Tax on additional incmome from a private owned company.

Posted 23 September 2015

I run a small business on the side line apart from my normal Job at a Big Company. Must I declare any money I use from that company as the company director as part of my personal income tax?

How to declare additional income for freelance work done locally?

Posted 22 September 2015

I did some freelance web design work on a once-off basis for a local company, how should I declare this income on my tax return?

Do I declare a gift of R100,000

Posted 16 September 2015

The person I was working for in a personal capacity for 10 years as an assistant emigrated to the USA. She wants to give me a thank u parting gift of R100,000. I am a provisional tax payer and pay tax on the R10,000 she has been paying me monthly. Do I have to declare it on my tax?

Provisional returns submitted but not assessed and no income tax form on efiling

Posted 15 September 2015

I am a provisional taxpayer and have completed an IRP6 for 201402, 201401 and 201501. My last assessed year was 2012. I still need to complete the 201502 and 201601 IRP6 tax returns. On my SARS SARS eFiling page my IT12 does not show as issued. Is this normal? When will it be issued? Should I contact SARS to check

What income do I declare on IRP6 now that I earn a salary too?

Posted 15 September 2015

Hi. I have been submitting provisional tax returns (IRP6) for a few years but since December 2015 have entered full-time employment, and hence receive an IRP5. I still however earn some money doing approved work outside of my full time employment.

Do I declare only my extra earnings on my IRP6, and then the total earnings on my ITR12, or do I declare my total earnings, i.e. Salary plus extra earnings, on my IRP6?

Copy of f/stat showing business sold

Posted 9 September 2015

Need a copy of a sole prop f/stat, showing my business has been sold

Is it possible to have a negative amount for my 1st provisional tax payment?

Posted 9 September 2015

Is it possible to have a negative amount for my 1st provisional tax payment?

Vehicle expenses for business

Posted 9 September 2015

When I was a sole proprietor, taxed under my own name, if I drove somewhere on business-related matters, I used my own vehicle. I then claimed those business kilometres as a proportion of the total expenses and depreciation on my vehicle over the course of the tax year. Now I have a (registered) private company - can I still follow the same process, and claim the travel expenses as a tax deduction for my BUSINESS? If not, what are the options for me?

Want to register for a tax number?

Posted 8 September 2015

I have been tax exempt since 1997 when I left the forces. Been operating on a ad hoc basis doing upholstery work for people privately at home and never completed any tax forms as such. I left the trade seeing it didn't enhance my life at all living on the edge to provide for family. Started as an independent recruiter in 2008 and earning between R 60 - 120 p/annum. Haven't got a tax number and want to know if I have to register and if so how do I go about to registering for a tax number?

Local Assets and Liabilities for a previous (late) period

Posted 7 September 2015

When I complete a tax return for a previous period (as a sole proprietor), for the Local Assets and Liabilities must I state the CURRENT state of affairs or what the assets and liabilities were during that previous period?

I don't have a question, I have a compliment.

Posted 4 September 2015

I don't have a question, I have a compliment. I was very stressed about having to submit a provisional tax return for the first time after having been a PAYE individual all my life. It cost be a whopping R49 and 10 minutes of my time to realise it's all good. TaxTim, you are an absolute life saver and I will use your services every single time from now on. You make it so easy to stay out of the SARS bad books :) Thank you again.

Does Pension Lump Sum Income get added to Normal Income for determining tax liability?

Posted 3 September 2015

Do you get taxed twice when withdrawing early before age 65 from a pension fund? So the first tax is when the tax directive is issued by SARS, and then the second when you complete your tax return and declare the lump sum payout as an income. Does this pension lump sum income get added to your normal income to increase your total income when determining tax liability?

Documentation for provisional tax return?

Posted 3 September 2015

What documents are needed by TaxTim to complete provisional tax return?

