Urion Consultants

06/05/2024

04/05/2024

Every loan comes with strings attached, not just interest. Think about how borrowing might affect your daily life and future plans. It's not just about paying back the money; it's about the sacrifices you might have to make along the way. Take a moment to weigh the true cost before diving into debt.

06/03/2024

📢 Attention Small Business Owners and Informal Sector Players! 📢

Heads up! Kenya Revenue Authority (KRA) wants to remind all of us about the electronic Tax Invoice Management System (eTIMS). It's essential for all businesses, including those in the informal sector, to generate and send invoices electronically to KRA.

But hey, no worries! Our team at Urion Consultants is here to help you out. KRA has introduced "eTIMS Lite," an easy-peasy solution for non-VAT registered taxpayers. You can access it via the eCitizen platform using *222 # for USSD invoicing or ecitizen.kra.go.ke for web-based invoicing.

Plus, KRA is working hard to spread the word and educate folks like us through awareness campaigns. So, if you're unsure about eTIMS or facing any challenges, reach out to us for personalized assistance. We've got your back!

Let's stay on top of our game and keep those invoices rolling smoothly! 💼💻

04/03/2024

Let' unpack CBK's weekly bulleting

📉 **Inflation Update:** Overall inflation in Kenya dropped to 6.3% from January's 6.9%, mainly due to lower food prices. Fuel prices also eased slightly. Good news for consumers!

💱 **Exchange Rates:** The Kenya Shilling remained stable against major currencies. Stability means smoother transactions for businesses dealing with foreign currencies.

💰 **Foreign Exchange Reserves:** Kenya's reserves are strong, meeting the requirement set by the Central Bank. This ensures economic stability during global fluctuations.

💼 **Money Market Stability:** Liquidity remains good, with commercial banks having excess reserves. Interest rates stayed steady.

💡 **Key Takeaway:** Understanding these trends helps you make informed financial decisions. Stay tuned for more updates to navigate the economic landscape effectively! 📈💼

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27/02/2024

📢 Attention Employers! 📢

Heads up! Starting February 2024, the NSSF contribution rates have been revised. Take note of the changes in Tier 1 and Tier 2 contributions to ensure compliance with the new regulations.

Revised NSSF Contribution Rates Effective February 2024:

Tier 1 - The lower limit has been increased from Kshs. 6000 to Kshs. 7000. Employers earning up to this amount are required to contribute Kshs. 420, matched equally, totaling Kshs. 840 in Tier 1 NSSF contribution.

Tier 2 Contributions - For earnings above the lower limit and up to the new upper limit of Kshs. 36000, the contribution rate is set at 6% of the amount exceeding the lower limit but within the upper limit, resulting in a maximum employee contribution of Kshs. 1740, matched by the employer. This adjustment brings the total Tier 2 contribution to Kshs. 3480.

Stay informed about these changes to fulfill your obligations.contact us foe further information and clarification

21/02/2024

🔊 Important Announcement! 🔊

We've got some news regarding the banking regulations in Kenya that we wanted to share with you all! 🇰🇪

You know those rules about banking that the Central Bank of Kenya (CBK) sets up? Well, there's a part called Section 55 of the Banking Act that says CBK has to make rules about what happens if someone breaks those banking laws.

So, CBK has come up with a draft of these rules, called the Banking (Penalties) Regulations, 2024. 📋 These rules will basically help decide how much money someone should be fined if they don't follow the banking laws properly.

Now, here's where YOU come in! 🙌 CBK wants to hear from all of us, including you, about what we think of these draft rules. They're asking for feedback from the public to make sure everything is fair and clear.

If you have any thoughts or ideas about these draft rules, you can share them with CBK by emailing them at [email protected] before Monday, March 18, 2024. Your feedback could help shape these rules and make sure they work well for everyone involved. 💼💡

Let's all do our part to keep the banking sector running smoothly and fairly! 💰🏦 If you have any questions about this or anything else, feel free to drop us a message. We're here to help! 📩

Stay awesome, and let's make a positive impact together! 💪✨

15/02/2024

🌟 Important Update! 🌟

Hey everyone! 👋 We've got some news about the Kenyan shilling that might affect your businesses and personal finances. Here's the scoop in simple terms:

💰 **Good News for Imports**: The Kenyan shilling is getting stronger against the US dollar. This means if you buy stuff from other countries, it could cost you less in shillings.

