How much tax do I have to pay as a self employed buinessmen?

  Written by Marc   Posted 19 July 2013

Hey Tim, awesome site and very helpful info. I am not sure of my tax number, I was out the country for a few years and before that I was self employed and now again I am self employed. I last worked for a company n SA probably 10 years ago.

We have started 3 businesses since we have been in SA (my wife and I) and the first 2 didn't really get going at all and cost much more than they made which wasn't much at all. They were both Close Corporations but we never got to the stage when we got a bookkeeper in to do anything...

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I would like to have my tax done with you just need to get all my documents sorted sorted.

  Written by Marc   Posted 19 July 2013

I would like to ask you a question. I started working December 2012 and only worked 3 months this tax year. I earned R25000 a month. A lot of my friends said we will get most of the tax paid back for those 3 months because we just started working. Is that true or not? Please can you explain it to me?

Included medical scheme contributions and other medical expenses, but code 4008 says R0.00

  Written by Marc   Posted 19 July 2013

I just submitted my tax return. I received my ITA34. I contributed R7192.00 to my medical scheme (Code 4005) and also R1592 for other medical expenses not paid by the medical aid (Code 4020) but on the ITA34 my medical expenses is 0 (Code 4008), thus my deductions allowed is also on 0. So it says I will be getting back -1840.00, but shouldn't it be more because of my medical expenses and medical aid payments? Or do SARS first have to check this and possibly do an audit before they take my total ...

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What is source code 4473 on my IRP5?

  Written by Marc   Posted 19 July 2013

AS a deduction what deduction is source code 4473 used for.

Please enter the total amount for the year you personally spent on medical aid contributions which d

  Written by Marc   Posted 19 July 2013

Please enter the total amount for the year you personally spent on medical aid contributions which did not get taken off your salary. On my medical certificate I got a amount for  contributions from 1 March 2012 to 28 February 2013 and also one for Claim not from the medical aid. Which amount must I put in here?

Expenditure for private person while overseas for business

  Written by Marc   Posted 18 July 2013

Where do I enter a claim for foreign expenditure on the ITR12? I run a S. African B&B, but went to the UK and France specifically to investigate buying a B&B overseas. Can I claim my expenses for this trip?

IRP5 code 3616, what is it on my ITR12?

  Written by Marc   Posted 18 July 2013

Can a person claim entertainment expenses on assessment when their earnings are reflected under IRP5 code 3616..

Does a letter from SARS "Verification of assessment" mean that my tax return is completed?

  Written by Marc   Posted 18 July 2013

I've submitted supporting documents to SARS as requested, and received a letter with the heading Verification of Assessment. Does this letter mean that my return is completed and I will receive the refund due to me?

What is the meaning of (account balance 6730 DUE TO YOU)?

  Written by Marc   Posted 18 July 2013

I received this sms from SARS, but am unsure when I am going to receive my income tax refund.

Income tax refunds?

  Written by Marc   Posted 17 July 2013

I've sent my details via eFiling last week, would you please assist me in finding out if I'll be paid out or am owing to SARS?

can you supply SARS with bak statements

  Written by Marc   Posted 17 July 2013

SARS asked me to submit supporting documents.I work for commission so I have a lot of deductions. As I didn't have ALL my slips, I submitted my bank statements and indicated on them what deductions I made. I also attached my garage card statement. However they didn't accept any of these deductions!

Is it possible?

How do I show provisional tax paid on my ITR12?

  Written by Marc   Posted 17 July 2013

Where do I reflect on my ITR12 what tax I have paid over and above what got deducted by my company?

Medical Aid Tax Credit - source code 4008

  Written by Marc   Posted 17 July 2013

Hi

My Taxable Income is R 322 058. Through the year my medical Aid contributions were R 13 024 and out of pocket was R 11 359.19. I just wanted to check that I shouldn't be getting a rebate on 4008.


The calculation I'm doing is: Contributions and out of pocket (R24 383) - Tax Credit R246 * 12 * 4 (R 11 616) = R 12 767. This is less than 7.5 % of my income ~R24 000 therefor that's the reason why the 4008 allowable deduction is R 0?

How do I complete and submit my tax returns to SARS?

  Written by Marc   Posted 17 July 2013

I was working in a certain company, (2010, 6 months contract ) and (2011, 6 months contract) and I didn't have a tax number but certain amount were deducted (Tax). I'm working for another company now. I just want to find out how do I go about doing your Tax Returns.

Why is my arrears retirement contribution on allowed to be a lower amount?

  Written by Marc   Posted 17 July 2013

I want to claim the last 2 year retirement contributions its meant to be R6396.60 but they only allowing me to claim R1800.

Why do I not get a tax refund for my extra medical expenses?

  Written by Marc   Posted 17 July 2013

I am claiming medical expenses I paid, but I am not getting any money back.

Does your medical aid payments back into your cheque account counts as income?

  Written by Marc   Posted 16 July 2013

Should you show your payments from your medical aid into you account as income or is it just income your earn? Any other cash backs and / or paybacks which you already paid for gets ignored?

What does the "-"before the calculated tax amount mean?

  Written by Marc   Posted 16 July 2013

I am trying to submit my SARS tax return and when I selected the calculate button it gave me a breakdown of income etc. My question is though, my calculated tax result says -R4568. What does this mean? Do I owe the South African Revenue Services this money or is this money due to me?

PAYE on R5 000 and under? What do I do?

  Written by Marc   Posted 16 July 2013

I just want to know if my employees should pay PAYE on R5 000 per month and lower? Or can I only deduct UIF?

An employer purchases a motor vehicle for 40k and sells it to his key employee for R20k?

  Written by Marc   Posted 16 July 2013

Can the business deduct a loss on an item bought and resold immediately? The business is an engineering company.

When will I receive my tax refund?

  Written by Marc   Posted 16 July 2013

I have submitted my returns and was selected for audit. SARS requested additional documents which I provided. I received an assessment and some of the deductions were not included, I then submitted notice of objection. I received a revised assessment this morning and it reflects a negative amount. The statement of account also shows that a refund is 30 days due. When can payment reflect in my account?

Verification of Income Tax Declaration

  Written by Marc   Posted 16 July 2013

Hi Tim. Your website is great & the questions & answers very helpful indeed. I recently submitted my ITR via E-Filing, my IRP5 information appeared on my ITR (I didn't change anything). After I submitted it, it reflected that I'm due a refund of R7600. I then got a letter from SARS saying certain declarations that were made appear not to be correct or in agreement with other data which SARS has & I need to submit supporting documents. For source code 4102, a PAYE credit of ...

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Medical Aid contributions on my tax return?

  Written by Marc   Posted 15 July 2013

I am paying roughly R1 400 on a medical aid for myself and a spouse.
The payments are made through the company, but the full amount is deducted from my salary per month, and the company does not contribute any portion. Does this mean that I am paying the medical aid myself, and can claim as such, or does this mean that I cannot claim these amounts for a tax return?

How do I submit supporting docs with my eFiling tax return?

  Written by Marc   Posted 15 July 2013

I have letter from Salam for RAF & medical claims not paid by medical aid

Tax and overtime - refunds?

  Written by Marc   Posted 15 July 2013

I would like you to explain to me why people who work overtime get so little refunds. Ever since I've worked in 2008, I've been getting 24c - 27c as my returns. I have a med aid and my tax certificate yearly shows thay I've paid more than 3 000 out of my pocket. If you can just explain as to why's is it like that, is there something I'm soing wrong?
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