For a business with a 31 December year end, there are eight weeks left. That is enough time to close cleanly, provided the work starts now rather than in the week before Christmas.
December deadlines
| Date | What is due |
|---|---|
| 9 December | November PAYE, SHIF, NSSF and Housing Levy |
| 18 December | November VAT and the fourth instalment tax payment. Both fall due on the 20th, a Sunday this year, so pay by Friday 18th |
| 31 December | Last day to pay old principal tax under the KRA tax amnesty |
When a deadline falls on a weekend or public holiday, file and pay on the working day before.
Clean up before 31 December
- Debtors. Chase old balances now. Review what is truly uncollectable with your accountant before year end.
- Supplier invoices. Get eTIMS invoices for every expense of the year. Without one, the cost cannot be deducted.
- Owner and director accounts. Agree what you owe the business, or it owes you. Our owner pay guide explains why it matters.
- Fixed assets. Update the register with this year's purchases and disposals.
- Bonuses. Bonuses paid in December go through PAYE like salary. Budget the cash for both.
On 31 December
- Count stock and record it in shillings, not just quantities.
- Save bank, Mpesa and loan statements dated 31 December.
- Count petty cash and record the balance.
What follows in January
December PAYE is due by Friday 8 January because the 9th is a Saturday. P9 forms go to staff by the end of February. Individuals and sole traders now file by 30 April and companies within six months of year end.
Five steps for this week
- Put the December deadlines in your calendar.
- List debtors over 90 days and call the five largest.
- Ask suppliers for any missing eTIMS invoices.
- Book your 31 December stock count.
- Estimate December's tax and payroll cash and set it aside.
Want a clean close this year?
We run your year end close, from stock counts and debtor reviews to instalment tax and draft accounts, so January starts with clean books.
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