TAX PLANNING CONSIDERATIONS FOR BUSINESSES

TAX PLANNING CONSIDERATIONS FOR BUSINESSES

Tax planning is simply arranging your personal or business affairs in such a way that you reduce your tax burden in a legal way.

Tax planning strategies

  • Keeping Complete and Accurate Record
  • Take Advantage of Capital allowances
  • Write Off of Bad debts to reduce
  • Procuring business goods & services in the company’s name.
  • Take Advantage of deductions and reliefs (Sole proprietors)
  • Separate business expenses and incomes from personal ones to ensure that you produce clear reports on profitability and consequently your tax liability
  • Seek Tax Advisory
  • Don’t ignore KRA notices
  • Compliance with the tax laws is less costly as compared to paying heavy penalties, being charged in the court of law or a possibility of seizure of assets by tax authorities.
  • Make payments through the bank or MPESA to ease record keeping and evidence production in case of tax disputes.

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TAX PLANNING CONSIDERATIONS FOR BUSINESSES



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