Tax Advisory services
Businesses face the increasing pressure of ever more rules and regulations, with tax complexities often consuming a large amount of management time and effort. We will help you incorporate tax efficiency into your business planning and decision-making to put you in control of tax costs and generate long term savings.
We realise that managing your tax compliance burden efficiently can have a significant impact on your business. Whether you outsource your business tax processes to us completely or simply need advice to help you streamline the paperwork and deal with specific issues, we can deliver the quick, efficient service you need.
When the tax issues seem complex you will find our business tax advice and solutions relevant, practical and cost-efficient. The following are our services in relation to Tax advisory services:
1. Health check reviews
a) Corporation tax
We check the tax computations together with expense schedules to ensure that all expenses that are not allowable have been adjusted and that all capital deductions have been claimed. We compare the income per computation with that declared in the returns. We also check the correctness and timeliness of submitting the returns and reconciliation of tax statement of account.
We ensure that all cash and non cash emoluments provided to staff and management have been disclosed and taxed.
We ensure from the sample selected that the payroll agrees to the PAYE records and the employment contracts. We ensure that PAYE, NSSF and NHIF are correctly computed and paid on time. We also ensure that all the returns were submitted on time.
We examine all the payroll records including the staff files to ensure all emoluments are declared. We also recalculate the taxes to ensure correct tax rates have been used.
c) Withholding Tax
We ensure that withholding tax has been correctly deducted, accounted for and remitted on a timely basis to the tax authorities in respect of all eligible invoices and agreements entered into.
We review the purchases day book, cash book and other similar records to identify invoices or payments that are subject to withholding tax and ensure that the same has been done and paid on time.
We review the VAT control accounts to ensure that all output taxes have been declared and all eligible input tax has been claimed. We compare sales per VAT returns with accounts for variances. We check the correctness and timeliness of VAT declaration.
We then prepare a report of findings and compute the outstanding taxes and penalties if any. We advice on how to resolve the matter and recommend the best way forward.
2. VAT refunds audits and certification
3. Advisory services on tax implications of various transactions- This is based on research and having vast knowledge in all areas of taxation
4. Tax litigation (including representation in the administrative procedures) - The ‘innovative’ team at PKF provides a very broad range of contentious tax services and is noted for its capabilities on complex multi-jurisdictional matters.
5. Tax planning - We carryout tax planning to ensure that our clients get the full benefit of the tax laws. We ensure that they legally reduce tax liability and that they adopt tax efficient systems.
6. Mergers, acquisitions and re-organization - We can assess the tax implications of a corporate transaction.
7. Liaising with the Revenue Authorities on taxation matters - Assisting clients in attending meetings with KRA to resolve tax audits, objecting and appealing to assessments raised.
8. Lobbying for change in tax legislation
9. Employee compensation structuring
10. International compensation structuring
11. Tax training – We have very qualified staff who undertake both indoor and outdoor training and normally we organize tax seminars to sensitize our clients on various issues.
For further information please contact Rajan Shah or contact us here.