Leighton Meridian-Tax Consultants

Leighton Meridian-Tax Consultants

Comments

FIXED ASSET (FA) REGISTER

It contains all the Fixed Assets (now known as Non Current Assets) of the business.

They are two types of Non Current Assets (NCA) ;-
1) Tangible and
2) Intangible

TANGIBLE NON CURRENT ASSETS

These are categorized into four ;-

1) Plant, Property & Equipment (PPE)
These are accounted for as per IAS 16. They are assets held for use in the production or supply of goods or services, or for administrative purposes and are expected to be used during more than 12 months period.
Examples include ;- Freehold Land, Buildings, Motor vehicle, IT Equipments, Furniture & Fixtures.

2) Bearer Plants
These are accounted for as per IAS 41 & IAS 16. A bearer plant is a living plant that is ;-
i) Used in the production or supply of agricultural produce
ii) Expected to bear produce for more than one period
iii) Has a remote likelihood of being sold (except scrap sales).

3) Investment Property
These are accounted for as per IAS 40. It is property (land or a building or part of a building or both) held (by the owner or by the lessee under a finance lease) to earn rentals or for capital appreciation or both.

3) Leases
These are accounted for as per IAS 17 / IFRS 16. This is an agreement whereby the lessor, conveys to the lessee, in return for a payment or series of payments, the right to use an asset for an agreed period of time.
Examples include ;- Leasehold Land.

INTANGIBLE NON CURRENT ASSETS

These are accounted for as per IAS 38. They are identifiable, non-monetary assets, without physical substance. They are identifiable if either ;-
1) Capable of being separated and sold, licensed, rented, transferred, exchanged or rented separately.
2) Arise from contractual or other legal rights.
Examples include ;- Goodwill, Trademarks, Patent Rights, Brands, Software e.t.c.

To my observation, most of the businesses don't maintain a FA Register due to the fact that they don't know it's use or they lack the competence to maintain one.

USE OF FA REGISTER

It helps the business keep track of it's non-current assets, movement from the beginning and end of the year and carrying amounts of the assets.

PARTICULARS OF A FA REGISTER

It should include but not limited to the following ;-

1) The Non-Current Assets .i.e. Tangible & Non Tangible.

2) The Cost of the NCA.
Cost comprises of purchase price plus import duties and taxes, any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in a manner intended by management and the initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located.

3) Depreciation or Amortisation.
It is a depreciable amount allocated on a systematic basis over the asset’s useful life. They are two methods of depreciation .i.e. straight line and reducing balance methods.

4) Useful life.
The intended period over which an asset is expected to be available for use by an entity, or the number of production or similar units expected to be obtained from the asset by an entity.

5) Carrying amount.
The amount at which an asset is recognized after deducting any accumulated depreciation and impairment losses.

6) Impairment loss.
The amount by which the carrying amount of an asset exceeds its recoverable amount. Recoverable amount is the higher of an asset’s net selling price and its value in use.

7) Additions.
New assets bought during the year.

8) Disposals.
Assets sold off during the year.

9) Proceeds from sale of asset.

10) Gain / Loss on Disposals

11) Revaluations

12) Capitalised Costs

13) Capital Work In Progress

14) Capital Goods In Transit

15) Contractual Commitments for acquisition of PPE

Finally, I guess from now onwards, you are going to be able to maintain a Fixed Asset Register for your business. In case you need technical help, don't hesitate to consult me.
TAX PLANNING AND PREPARATION
___________________________________________________
When a tax law changes, we know about it. We believe in year-round tax planning to help minimize your current and future taxes. We also prepare all federal, state and local tax returns for individuals and businesses at competitive, affordable rates.
ACCOUNTING AND BOOK KEEPING
We offer a full range of accounting and bookkeeping services including compilations of financial information, Quick Books setup and support, budgeting and more.

