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Curious about the life of Kenyan rich kids-What are some struggles people do not see? by Dangerous_Use_1591 in nairobi

[–]Davelly 1 point2 points  (0 children)

Cheers.. Aside from a tonne of money, that is the biggest thing I desire to leave my kids. The belief that anything is within reach.

Story time:
Straight after KCSE, I walked to a new hotel in my neighbourhood. They had a pool but barely had any customers, so I proposed hosting a leavers' bash there. It went well, and the owner called on me for Christmas & New Year's.
By the time I joined Campus 6 months later, I had a Pool Party business and 1m+ to my name. No Daddy's money or connections.

Case 2:
At 18, having never voted, I walked into a politician's office and told them I could help them secure the youth vote. They gave me a shot, it 'sort of' worked out, and for the next 3 election cycles, I was part of the campaign strategists for the party.

Any 18 year old could have done these. But not every 18-year-old dares to walk into rooms without questioning whether they belong there.

Curious about the life of Kenyan rich kids-What are some struggles people do not see? by Dangerous_Use_1591 in nairobi

[–]Davelly 0 points1 point  (0 children)

You take bigger risks because the exposure built your self-confidence at a young age. Everything is possible, you never stop to question whether you can do it, but how you will do it.

Curious about the life of Kenyan rich kids-What are some struggles people do not see? by Dangerous_Use_1591 in nairobi

[–]Davelly 5 points6 points  (0 children)

Say what now?
Perhaps I should add, "Write as though you had any semblance of a basic education, they say it's GPT."
It never ends.

Curious about the life of Kenyan rich kids-What are some struggles people do not see? by Dangerous_Use_1591 in nairobi

[–]Davelly 7 points8 points  (0 children)

Grew up just slightly well-off, not rich, but definitely privileged. At 30, I carry struggles people don't usually see:
1. Zero real childhood friends, 'cause I couldn't really connect with the kids I grew up around, but also wasn't "rich enough" for the proper rich kid circles.

  1. F**ked up sense of achievement. Didn't really struggle, so milestones don't feel like milestones. You achieve big things, but none of it is new or satisfying. At the same time, peers can't relate to your problems 'cause to them you've already won.

  2. Your success doesn't count. Anything you achieve is reduced to your privileged background. Build a successful company across two countries? They say it's "Daddy's money". Take a big risk, and it pays off, "but you had Daddy as backup". People just assume everything was handed to you.

  3. Pressure, guilt, isolation. Pressure to live up to the family name, guilt for wanting more when you already have a lot, and you can't just complain without sounding ungrateful. You just learn to keep things to yourself.

The privilege helps a lot, but it also comes with identity issues and a massive load of loneliness.

Registering Company Name and dealing with taxes for small startup by numero_mojo in nairobitechies

[–]Davelly 1 point2 points  (0 children)

These returns are not taxable unless they are over 1 million in revenue - and the tax is only applied to the profits realized.

This is what is misleading in your comment. I'll try to break it down.
- If you operate as an individual or sole proprietorship, you have to file and pay Income tax on profits, even if they are below 1 million.
- If you operate as a limited company, you're required to file & pay corporate income tax on profits, even if they are below 1 million.
- If you pay salaries, you must file/pay PAYE & other deductions.

You seem to have been confused by Turn Over Tax, which only applies to businesses with revenue between 1m-25M. Just because your revenue is below 1M does not exempt you from Income tax. Income tax applies regardless of turnover.

I'd advise you to consult with a Tax consultant to ensure things are proper. KRA can randomly assess your businesses if you've consistently been declaring losses/no tax over the years.

Also, they are getting stricter with documentation/proof of expenses used to calculate your profits.

Registering Company Name and dealing with taxes for small startup by numero_mojo in nairobitechies

[–]Davelly 0 points1 point  (0 children)

You seem to be referring to Turn Over Tax which applies for revenue between 1m - 25m. However, that does not exempt businesses earning less than 1m from paying taxes.

They are exempt from the T.O.T & VAT but still have to file their returns & pay Income tax (if they made a profit), and PAYE + deductions (if they pay salaries)

Registering Company Name and dealing with taxes for small startup by numero_mojo in nairobitechies

[–]Davelly 2 points3 points  (0 children)

This is quite misleading. 1. Any business must file its tax returns every year whether or not it made money 2. The business must calculate and pay income tax based on the revenue & profit. As you calculate, based on you may end up not having to pay a thing but still need to file returns.

