How should I incorporate a charitable donation in my tax calculation?

  Written by Marc   Posted 26 January 2016

According to SARS, "Deductions in respect of donations to certain public benefit organisations are limited to 10% of taxable income (excluding retirement fund lump sums and severance benefits)". Assuming that my taxable income is R100,000, I can donate a maximum of R10,000 to a qualifying 'public benefit organisation'. In my tax calculation, should I deduct that R10,000 from my taxable income, or from the amount of tax that I owe? If I can deduct it from the amount of tax due to SARS, the latt...

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How to calculate provisional tax Feb 2016

  Written by Marc   Posted 26 January 2016

As a provisional tax payer what are the periods (months) that I need to consider in order to calculate my tax submission for 28 Feb 2016?

Full time employee who does after hours freelance work, should I register as a provisional tax payer

  Written by Marc   Posted 25 January 2016

I am a freelance web designer / developer. I work a normal 8 - 5 job during the day from which I get a monthly salary from my employer, I fall into the lower end of this tax bracket R377 451 - R528 000. On some months, I get side projects to work on and during the course of last year, the freelance business made approx R40000 (forty thousand rand) after expenses. I would like to find out if I should register as a provisional tax payer.

How do I deregister as provisional tax payer

  Written by Marc   Posted 25 January 2016

I got an sms from SARS saying that I owe them R5500. When I queried this,,my accountant said that SARS registered me as a provisional taxpayer, which I am not. I have a small private business in the health industry and the only other income I have is my son's maintenance from his father. How did this happen? And how can I deregister as provisional taxpayer?

Do independent contractors working for US company have to pay South African tax.

  Written by Marc   Posted 25 January 2016

Awesome website you have, I currently reside in Cape Town and I am a South African resident, I recently quit my South African job in July 2015. I started working for a US company as an independent contractor as of 1 September 2015 until present. I also freelance on the side for a South African business, I work about 6-8 hours a day for the US company and on average 6 hours a week for the South African based business. I would like to know, what are the tax implications in my case for South Africa...

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Currencies Trading Income - What Tax due

  Written by Marc   Posted 25 January 2016

If I trade forex currencies with a broker, for a income every month, what type of tax do I pay?

Do I need to register for provisional tax due to CGT

  Written by Marc   Posted 22 January 2016

If I have a R1 000 000 capital gain, do I need to register as a provisional taxpayer and pay the capital gains tax as provisional tax?

Ordinary taxpayer or provisional taxpayer?

  Written by Marc   Posted 22 January 2016

How do I know if I am required to be a provisional tax payer? Does it depend on your income level or is it whether you have other forms of income aside from your salary?

Work in SA for UK company.

  Written by Marc   Posted 21 January 2016

I'm a South African resident. I have a prospective job offer from a company in the UK. I will remain living in SA and work for them remotely. How does the tax work if I am to be paid in Pounds? Do I get taxed in the UK and in SA?

The offer on the table at the moment is between £30k - £38k PA.

Living Abroad - nil return

  Written by Marc   Posted 21 January 2016

I have been working abroad for 2/3years in April, and was unaware I had to submit a nil tax return to SARS. I logged on and received a notice dated (current date - day of login)
Could you please confirm, I am not a provisional tax payer - do I have to file a nil tax return if no income in RSA
Also, what are the penalties for a late submisison of tax return (zero to pay)
How long to I continue to submit nil tax returns, or can you de-register?

How will I benefit on tax as an Uber partner?

  Written by Marc   Posted 20 January 2016

Hi Tim I am a partner of Uber, ride sharing mobile app, owning my own car and working my own hours. Uber regard me as an independent contract driver. What would the tax implications be for me as an individual?

What will be the tax benefits as a company?

If registered as a (PTY) Ltd today, when does operations start

  Written by Marc   Posted 19 January 2016

Hi Tim. If I register as a (PTY) Ltd today, when do I have to start declaring everything to the receiver considering that i'm currently operating as a sole proprietor?