Norman Enyang Enyang
Okiror John Stephen
Jøhnson Kátto Síssye
hy ba guys
Galand rogers IWorks at promise obushera company in seeta_mukono.
FOR TAX PAYERS WHO ASKED FOR INCOME TAX EXTENSIONS, TIME IS DONE, THEY GONE ASSES YOU SOON, SO EARLYUP FOR FILING.....THANKS
“When one door closes another door opens; but we so often look so long and so regretfully upon the closed door, that we do not see the ones which open for us.”
wao leighton meridian tax consultants long live
Apply a TIN, New Driving Permit Processing, Driving Permit Renewal, Company Registration, Passport Processing, filing of returns among others today at leighton meridian company mbale.
call me on 0777182899
0751186813 for help.
guys i luv this
Apply With Us Online to all universities and all tartiary institutions in Uganda. This Chance Goes to all S.6 & S.4 leavers. we are located Opposite Republic Supper Market next to URA mbale offices. call us on 0777182899/0751186813. other kind of work we do include; Tin Appliction, Company registration, Driving Permit Processing & Renewal, Mobile Asset Tracking, ICT training, Email creation, Website Creation among other. "we are ready to get solution to your need"

Clearing and Forwarding Agents, Tax Consultants, Tax Advisors, Tax Agents, ICT Consultants And Renewal Energy and Many other related activities.

Operating as usual

24/03/2022

Men:
To avoid trouble with women, don't spend on a woman who isn't your wife.

No footing bills for a woman who isn't under you. The moment you go out of your way to foot bills for random women, you are setting yourself up for troubles and dramas. Furthermore slay queens are famous for having multiple men who sustain them. The moment you engage any of them, know that you have entered a battlefield and another ruler can appear to claim the territory and we know when two rulers claim same territory, blood is eventually shed or lives get lost.

Be wise.

13/05/2021

LEIGHTON MERIDIAN GROUP
Wishes you a Happy Eid Mubarak. A blessed Festival of Breaking the Fast! Thank u for choosing our services.
MANAGEMENT!

05/05/2021

Hello
We are hiring a TAX AGENT!
Drop your applications at [email protected]
[email protected]
Wish you all the Best of luck!

27/04/2021

🙏

01/04/2021

Wishing you all the love and happiness that only Easter can bring. Have a joyous celebration with your family!🙏🤝🙏🏽

24/02/2021

Covid19 is really, always keep your mask on
Thanks 🙏

24/02/2021

Hey guys. This course is free and can help you upskill. In this digital age of IG boutiques and e-commerce. Learning Digital Marketing is of paramount importance to help your start-up grow and be successful. Please do sign up.

01/01/2021

May this year bring new happiness, new goals, new achievements, and many new inspirations to your life.🙏

08/08/2018
02/07/2018

To all our Clients, please come and file your final returns, remember we are now in a new FY.

28/04/2018

BRIEF OVERVIEW OF TAXATION IN UGANDA
_____________________________________________
Articles 152 (i) of the Uganda Constitution provides that “No tax shall be imposed except under the authority of an Act of Parliament”. Therefore, the Uganda Revenue Authority Act Cap 196 was put in place to provide the administrative framework in which taxes under various Acts are collected.

The Uganda Revenue Authority administers the tax laws (Acts) on behalf of the Ministry of Finance, Planning and Economic Development under the following legislation regulating taxes:

(i) Customs Tariff Act. Cap 337.
(ii) East African Customs Management Act
(iii) Excise Tariff Act Cap 338.
(iv) Income Tax Act Cap 340
(v) Stamps Act Cap 342
(vi) Traffic and Road Safety Act Cap 361
(vii) Value Added Tax Act Cap 349
(viii) The Finance Acts.
(ix)All other taxes and non-tax revenue as the Minister responsible for Finance may prescribe.

Photos from Leighton Meridian-Tax Consultants's post 28/04/2018

RESIDENTS AND NON RESIDENTS

Most of the time you will be encountering these terms during your tax compliance or in my posts and therefore I thought it would be better if we understand them now so that in the future when I mention them or you notice them anywhere, you won't be confused.

