Provisional Tax Posts in Tax Q&A

Do all provisional tax payers pay twice a year?



I am sure I am a provisional tax payer, however, I have only paid tax once a year in the past. Is this right?

Find out if I am a provisional tax payer?



Am I a provisional tax payer?

Provisonal tax versus monthly tax



I am currently an independent consultant and I know I currently qualify as a provisional tax payer. Is there a way of paying my tax monthly (as a normal employee) by myself without having to pay the two major payment twice a year?

Can you assist with complicated tax return, involving extra income, provisional tax etc?



My situation is pretty complicated. I am a provisional tax payer. I earn extra income for 3 properties, but also from a side business. All goes through my own personal bank account, so it is personal tax all of it. I am fully employed, however I was retrenched in 2014 June. I have an income protector and claimed from it for 2 months, until I started work again in September 2014. I have retirement annuities, medical aid etc.

Am I able to use your services effectively and accurately in...

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Independent contractors - which form?



1- If a person is an independent contractor which form do they fill?

2- What happens if they have not been paying provisional tax, are there penalties?

Where do you include deductions in terms of a business as a sole proprietor?



I know a medical practitioner who in addition to working at a hospital, started their own private medical operations in Jan. As a sole proprietor, I understand that the profit/loss should be included in their personal tax return.

Where on their tax return should they fill in deductions of expenses incurred in the production of income ito the practice?

IRP 6 (3) - TOP UP TAX FORM



Does your Provisional Tax Product include the  IRP 6 (3) which I understand is the form required for the 'top-up' tax?

Can financial derivative gains be declared on the ITR12



I earned income using financial derivatives during the 2014/2015 tax year. I was not registered as a provisional tax payer. Can I declare my income on the ITR12 personal income tax return? If not, what steps do I need to take?

I have to do the IRP5 only



I have the IRP5 not the IRP6 or 12. Why I did not get that option?

How to declare other income, if when combined with interest income is still below the threshhold



I resigned my job to study. I have an income on an investment of - R7000 pa and I did some adhoc consulting for a company for which I earned R30000. My wife's tax adviser told me that I still need to submit a tax return as I have income from two different sources. He also said that I don't need to register as a provisional tax payer as I am not actively generating an income that will exceed the tax threshold. (I understand that should I consistently do more freelance work and if my income increases that in future I may have to register as a provisional tax payer. )...

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Payment Reference Number - Provisional Tax



For Provisional Tax - how does one determine the Payment Reference Number on the IRP6? Do you determine this or do I have to - and if so how do I determine the reference number?

Salaried and Provisional Tax deadline



As a salaried individual who also makes some money n the side and am registered as a Provisional taxpayer, does the 27 November deadline affect me or do I have until the end of Jan 2016?

Payment periods for Provisional Tax



Re: 2015 - Provisional Tax Payer
If I make payment of my first provisional for the tax year 2015 then this would need to be submitted by the end of August 2015 - the second provisional payment to made by end of February 2016. Should I need to make a top up this would be made before the end of September 2016 and the final ITR12 would then be made before the end of January 2017 - is this correct?

Due date for ITR12 as a Provisional Taxpayer?



Have submitted my two Provisional Tax tax returns for this year already, and still need to submit my ITR12. When is that due? It's the first time I'm doing it myself after getting rid of my accountant. Also if I decided to get TaxTim to do it, what all would I need in terms of documentation, and how simple is the process through your guys?

Should a freelance scriptwriter working from home pay tax as an individual or as a sole proprietor?



Should a freelance scriptwriter working from home pay tax as an individual or as a sole proprietor?

Is a sole proprietor a business?



If I earn income as a sole proprietor for doing admin and accounting work am I considered to be running a business?

What is the tax definition of carrying on a business.



I have been unemployed for the 2014 / 2015 tax year. For income, I have been getting casual work here and there. By casual I mean I worked on some events, did some technical drawings for a company and then helped with a school magazine. I was paid for all these jobs, for which I had to invoice and naturally I incurred expenses to do these jobs. Two events were overseas. There were a few months when I had no work at all. (My taxable income is less that the R70700 threshold. ) My question is, does...

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How would I summit a tax return as a sole proprietor with no payslips?



I am a sole proprietor. I need to do a tax return for this year. I have no payslips, but I do have an income and expense sheet done by me. How do I go about doing a tax return for SARS?

Do fully vested trusts have to submit provisional tax returns?



A trust is registered as a provisional taxpayer. All the income in the trust vests fully in the beneficiaries meaning that no income is retained in the trust. Will the trust still have to submit provisional tax returns even though it will always be nil?

Would I have to register as a provisional tax payer?



I was a permanent employee at a company for the first 6 months of the tax year. I have gone freelance for the remainder of the tax year and the foreseeable future. I am receiving a salary in effect as the companies I freelance for deduct 25% tax on my earnings and pay me a monthly lump sum (salary) and they provide IRP5s. Does this mean I won't have to register as a provisional tax payer and also at 25% tax could I apply for a tax directive?

How much do I pay tax if my business has made less than R10000 profit



I have cash loan business,and I only made R2000 of profit due to bad payers. So how much should I pay to SARS?

Havent submitted tax returns



I havent submitted a tax return for last 3 years. I have my IRP5's. Help what must I do and are there penalties. I also have just opened a sole prop and need to apply for a tax clearance.

Time limit for submission of returns?



When must 2014 to 2015 IRP5/IT3(a) tax returns be in by?

Small Business - Administrative service



I started a small business where I provide administrative services to one company at a cost of R10 000 per month. What will the tax implications be? Will I be able to register for turnover tax or what would be the best option?

Can I claim depreciation for my car as a sole proprietor if I have a log book by using the tax table



I am operating as a sole proprietor. I keep a log book for my car which I also use for business. Can I claim for depreciation and use the tax tables for that?
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