What are cost of sales in a consulting business

Posted 12 July 2017

What would cost of sales be in a consulting business - would my time be the cost? Would it be paper, laptop etc?

This query relates to question 4216 "Please enter the cost of sales incurred." in the Self Employed/Independent Contractor/Freelancer section.

Submit a return with medical aid claims on

Posted 12 July 2017

I wanted to enquire approximately how much it would cost for me to do my Tax Returns?
Just an estimation.
It would be just for me. Straight forward Gross Salary plus medical aid. No other claims such as commission, mileage, petrol etc.

I received two assessments from SARS

Posted 11 July 2017

I submitted my tax return and received a refund outcome, I later received another assessment with a different refund amount, can you explain this to me please?

Is RA and pension the same?

Posted 11 July 2017

I'm not sure how the deductions for my pension works as my employer has been deducting pension from my salary under code 4001. Do I still enter any amounts under annuity contributions?

Declaring other income to SARS

Posted 11 July 2017

I am full time employed but I have earned additional income by lecturing a couple of hours during the year at a different employer. This employer did not deduct any PAYE. The employer has paid me according to the hours that I have invoiced them. Should I answer the question about whether I'm an Independent Contractor as "Yes"?

Rental expenses, capital or running expenses?

Posted 10 July 2017

Please assist on the below as I cannot find additional
information within the current questions on your blog:

While not a monthly expense - it is mentioned that any expenses incurred in
earning the rental property income can be set against the rental income for
tax purposes. Does the following apply to that reasoning:

1. Installation of Prepaid electricity meter (about R1400)
2. Separating the electricity flows for sectioning off the electricity
for the rental portion of the property to the main house (we only renting...

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Rental income for a room

Posted 8 July 2017

I have earned rental income from renting out a room in our house. How do I calculate the electricity, rates and taxes (and bond interest) deductible against this income? The room does not have a separate electricity meter, and also keeping in mind that we use prepaid electricity.

Previously unemployed: Should I still file?

Posted 7 July 2017

I wasn't employed from May 2013 till July 2015. Should I still file my tax return even if I don't have an IRP5 as I wasn't working?

Medical Aid Expenses for previous tax years

Posted 6 July 2017

I was retrenched April 2014 but continued paying for my medical aid in my
personal capacity. I only claimed for out of pocket medical expenses and
not what I paid in my private capacity. I'm not sure If I could claim for
that and if I can now with 2017 submission claim for 2014 / 2015 medical
expenses.

Capital allowances written off

Posted 6 July 2017

"Capital allowances written off" I do not understand what this statement means.

Deleting banking details

Posted 5 July 2017

I've submitted my tax return and I'm due a refund, without any audit done. However, SARS said I need to delete two of my three banking details as they wouldn't know where to pay the refund. On the correct banking details it has a status 'Outgoing', is this fine or should I continue to delete the old banking details?
And will this delay the refund due to me?

Travel Allowance Claim

Posted 5 July 2017

I get a travel allowance, but I use my wife's vehicle for business purposes
as we work together. Can I claim travel expenses?

Can I claim medical aid premium costs

Posted 5 July 2017

Can I claim for the medical premium that I pay for my parents? We help them financially with medical aid and other costs on a monthly basis. They are not dependents of our own medical aid - we just pay their Discovery medical aid premium.

Indemnity insurance tax deduction claim

Posted 4 July 2017

Can a pharmacist working for the government claim as a tax expense professional indemnity insurance? My income source codes on my IRP5s are 3601 and 3605.

Rental Income and bank charges

Posted 4 July 2017

Good day Tim,

Are bank costs allowed to be deducted against rental income. Also what is teh limit here - the FICA rate is R59pm fee, but some banks include it in the monthly bank facility fee say R200pm - is the 200 claimable?

Depreciation on a cellphone

Posted 4 July 2017

I have a pay as you go cellphone that I bought cash. Thus I unfortunately do not have monthly statements to determine an exact break between business and personal use. I spend about R300 pm on airtime and I receive a cellphone allowance of R750 pm from my employer. How do I calculate and show the depreciation amount and do I need a letter of consent if the allowance is shown on my salary slips?

Medical contributions claim by dependent

Posted 4 July 2017

My husband and I are both on a medical aid where he is classified as being the main member, and myself as number 2. Whilst our monthly contributions are taken from my husband's bank account (as the main member), I pay for my portion each month by making a deposit into his bank account. How do I go about capturing this correctly via TaxTim as I want to ensure that I can claim for the medical aid contributions that I am making each month? I am also unsure how to answer your question "Do you belo...

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Bond repayment tax deductible?

Posted 4 July 2017

Does my monthly bond payment qualify as a expense against my rental property? Currently my rental income is R6500pm and my bond payment, including rates, taxes and levies about R8000pm indicating a loss for tax purposes?

Paying a medical aid where you are not the main member

Posted 4 July 2017

I pay the medical aid contributions for my mother-in-law and her mother who are financially dependent on me. They are the main members, but I pay the premium. Can I claim this?

How does medical dependents work?

Posted 4 July 2017

I have myself and my 4 children and my wife on the medical aid, do I say that my medical dependents are 5 or do I include myself and state that I have 6?

Claim travel without a logbook

Posted 4 July 2017

I have source code 3802 on my IRP5 but I did not keep a logbook, can i claim for the perks tax paid via source code 3802 if I don't have a logbook?

Package for a commission and salary earner

Posted 4 July 2017

If I earn commission and a salary as an employee, which package should I select, Ultra or Smart? I also have a travel allowance and a medical aid contribution.

Claim electricity and rates

Posted 3 July 2017

Can I claim electricity in full and the rates too? I don't live there, but there are tenants who d, but I pay the electricity, rates and water.

Leased company use and tax

Posted 3 July 2017

I don't receive a travel allowance, but I'm on a company vehicle lease scheme. It assumes I receive fuel, which I don't. I also do business mileage and I have source code 3802 on my IRP5. What should I do?

Maintance plan of pvt car

Posted 3 July 2017

Can I claim maintenance on a plan for my car (I do make use of the car for work purposes)?

This query relates to question 4437 "Please enter the amount spent on maintaining or repairing the car. This includes vehicle services." in the Travel Allowance section.
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