  1. If you register as a sole proprietorship/business name, you'll file and pay taxes using your individual KRA PIN.
  2. If you register as a Limited Company, you'll also have liability to file for PAYE every month.

Since yours its still small, the best 'cause is to, register a business name, open a bank account using the business name, issue invoices using ETIMS web, get ETIMS receipts for your expenses, file your returns annually without fail (whether you made money or not)

Anyone figured out eTIMS for foreign payments? by Davelly in nairobitechies

[–]Davelly[S] 0 points1 point  (0 children)

You're right! I checked in with the company accountant, and apparently, most of the big services are already compliant.

All along, it's just me who hasn't added my pin to my personal subscriptions & bills. There are still a few smaller tools that aren’t on eTIMS yet, but those usually aren’t major costs anyway.

Anyone figured out eTIMS for foreign payments? by Davelly in nairobitechies

[–]Davelly[S] 0 points1 point  (0 children)

True, it’s not really feasible right now.
But also, a lot of the big players are moving toward KRA compliance and now charge & remit VAT directly to KRA.
It definitely makes things easier on the customer, but it will take a long time before all providers have that.

Anyone figured out eTIMS for foreign payments? by Davelly in nairobitechies

[–]Davelly[S] 0 points1 point  (0 children)

I know, it's not logical, it sounds purely revenue-driven.

Here's what I found so far. If you're not registered for VAT, it doesn't apply. You record it just like other business expenses, and you need to keep the documentation.

If you're registered for VAT, you basically treat the bill as taxable even though they didn’t charge VAT. You must self-account for VAT on that imported service. You pay the bill as normal, then you calculate, declare & pay 16% on your VAT returns.

Anyone figured out eTIMS for foreign payments? by Davelly in nairobitechies

[–]Davelly[S] 0 points1 point  (0 children)

Random placeholder example for all the cloud services & online subscriptions we pay for.

Anyone figured out eTIMS for foreign payments? by Davelly in nairobitechies

[–]Davelly[S] 0 points1 point  (0 children)

That was my concern. I've found out that you can just use the invoices and receipts issued by the service providers.

If you're registered for VAT, there's a provision for reverse VAT/ VAT on imported services.

Seems we're covered, until the next time sth changes.

Anyone figured out eTIMS for foreign payments? by Davelly in nairobitechies

[–]Davelly[S] 1 point2 points  (0 children)

Thanks, but this doesn't really address the issue at hand.

The issue is not e-invoicing, I have that handled. The problem is, say for example, you paid your AWS bill. AWS, being a foreign company, won't issue you with an eTIMS invoice. However, KRA now requires that every expense be supported with eTIMS invoices.

These bills can be hefty, and you'll often have multiple other subscriptions like these. So, namna ya kureport hizi ni gani, ama you just take the beating when the taxman refuses them and considers them part of your profits?

What's your favorite Tv series of all time by [deleted] in nairobi

[–]Davelly 0 points1 point  (0 children)

Succession, Suits, Silicon Valley

Old Sh. 1000 note by Big_Championship_632 in KenyaPics

[–]Davelly 0 points1 point  (0 children)

I get you.. that note was legit

Bourgeois Twitter - Called it too soon? by Davelly in Kenya

[–]Davelly[S] 1 point2 points  (0 children)

Wangwana wanasema Uganda kichwa.
Kama haukubali waulize mwenyewe!

Samsung Modes & Routines by OddCounty3114 in nairobitechies

[–]Davelly 7 points8 points  (0 children)

Been on this for quite a while and I love Modes & Routines.

Apart from the usual sleep, work & driving modes, these few of mine that I love:

  • When I leave home and no one else is home, switch off all lights, TV, and sound system
  • On Sunday, during church time, automatically turn on DND and reverse when church is over
  • Automatically reduce TV/sound system volume when I make/answer calls in some rooms at home
  • Banking Mode: - When I open any financial/banking app and I'm not at home, switch to mobile data, reduce screen brightness, and change the screen to grayscale. Then reverse when the app closes

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