Sen$ei

Investor | Visionary

[Sen$ei @Ngovi_]

There’s only one outcome you should focus on...Growth. In every single aspect of your existence. Doesn’t have to be instant neither should you mind if it takes time but as along as there’s progress...however small, be grateful & keep going. Demand the same energy from your circle

[Sen$ei @Ngovi_]

@Safaricom_Care check DM

[Sen$ei @Ngovi_]

@Safaricom_Care CHECK DM

[Sen$ei @Ngovi_]

@Safaricom_Care check DM

[C♓︎ris🪞Liza 🇵🇷 @B3autyByJaeL]

Men are simple creatures — they’ll tell you what they want, show you what they like, and mean exactly what they say. The confusion usually starts when you try to read between lines that don’t exist.

[🍁RASTA MAN™🍁 @ItsJeffreyJeff]

Scenes pale Ronga ukishuka kwa gari kukojoa😂😂😂😂

[Kenyan Facts 🇰🇪 @KResearcher]

A Concorde at JKIA in Nairobi on October 29, 1993

[Somoina Kapeen @SomoinaKapeen]

One thing that Spirituality does is it opens Your EYE. You start to see through things.We have been and we continue to live a lie.we have been bamboozled!😭

[CPA Peter Ndirangu @pitandirangu]

Common Pitfalls in Tax Compliance and Planning by SMEs
In the course of supporting businesses in matters Tax and financial management , I have discovered SMEs face several recurring challenges in tax planning that leads to unexpected liabilities, missed opportunities, and even penalties.
Below are key pitfalls I have discovered among the SMEs and how they can be addressed.

1. Lack of Awareness of Tax Obligations
Issue:
-Many SMEs simply do not fully understand their tax obligations, including the variety of taxes they are required to pay and the deadlines associated with them.
-This lack of awareness leads to non-compliance and penalties.
Example:
A business might assume that filing an annual income tax return is sufficient, not realizing that there could be other Secondary /Conditional/ Added tax obligations like PAYE and VAT . This oversight could result in non filing , penalties and accrued interest.
Solution:
-Invest time in learning about all applicable tax obligations or engage a tax advisor.
-Regular training and updates can help ensure that the business remains compliant with all relevant tax laws.
2. Poor Record Keeping
Issue:
-Incomplete and inaccurate records results in errors during tax filings, causing SMEs to lose out on potential deductions or face complications during audits.
Example:
Imagine a small retail business that handles many cash transactions.
-Without a systematic way to scan or record every receipt, the business might overlook claiming certain deductible expenses—such as travel costs or supplies when filing its tax return.
-Over time, these missed deductions can accumulate, leading to higher taxable income and unexpected tax liabilities due to overstated taxable profit .
Solution:
Implement a reliable accounting system or digital record-keeping tool to ensure every transaction and expense is documented accurately and in a timely manner.

3. Inadequate Use of Tax Incentives and Deductions
Issue:
-SMEs often due to lack of information overlook valuable tax credits and allowances Capital deductions and investment deductions which could significantly lower their Tax liability
Example:
A Pharmaceutical startup invests heavily in capital Assets . If the company isn’t aware that certain Capital investment qualify for Capital deduction , it may end up paying more in taxes. Similarly, if expenses are incorrectly categorized (for example, mixing capital expenditures with regular operating expenses), the business could lose out on important deductions.
Solution:
Stay informed about available tax incentives and consult with a tax professional who can help identify and correctly classify deductible expenses.

4. Mixing Personal and Business Finances
Issue:
-When personal and business expenses are not clearly separated, it becomes challenging to justify deductions. -This lack of clarity can lead to non-compliance and increases the risk of triggering an audit.
Example:
-Consider a sole proprietor who uses the same bank account and credit card for both personal and business expenses.
-If questioned by tax authorities, the business owner might struggle to provide clear evidence that certain costs are business-related, potentially leading to disallowed deductions and penalties.
Solution:
-Establish separate bank accounts and credit cards for business transactions.
-Maintain distinct records to easily substantiate any business expense during tax filings.

5. Failure to Stay Updated on Tax Law Changes
Issue:
Tax laws are dynamic; SMEs that don’t monitor changes in Tax legislation may miss out on new opportunities or inadvertently fall foul of new compliance requirements.
Example:
- If the business isn’t up-to-date with recent changes, it may end up missing out on some key compliance demand as well as opportunities resulting to overpayment or non compliance .
Solution:
-Regularly review tax law updates through reliable sources or subscribe to professional tax advisories.
-Consider periodic consultations with a tax expert to ensure your business remains compliant and takes full advantage of any new incentives.

By addressing these pitfalls with practical solutions , SMEs can create a more resilient tax strategy that not only minimizes liabilities but also supports ongoing growth and development.
#TaxTwitter #Taxplanning #taxes

[Sen$ei @Ngovi_]

Materialism feeds the ego but it starves the soul. It nourishes external desires while neglecting internal growth...creating a cycle where fulfillment is always fleeting and true contentment remains out of reach.

[Sen$ei @Ngovi_]

'Gyat' 💀🤣
Legendary

[Godspeed @lainidash]

@snobcollective @rapalert6

[Sen$ei @Ngovi_]

🤣💀

[VR ShawnCamGaming 😈 @_Shawncameron]

I GOT BANNED OUT THE CLUB 🥹🤣

[Sen$ei @Ngovi_]

Content 🤌🏿

[DIIVINI🧡 @diivini_creates]

When she calls middle of the day🤦🏽‍♂️

#wizkid #davido #Morayo #badgirl #messi #Morayo

[Sen$ei @Ngovi_]

@Safaricom_Care hi, how can I reach a customer care agent?

[Sen$ei @Ngovi_]

@Safaricom_Care check DM

[Sen$ei @Ngovi_]

@AIRTEL_KE check DM

[Sen$ei @Ngovi_]

*Kibaki voice*
Mavi ya kuku

[BBC Sport @BBCSport]

Sum #PaulTyson up in one word...

[Sen$ei @Ngovi_]

@AIRTEL_KE Again, check DM

[Sen$ei @Ngovi_]

@AIRTEL_KE check DM, urgently

[Sen$ei @Ngovi_]

🤣

[NO CONTEXT HUMANS @HumansNoContext]

Bro used up 10 years worth of his luck 😂

[Sen$ei @Ngovi_]

The late Sir Bobby Colly niko sure ameamka kiasi kulamba glucose then aendelee ku pinduka pinduka. #KwaheriMpesa

[NTV Kenya @ntvkenya]

M-Pesa paybills to become KRA tax registers by December 25 https://t.co/ZYJ9UKpzgF