RESIDENT INDIVIDUAL

An individual who ;-

(a) has a permanent home in Uganda;

(b) is present in Uganda

(i) for a period of, or periods amounting in aggregate to, 183 days or more in any twelve-month period that commences or ends during the year of income; or

(ii) during the year of income and in each of the two preceding years of income for periods averaging more than 122 days in each such year of income; or

(c) is an employee or official of the Government of Uganda posted abroad during the year of income.

RESIDENT COMPANY

A company that ;-

(a) is incorporated or formed under the laws of Uganda;

(b) has its management and control exercised in Uganda at any time during the year of income; or

(c) undertakes the majority of its operations in Uganda during the year of income.

NON RESIDENT INDIVIDUAL OR COMPANY

If the individual doesn't satisfy any of the above requirements under resident individual then he/she is a non resident in that year of income.

If a company doesn't satisfy any of the above requirements under resident company then it is a non resident company in that year of income.

WHY BOTHER ABOUT RESIDENT AND NON RESIDENT STATUS ???

This is basically because different rates of tax are applied in some instances depending on resident and non resident status e.g. PAYE and also some tax incentives are meant to benefit either residents or non residents but not both...

*** Hope the terms are now clear ???

28/04/2018

FIXED ASSET (FA) REGISTER
___________________________________________
It contains all the Fixed Assets (now known as Non Current Assets) of the business.

They are two types of Non Current Assets (NCA) ;-
1) Tangible and
2) Intangible

TANGIBLE NON CURRENT ASSETS

These are categorized into four ;-

1) Plant, Property & Equipment (PPE)
These are accounted for as per IAS 16. They are assets held for use in the production or supply of goods or services, or for administrative purposes and are expected to be used during more than 12 months period.
Examples include ;- Freehold Land, Buildings, Motor vehicle, IT Equipments, Furniture & Fixtures.

2) Bearer Plants
These are accounted for as per IAS 41 & IAS 16. A bearer plant is a living plant that is ;-
i) Used in the production or supply of agricultural produce
ii) Expected to bear produce for more than one period
iii) Has a remote likelihood of being sold (except scrap sales).

3) Investment Property
These are accounted for as per IAS 40. It is property (land or a building or part of a building or both) held (by the owner or by the lessee under a finance lease) to earn rentals or for capital appreciation or both.

3) Leases
These are accounted for as per IAS 17 / IFRS 16. This is an agreement whereby the lessor, conveys to the lessee, in return for a payment or series of payments, the right to use an asset for an agreed period of time.
Examples include ;- Leasehold Land.

INTANGIBLE NON CURRENT ASSETS

These are accounted for as per IAS 38. They are identifiable, non-monetary assets, without physical substance. They are identifiable if either ;-
1) Capable of being separated and sold, licensed, rented, transferred, exchanged or rented separately.
2) Arise from contractual or other legal rights.
Examples include ;- Goodwill, Trademarks, Patent Rights, Brands, Software e.t.c.

To my observation, most of the businesses don't maintain a FA Register due to the fact that they don't know it's use or they lack the competence to maintain one.

USE OF FA REGISTER

It helps the business keep track of it's non-current assets, movement from the beginning and end of the year and carrying amounts of the assets.

PARTICULARS OF A FA REGISTER

It should include but not limited to the following ;-

1) The Non-Current Assets .i.e. Tangible & Non Tangible.

2) The Cost of the NCA.
Cost comprises of purchase price plus import duties and taxes, any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in a manner intended by management and the initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located.

3) Depreciation or Amortisation.
It is a depreciable amount allocated on a systematic basis over the asset’s useful life. They are two methods of depreciation .i.e. straight line and reducing balance methods.

4) Useful life.
The intended period over which an asset is expected to be available for use by an entity, or the number of production or similar units expected to be obtained from the asset by an entity.