Travel

  Written by Marc   Posted 19 January 2016

If you are self employed and pay provisional, can we use the SARS tables or are we required to give actual costs.... I. E. Fuel repairs...,,
If we are required to give actual cost can we claim back finance repayments or the interest only, aswell as 20 % depreciation...

Salon tax

  Written by Nicci   Posted 15 January 2016

I own a small salon. It's doing pretty well. It's been 6 months since it opened. It has its own business account. I have 3 employees, 1manager (7k) and 2 casuals (3k monthly). Problem is I don't knw where to start; how should I go about with SARS and my business, what should I bring? I contacted an audit company and they requsted 12 bank statements. I have 6months. is it early for my business to do SARS....? And my employee who earns 7k and me should I tax our salaries by where to pay?

Turnover tax

  Written by Marc   Posted 14 January 2016

My husband and I are architectural draughts persons, in a partnership and provisional taxpayers. Can we switch to turnover tax?

Freelance work.

  Written by Marc   Posted 12 January 2016

I am considering freelancing for a UK based company. I need to know how I would go about informing SARS etc. What are the laws regarding this situation?

Independent consultant tax submission

  Written by Marc   Posted 12 January 2016

I'm starting to do consulting on an adhoc basis and would therefore not be issued any tax related documents from my clients. How do I go about handling my tax? Is there a percentage I need to keep aside for SARS? please help me with where to start.

New business provisional tax

  Written by Nicci   Posted 12 January 2016

I registered a new private company in late September 2015 and would like to confirm by what date the first provisional tax return must be submitted. The company's financial year end is February. On the Notice of Registration with SARS, it states that the company is required to make provisional tax payments as from the 2017 tax period and that the date of liability for provisional tax is 2016/03. Many thanks

What are the admin penalties, if any, for late submission of the second provisional tax return

  Written by Marc   Posted 8 January 2016

Apart from the potential penalties for under estimation of provisional tax, are there additional (separate) penalties for non/late submission of the second provisional tax return?

Independent Contractor Setup

  Written by Marc   Posted 8 January 2016

Hi TaxTim

Great site!

I need guidance on what is required ito independent contractor (IC) tax & vat requirements. 1) If trading through my PTY LTD company as an IC, do I pay companies tax as well as personal income tax?
2) Do I deduduct all claims and deductions (medical aid, RA) prior to paying over tax, or only when I reconcile/ file tax?
3) How many times a year do I need to file tax returns?
4) Do I need to setup PAYE and UIF?
5) Income will exceed R1m per year, so vat should be registered. If true, When do I pay vat over to SARS and what paperwork is involved?...

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Online Bookkeeping Service

  Written by Marc   Posted 7 January 2016

Does TaxTim, know of an online Bookkeeping system, that would work similar to TaxTim. A digital bookkeeper offering simple bookekeeping and preparation of financial documents for taxation purposes. If not, have you thought of starting one, especially for us small business (sole proprietors)?

If I qualify for exemptions do I still have to register for provisional tax?

  Written by Marc   Posted 6 January 2016

If I am a director on a business that makes less than R30k per annum (not getting income from it) and am employed with a package of R500k per annum, am I still regarded a provisional tax payer? Is there an option to deregister?

Calculating tax for a us dollar income earner

  Written by Marc   Posted 5 January 2016

I would like to help in calculating my provisional tax, I am a consultant who earns in US$ as well as another Rand salary. How do I calculate my tax given that the rate to the US dollar is always changing.

Am I a provisional taxpayer if my employer does not deduct tax from my salary?

  Written by Marc   Posted 4 January 2016

I get a monthly salary on a set day every month but I get it in full, without any tax deductions. It is my responsibility to arrange for the payment of tax with SARS. Do I have to register as a provisional tax payer in order to pay tax?

From when do I start recording the expenses when establishing a sole proprietorship?

  Written by Marc   Posted 30 December 2015

I m considering establishing a sole proprietorship, from information gathered so far, it does not need to be registered from DTI. My question is: for tax puposes, what is the date from which I can make expenses tax deductible, as there will be no registration date?
Also, is an office space required to meet minimum SARS requirements for office space deductions?
Looking forwars to your feedback. Regards
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