💼 **Loan Payments Might Get Easier**: If you have loans in dollars or other foreign currencies, you might end up paying less in shillings because of the stronger shilling.

🛍️ **Watch Out for Imported Competition**: On the downside, cheaper imports might flood the market, which could make it tougher for local businesses like yours to compete.

📉 **Exporting Could Be Tough**: If you sell stuff abroad, it might get harder because your goods could become more expensive for foreign buyers.

🔄 **Keep an Eye on the Exchange Rate**: The value of the shilling can change quickly, so it's important to stay updated. Big swings in the exchange rate could affect your business plans and finances.

Hope this helps you understand what's going on with the Kenyan shilling! If you have any questions, feel free to ask. Stay informed and keep hustling! 💪🇰🇪

14/02/2024

🌟💕 Happy Valentine's Day from Urion Consultants💕🌟

As numbers enthusiasts, we know a thing or two about balancing the books AND spreading love. Today, we're adding up the love and sending it your way! 💖 Let your heart be as full as our meticulous spreadsheets, and may your financial journey be as prosperous as your love life.

From our team to yours, here's to a day filled with warmth, laughter, and of course, plenty of love! Happy Valentine's Day! ❤️

13/02/2024

💕 Not feeling the love for DIY bookkeeping this February? We've got you covered! Here's why it might be time to break up with doing your own books:

1. Hate it? It's time for a change! If you're constantly putting off your monthly bookkeeping, it might be time to let someone else handle it.

2. Your time is precious! Spending hours on bookkeeping when you could be focusing on growing your business could be costing you money.

Ready to give bookkeeping a break? Let's set you up on a first date with a professional bookkeeper! 💼✨

09/02/2024

🔍 Attention Clients! Important Update 🔍

📢 Kenya's banks are now sharing customer data with the Kenya Revenue Authority (KRA) under the Common Reporting Standards (CRS) to tackle tax evasion and illicit wealth. 📈 This includes details like account balances, addresses, and ID numbers.

🔍 What does this mean for you?

Individuals: Your offshore accounts will be scrutinized, ensuring compliance with tax laws.
Businesses: Corporate entities must disclose registration details and controlling persons.
💼 Impact:

Enhanced transparency: The move aims to boost tax compliance and transparency.
Repatriation of wealth: Kenyans with assets abroad are encouraged to declare them.
Tighter regulations: Measures are in place to protect customer confidentiality under the Data Protection Act.
As your trusted accounting firm, we're here to guide you through these changes and ensure compliance. Don't hesitate to reach out with any questions or concerns. Let's navigate this together! 💼💡

02/02/2024

📊 Understanding PAYE

👉 PAYE (Pay As You Earn) is deducted monthly at the individual income tax rates. It's simple – we ensure it's deducted on time, by the 9th of the following month.

❓ Wondering about casual employment earnings? No worries! PAYE doesn't cover earnings from casual employment lasting less than a month.

👥 Just a quick note: Regular part-time employees and consistently casual workers (employed regularly, even if casually) are not considered casual employees.

Stay tax-savvy with us! 💰

31/01/2024

🎉 Finance vs. Accounting: Let's break it down without the jargon! 📊💸

📚 **Accounting:** Imagine it as the storyteller of the financial world. 📖✨ Accountants keep tabs on the past, present, and future of your money. They track every dollar in and out, making sure the story adds up and is told straight. 🕵️‍♂️🔍

💼 **Finance:** Now, think of finance as the strategist with the master plan. 🚀💡 Finance pros use the numbers from accounting to plot the course ahead. They're the ones deciding how to invest, save, and grow the financial garden. 🌱💰

💬 **In a nutshell:** Accounting is the storyteller, and finance is the director shaping the next blockbuster.
🎬🌟 They work hand in hand, making sure your financial movie is a box office hit! 🍿💼