Taxes for a dormant company

Posted 3 September 2015

Sometime last year I registered a company, but it has basically been dormant and I only pay the -R60 into my FNB business account every month to cover the fees (and keep my balance in the black). Instead I have just been doing business in my personal capacity and paying personal income tax (and provisional tax of course). I am unsure about about the rules governing companies, do I still need to submit any forms to SARS (or anybody else for that matter)?

I don't have an IRP5 as I am an independent contractor

Posted 1 September 2015

I did not receive an IRP5 as I am an a independent contractor/consultant. All my income was derived through consulting work. Tax Tim is now saying that I need information from my IRP5 or there is a conflict. I am a provisional tax payer and yet the amount I paid in as provisional tax is never requested?

Tax payment from salary

Posted 30 August 2015

If I am employed under a sole proprietor, and my salary has not deductions at every "pay-day" (eg. I don't received a salary advice reflecting deductions of PAYE or UIF). Would there be any recourse against me from SARS, is it the responsibility of the company to make the relevant deductions each month and to pay it to SARS?

I am really uncertain about all of these things, as in the past (before my retrenchment period prior to this job), the companies that I worked for did all of thes...

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Can you pay provisional tax once per year?

Posted 30 August 2015

Can you pay provisional tax just once per year in Feb

Medical scheme tax credit

Posted 30 August 2015

Provisional Tax - how to work out the amount for "medical schemes fees tax credit" and "additional medical expenses tax credit". I believe there is a specific formula to use.

Are home office refurbishments tax deductible?

Posted 28 August 2015

I am a sole proprietor of a business and work from a study at home. If I refurbish my study (e. G. Put in fixed cupboards and shelving) with the express purpose of improving my business workspace, is the cost of the refurbishment tax deductible? If so, under what item do I place it? Similarly, if I buy items for my home office (e. G. Office chair), are those tax deductible?

Provisional Tax, should I submit?

Posted 28 August 2015

I get income through three sources:
- Salary
- Rental Income
- Affiliate Advertising Income

This year, I filled in my tax return (using TaxTim) indicating that I am (or should be a provisional taxpayer). However, my rental made a loss after all expenses and my affiliate income was really small for the year (less than R5,000 after expenses). I received the following from SARS in my ITA34 for 2015 tax season:
"According to the information you declared in your income tax return, you were liable to pay provisional tax for this year of assessment...

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Freelancer with multiple sources of income, what sort of tax do I register for and how do I sumbit?

Posted 27 August 2015

I am a freelancer working in the film industry. As such I have have periods of consistent work with a production company for a number of months, but also gain smaller amounts of income from private work on the side. Giving short courses and doing small corporate or private videos and edits. I am not registred as company and do all work as a private individual. How do I divide up my income, to sumbit for my tax return?
And what type of tax-payer would I register as?

This is my fir...

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12 mth estimate or actual 6 mth figures for medical cr and expenses calc- period 1 2016 Prov Tax?

Posted 26 August 2015

For Provisional tax that's due now, do I enter medical credit for the year as per SARS instructions and then half it or not? Same question for medical expenses, do I add up medical expenses for 6 months (March to August 2015) and then multiply by 2 for estimate for one year or not to multiply and submit actual?

Tax on Sole Trader

Posted 26 August 2015

Hi all, I'm considering starting a Sole Proprietor business. I'm not exactly sure regarding the tax implications. Let say for example I receive R10,000 per month (independent contractor I receive this from 3 different sources)... All this income goes into my personal bank account... Should I now pay personal tax on the whole amount of R10,000 or do I just pay personal tax on the net amount after my deductions for bringing forth the income?And if I hire one employee and I get R5k and he gets 5K p...

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Due date for ITR14 for CC's?

Posted 26 August 2015

When are Income Tax Returns (ITR14) due for CC's. Is it the same as for Individual Provisional Taxpayers?

Zero provisional tax return

Posted 25 August 2015

I am registered as a provisional taxpayer as I earn investment income however due to contributions made to retirement annuity funds I will not owe SARS anything. In fact I expect a refund. Do I still have to complete a zero provisional tax return?
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