Are You Having Challenges Tracking Your Rental Income?

PMC is helping residential property owners to file their Residential Rental Income tax.

Investing in property is considered one of the most logical options for investments. Ask anyone what are some of the things they would like to invest in and Land as well as property will be among the top three things. These two things don’t depreciate in value. However, the condition of your property will determine whether or not your property depreciates or not. By Property we mean Houses, Office spaces, apartments, Go Downs. All the above. And as with any Asset, Tax is a guaranteed result. So even with property you still have to pay taxes.

Our Campaign Landlord Bila Stress, was conceptualized in order to partner with property owners and landlords to help them manage their rental properties with ease. And with that in mind, we offered to help property owners to file their residential rental income tax. What does this mean for the Landlord? No long queues or tedious process of Filing your own rental income tax.

Once you sign up your property with us for management you are guaranteed that we will take care of that as well. So what exactly does this residential income tax mean? This refers to tax payable by resident persons on residential rental income accrued or derived in Kenya where the rent income is between Kshs. 144,000 (Kshs. 12,000 per month) and Kshs. 10 million per annum.

The rate of tax is 10% on the gross rent received and is payable when landlords receive rent from their tenants either monthly, quarterly, semi-annually or annually. However, returns must be filed monthly. The tax is filed on or before the 20th of the following month. For example, rent received in January is declared and tax paid on or before 20th February.

Landlords with rental income below Kshs. 144,000 or above Kshs. 10 million per year shall be required to file annual income tax returns and declare this rental income together with income from other sources. The tax declaration is final and therefore, persons are not required to declare the same in their annual income tax returns.

It sounds like a handful especially if you own a lot of rental properties, and have other things to worry about. That is why we recommend partnering with PMC Estates Ltd as your property manager. We look out for you as the Landlord as well as your tenants. We keep your finances in check and everything falls back quite nicely

Struggling to file your monthly rental income tax? Worry not. PMC Estates is helping you to file and pay for your MRI tax at your comfort. Get in touch with us today and become a Landlord Bila stress.


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