco imports a service such as Software, consultancy etc., The Law requires that the VAT there in be fully declared and paid to KRA. This is irrespective of whether the Sacco is registered for VAT or not

Where a Sacco is Appointed VAT Withholding Agent by KRA

There are instances where Saccos are appointed Tax Withholding Agents by KRA and required to remit VAT deducted at source within the prescribed rates. In this case the Sacco is required to comply and ensure that VAT is withheld on each payment made for goods and services as prescribed in Law

Claiming of VAT Inputs

VAT inputs are only claimable where a tax payer is offering Zero rated services. Zero rated services are as prescribed in the second schedule of VAT Act 2013.

 

Author:

CPA Patrick Theuri

Partner, Henry Smith & Wilson CPA

 

For more on this, contact Henry Smith & Wilson CPA via: info@henrysmithwilson.co.ke or call us on 020 2104874.

 

Digital Marketing Skills; 2nd cohort Training

Much appreciation to those who registered for Digital marketing first cohort training that was held on 6th Nov 2021.
2nd cohort training date is set for the 4th of December, 2021.
Book your slot NOW, if you are looking into making more sales online , starting a business/side hustle, self employment by joining the freelance online market, and other great ideas that starts with this Digital Marketing course.

Investment: The cost of this program per participant is KES 1000 inclusive of course facilitation, and participation certificates.

Since the slots are limited, your earliest confirmation of attendance will be greatly appreciated.

Please do so by downloading the registration form available at: https://bit.ly/3vlqPTy

TAX EDUCATION & UPDATES WEBINAR

Emerging issues in taxation Webinar Coming up. We will be discussing all the ‘Hot’ and contentious issues on tax matters.
You better come and Learn, before you start ‘Running’ when caught on the wrong side of the law!
Date: 25th November, 2021
Time: 9am-1pm
Registration ongoing at: http://www.bit.ly/3k3UV9K
Investment: Ksh5,000
Payment mode:
Paybill No: 4077519 – HENRY SMITH & WILSON
Account number: Your Name (For example: Samson Wafula Odinga)
Zoom login credentials to be sent after the payment.
Book NOW, as the slots are Limited!

DIGITAL MARKETING HACKS

If you are ready to learn digital marketing and propel yourself in the fastest-growing career of the century, then this online Digital Marketing Course is tailor-made just for you!

We live in a wondrous age my friends. Jobs, Sales & Knowledge can be obtained with a few clicks of the mouse. The future of business as we know it is changing, which means that it is imperative for everyone to have a solid grounding in how to market themselves and their businesses online. We have made it our goal to make this a reality.

Whether you want to start with the marketing basics or you’re more advanced, there’s something for everyone in this course. Don’t be left Out!

Certificates to be issued to participants after completion.

Register HERE: https://bit.ly/3vlqPTy

Pay Kshs 1000 only, to Henry Smith and Wilson, via Paybill No. 4077519. Write your name as the Account number. Then fill the above registration form and submit for your details.

BOOK NOW,  AS THE SLOTS ARE LIMITED!

Covid 19 Risks mitigation measures

IDEAS TO HELP ORGANIZATIONS AND THEIR MEMBERS TO MITIGATE COVID 19 CHALLENGES

Covid 19 pandemic has hit hard all the sectors of the economy. This has pushed some businesses to closure and prompted change of strategy for the rest.

Here are some suggestions of strategies that Organizations can brainstorm on, with a view to mitigate the Impacts of Covid-19 Pandemic, now and in the near future.

  • Restructure payments schedule for those members who may be struggling People have lost jobs, businesses closed, hospital bills increasing, and this means some people may not be able to pay for products/services and loans as timely as they did before. Organizations can consider increasing the period of payment and decreasing the interest rates if any, for members with these kinds of challenges.
  • Use of Technology There is need for organizations to adopt technologies like e-commerce and teleconferences to sell their products and maintain close relationships with their customers. These digital platforms can even help in educating customers on how to deal with the changes in the economy, new businesses to start, covid 19 cautionary measures and vaccination among others.

Other digital transactions platforms like; online purchases, mobile money transfer, mobile/internet banking among others should be adopted, to reduce physical contact.

  • Introduction of special products by financial institutions, for example short term loans and advances to cushion members This should be specifically with the intention of helping customers who are experiencing major challenges, but they still have another loan to repay.

These special loans/advances, unlike the normal ones which have some complicated requirements; could be of smaller amounts, easier to access, and with less conditions.

  • Use of financial & risk experts to advise on new products, investments, lending and extra mechanisms of loans recovery. This is to avoid a wrong move that may end up bringing financial crisis, especially with the current scarcity of resources.
  • Corporate Social Responsibility Due to the challenges faced by many people; cases of stress, depression, mental illnesses, suicides, divorces, crimes among others are rapidly increasing. Organizations could devise ways to keep in touch and offer counselling services if need be, to not only their employees, but also customers as a CSR activity. Other ways to help the urgent cases could be devised, such as reaching to the public for support. This will in turn strengthen their relationships with the members.
  • At last, lets all aim to follow the safety protocols already established, so as to make the world Covid 19 free, as well as a better place tomorrow.

#Covid19RisksMitigation #HSWcares

 Author: Grace Thumbi;

Training Manager;

Henry Smith & Wilson CPA

 

THANK YOU !

Happy Customer Service Week!

Thank You for putting your Trust and Confidence in our company. Your Royalty means the world to us.

We will always strive to be the Best, just for you!

CORPORATE LEADERSHIP & GOVERNANCE CONFERENCE

Dear current and future clients,

You are invited for the Corporate Leadership & Governance Conference on the 22nd-24th September 2021, to be held in Naivasha.

The conference which will bring together Sacco Board members and management staff from all over the country, offers a platform to redefine and elucidate governance, leadership & regulatory matters in Saccos. This is where the best get to meet and interact.

Description: Corporate governance deals with the complex set of relationships between the corporation and its board of directors, management, shareholders, and other stakeholders.

Target Audience: Saccos Board and management members