5) Carrying amount.
The amount at which an asset is recognized after deducting any accumulated depreciation and impairment losses.

6) Impairment loss.
The amount by which the carrying amount of an asset exceeds its recoverable amount. Recoverable amount is the higher of an asset’s net selling price and its value in use.

7) Additions.
New assets bought during the year.

8) Disposals.
Assets sold off during the year.

9) Proceeds from sale of asset.

10) Gain / Loss on Disposals

11) Revaluations

12) Capitalised Costs

13) Capital Work In Progress

14) Capital Goods In Transit

15) Contractual Commitments for acquisition of PPE

Finally, I guess from now onwards, you are going to be able to maintain a Fixed Asset Register for your business. In case you need technical help, don't hesitate to consult me.

Photos from Leighton Meridian-Tax Consultants's post 28/04/2018

TAX PLANNING AND PREPARATION
___________________________________________________
When a tax law changes, we know about it. We believe in year-round tax planning to help minimize your current and future taxes. We also prepare all federal, state and local tax returns for individuals and businesses at competitive, affordable rates.

We offer a full range of accounting and bookkeeping services including compilations of financial information, Quick Books setup and support, budgeting and more.
Address
Plot 21, Republic street
Mbale, P.O.Box 10840,
Kampala, Uganda
Tel:
+256-392003432,
+256-775065671,
+256 702356561.
Email:
[email protected] Website:
www.leightonmeridian.com

Norman Enyang Enyang
Okiror John Stephen
Jøhnson Kátto Síssye

10/04/2018

If you want to hide knowledge from African hide in books.
One germany economic analyst said, a country must be able to be selfsuffient in production for it to develop.
Until those who have the money stop investing wrongly we shall always b broke nations. These guys are greedy, selfish and investing in shopping malls, but still importing goods that can be manufactured within.
Before the overthrow of obote, before elections, he advised the Uganda nation to produce anything they can export within there capacity to widen on the production for export so as to bring in more money in the country than what we take out to buy goods.
African dream is now changing from its old fashioned business models of bater trade. We exported raw materials for exchange of finished gds but we have still remained broke for the past 200 years.
Until we use the right business models and abandon our ego of purchase gds simply because are imported yet we completely abandon our local products.. we shall have those shopping malls flooded by people with ability to pay.
There are alot of discussions available about promoting local production.
#African Dream

31/03/2018

Happy Easter Holiday my Boss

Happy Easter Holidays our Best Clients.

29/03/2018

Happy Easter Holidays our Best Clients.

14/03/2018

Hello Friends, Today lets talk about the main Types of Taxes in Uganda
_____________________________________________________________________________________________________
NORMAN.

Uganda's principal taxes are income tax, both personal and business, and value added tax (VAT). Compared to other sub-Saharan African nations, which collect, on average, about 23 percent of gross domestic product (GDP) in revenue, Uganda's taxes are low, consisting of 11.9 percent.

Personal Income Tax
Residents of Uganda are required to pay personal income tax on their worldwide income. Additionally, non-residents of Uganda whose income comes from sources in Uganda are required to pay the tax. For the purposes of the tax, people are considered residents of Uganda if they have a permanent home in the country, if they are a Ugandan employee or official posted abroad, if they are present in Uganda for 183 days out of the tax year or if they are present in Uganda for an average of 122 days per year for three consecutive years.

Business Income Tax
Uganda also levies income tax on the worldwide income of resident businesses. As with personal income taxes, non-resident companies are taxed only on income sourced in Uganda. The tax rate for all businesses other than mining companies is 30 percent. Income tax for mining companies is calculated using a formula and is dependent upon the chargeable income and gross revenue of the company, but the tax rate must be at least 25 percent and at most 45 percent.
Uganda has determined special tax rates for small businesses with annual sales between five million and fifty million Ugandan shillings. These special rates are determined based upon the gross income of the business.

