MYRUKAT.

P.O BOX 34924 KAMPALA

+256 701 518209/+256 772 518209

info@myrukat.com

Insurance Advisory Service

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Insurance Advisory Services

Insurance is a powerful estate and business planning tool. However, choosing the right insurance plan can be complex.


A variety of questions will always cross your mind, such as; How much insurance is needed?, When is term insurance better than permanent insurance, and is diversification important?, Which insurance agency can you trust?, Should an insurance advisor coordinate with your attorney to ensure proper plan administration?

Our Approach

Our insurance advisory services are committed to acting in the best interest of our clients. The risk management practice revolves around identifying, analyzing risk which ends with the right pricing of the calculated risks for our esteemed clients.

Not every insurance advisor offers the expertise and specialized solutions that successfully manage client needs; we do. Our proven process and technical skill allows us to successfully navigate the challenging issues and provide personalized solutions.

Best Practice Strategies

In order to best identify your risk at hand, we first analyze your requirements using the below checklist;-

  • Identification of Hazard i.e, cause of risk
  • Identification of risk
  • Analyzing the impact of risk
  • Controlling of Risk
  • Process Documentation
  • Monitoring and Plan Review

Your Advisory Checklist

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We check the tax computations together with expense schedules to ensure that all expenses that are not allowable have been adjusted and that all capital deductions have been claimed.

We compare the income per computation with that declared in the returns. We also check the correctness and timeliness of submitting the returns and reconciliation of tax statement of account.

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We examine all the payroll records including the staff files to ensure all emoluments are declared. We also recalculate the taxes to ensure correct tax rates have been used.

We ensure from the sample selected that the payroll agrees to the PAYE records and the employment contracts. We ensure that PAYE, NSSF and NHIF are correctly computed and paid on time. We also ensure that all the returns were submitted on time.

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We ensure that withholding tax has been correctly deducted, accounted for and remitted on a timely basis to the tax authorities in respect of all eligible invoices and agreements entered into.

We review the purchases day book, cash book and other similar records to identify invoices or payments that are subject to withholding tax and ensure that the same has been done and paid on time.

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We review the VAT control accounts to ensure that all output taxes have been declared and all eligible input tax has been claimed.

We compare sales per VAT returns with accounts for variances. We check the correctness and timeliness of VAT declaration.

We then prepare a report of findings and compute the outstanding taxes and penalties if any. We advice on how to resolve the matter and recommend the best way forward.