March 22, 2018 March 22, 2018 December 11, 2014 December 11, 2014
Balancing charge and Balancing allowance
When a fixed asset is sold or written off, you need to calculate balancing allowance or balancing charge if capital allowance has been claimed for the asset previously. Balancing allowance is tax deductible whereas Balancing charge is taxable income. While computing a company’s Wear and Tear Allowance for a particular financial year,
The correlation between Taxation and Accounting
If you are an adult living in Kenya, whether Resident or Non-Resident, the law requires that you to file a tax return declaring any income earned within or outside Kenya from the various sources viz., Employment, Business, Rental, Interest, Farming and others in the previous calendar year. It is important
The Labour Institutions Act 2007, Sec. 35 gives the labour officer powers to enforce any Labour Law and to: request production of wage sheets, require employer to give any information with respect to names and addresses of his workers, inspect and copy any material part of any list of employees,
FUNDAMENTAL ACCOUNTING
Financial statements are prepared according to agreed upon guidelines. In order to understand these guidelines, it helps to understand the objectives of financial reporting. The objectives of financial reporting, as discussed in the Financial Accounting standards Board (FASB) Statement of Financial Accounting Concepts No. 1, are to provide information that
SAVE ON TAXES
Value Added Tax (VAT) is a tax on consumption levied in the United Kingdom by the National Government. It was introduced in 1973 and is the third largest source of government revenue after Income Tax and National Insurance. It is administered and collected by HM revenue and customs, primarily through