Value Added Tax
Value added tax (VAT) is required on every taxable supply made by a taxable person, every imported good and the supply of any imported services by any person. Taxable supplies are goods or services made under the business activity of a taxable person. Taxable persons are people who make, or expect to make, taxable supplies valued at one-quarter of the annual registration threshold during three calendar months of the year. Taxable persons must register. As of July 2010, the annual registration threshold is fifty million Ugandan shillings. The standard rate for VAT in Uganda is 18 percent.
_________________________________________________
Norman.

WE ARE...

Tax Consultants, Tax Advisory, Tax Agents, ICT Consultants, Renewal Energy, All kinds of Return Filing and Many other related activities.

Products

Tax Consultants, Tax Advisory, Clearing & Forwarding

Address


Republic Street
Kampala

Opening Hours

Monday 09:00 - 17:00
Tuesday 09:00 - 17:00
Wednesday 09:00 - 17:00
Thursday 09:00 - 17:00
Friday 09:00 - 17:00

Other Business consultants in Kampala (show all)
Uganda Entrepreneurs Business Foundation Uganda Entrepreneurs Business Foundation
PLOT 25 MARTIN ROAD, SUITE LG12 SARAH MALL
Kampala

The Foundation is an Entrepreneurship Development Organisation in Uganda

Akamai Personal Finance Akamai Personal Finance
Plot 25 Kimera Road, Ntinda
Kampala

Akamai is the leading provider of business and financial management consulting services to small and medium business. Akamai Global also provides excellent personal financial empowerment services to individuals,couples and employees..

Youth In action For Development Initiative Youth In action For Development Initiative
Head Offices Glory House Kawaala-Kasubi
Kampala, P.O BOX 9543

Mission: “To promote the social- economic well being of the youth and enhance their capacity to fight against HIV/AIDS, poverty and protect the environment for sustainable development” Vission: Empowered and Healthy Youth in a protected Environment.

Born trying die rich Born trying die rich
Kampala
Kampala

All are welcome

BWAGU Shabani Juma Kayiira BWAGU Shabani Juma Kayiira
Kampala

The official page of KBS Juma, Business Consultant, Motivational speaker, Political analyst, TV presenter, Education Officer, Researcher.

Ruth Biyinzika Musoke Ruth Biyinzika Musoke
Kampala
Kampala, 256

Evelyn Atuheire Evelyn Atuheire
Kampala
Kampala, 25600

Ordinary people who want to live extraordinary life. THAT is who I want to connect with. AWAKEN THE GIANT IN YOU

Apple-Mart Surplus Ltd Apple-Mart Surplus Ltd
Tropical Complex, Ben Kiwanuka, Kampala, Uganda
Kampala

Apple-Mart Surplus Ltd is an interior design consultancy firm at heart, founded in the year 2020. Ou

The Chicken Doctor Himself The Chicken Doctor Himself
Dewinton
Kampala

The page is run by a qualified experienced passionate poultry veterinary doctor who offers free online consultancy and guidance to poultry farmers and shares his experience during his field work periodically .

Davcor Prime Financial Services Davcor Prime Financial Services
Kampala

Davcor Prime Financial Services is a business entity here to help you boost your business by offering you affordable financial loan services at good and affordable rates. Don't get stuck!! We can help.

Solomon Kisakye Mukuye Solomon Kisakye Mukuye
Plot 47 Kyaggwe Road
Kampala, 256

My vision is to make wisdom go viral in an accessible, relevant & practical way. Check back for my videos that are posted each week on the topics of life, business and motivation

Hastings Business Training Uganda Hastings Business Training Uganda
Plot 10 Kafu Road, 8th Floor, Wing A2, Twed Towers- Nakasero
Kampala, 256

Hastings Business Training Centre (U) Ltd was established in 2020 as an independent entity, aligned with Hastings Business Training, UK. We are a leading global provider of Corporate Strategy training solutions.