How do I close my tax account?
Posted 9 July 2014
I am a provisional taxpayer. I used to have my own business. I am no longer employed and I am leaving the country in December. I am wanting to know what the procedure is to follow in closing my tax account. Do I need to get a tax clearance?
ITR12 option not available
Posted 7 July 2014
My SARS eFile does not have ITR12 option under my "Returns Issued"...it only has "Provisional Tax (IRP6)". What should I do?
Earning a salary and having a sole prop on the side, how does the tax work?
Posted 3 July 2014
I am employed and earn a regular salary from my employer. BUT I also run a small business (just me as Sole Prop) on the side. (I help people with Web development and design work)How does tax work in my case? Do I need to put away a percentage of each transanction and pay it manually each year or how does it work? I don't want to get into any trouble with the tax man :-)
Taxation on profit for sole proprietor?
Posted 29 June 2014
NOTES: 1. Taxation R12 523 x18% = R2254.14 less rebate under 65 years R12 080 = R 0
am I correct with the above calculation or will I need to still pay the tax of R2254?
Rent Income
Posted 28 June 2014
If your rent income and salary income amounts to less than the required amount for taxpayers to submit income tax does that mean I do not need to pay provisional tax or does any additional income count as 'taxable'?
Transition from adviser to TaxTim?
Posted 27 June 2014
I am a provisional tax payer and have been using a tax adviser. My affairs are simply - I earn a salary and receive rental from 2 properties.
Are there any issues to consider with regards to the provisional tax I have paid?
Forms required to complete for provitional tax on eFiling as sole proprietor, how to do EFT Payment?
Posted 24 June 2014
I am registered with SARS on E Filing as a sole proprietor, what forms do I complete and how do I do EFT payments
When should I register as provisional taxpayer from?
Posted 23 June 2014
I'm starting contract work on 1 July 2014 (payable by client in first week of August), in addition to salaried work. If I register as provisional taxpayer in July or August, would I still have to submit my first return this August, or should I wait until after Aug to actually register? I'm concerned that projected earnings to Feb15 will inflate what I'd need to pay in August, considering I wouldn't have earned it yet to keep the extra tax aside?
Tax enquiry regarding deductions and insurance payouts?
Posted 6 June 2014
A client has broken his fingers and cannot perform his work commitments as a personal trainer and actor. He is trading as a sole proprietor. First question is, will he be taxed on his payout for impaired benefits from his insurance company? Secondly, what supporting documents need to be submitted to the insurance company for this payout? Thirdly, what expenses can be deducted from a client who is either a model/actor that is paid via an agent?
How do I calculate a company IRP6 return with a loss?
Posted 26 May 2014
How to calculate a company provisional IRP6 return?
What do you mean by include employment income? Would that be your salary?
Posted 9 May 2014
On the IRP6 form for (Turnover) what do you mean by include employment income? Would that be your salary?
Retired 6yrs ago at 58, receive rental income of R90,000pa. Do I submit return? Am I in arrears?
Posted 4 May 2014
I am now 61 years old and retired Feb 2008. Up until then all taxes were up to date. Since then I moved and receive R90,000 pa rental income from my fixed property. I wish to establish if I am liable for any taxes on this rental income and if I must re register as a provisional tax payer in the light that I have never received any notices from SARS since retirement.
I am retrenched, how I can save money from my retrenchment package - provident fun?
Posted 2 May 2014
I am retrenched, how much of my severance package and provident fund will be taxed? I want to learn the basics of income tax as a freelance writer, what will be expected of me to be legal taxwise. What is an income tax return, when working part-time as a freelance writer in South Africa?
How do independent consultant pay tax?
Posted 1 May 2014
I work as an independent consultant for two organisation. I basically invoice these organisation monthly for work done. The contracts are structured in such a way that I should be paying tax myself. However, I only started this year, but am not sure whether to register as a provisional taxpayer or not. How do I go about honouring my tax obligation?
How do you register a company that won't be using VAT but would like the perks?
Posted 28 April 2014
I have started a new company and want to know the following:
My company won't be doing invoices or quotes nor will it be buying anything on credit. So no VAT will ever be charged from my side. In the future I see the company recruiting employees but for now it is just me. Do I need to register my company right now (if its just me) as I would like the perks of having the office space I am using to be taxable. I am using 2 parts of my house for work purposes (one for offices and the other for storage). ...
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How does my tax work if I am the sole proprietor and sales person of my estate agency?
Posted 28 April 2014
I am a principal of my own estate agency. I work alone. How does my tax work? As a sole proprietor I am not certain, as I do all the selling myself?
What type of taxpayer am I classified as?
Posted 13 April 2014
Hopefully you can please help me out, I registered for Tax a year ago, by default I was registered as a non-provisional tax payer and I am currently unsure of how I should classify myself for tax purposes. I'm also not working as a company or cc but as an individual.
I have 3 different forms of income:
1) 35 Hours a week I work for a company on their premises (almost as a full time employee) and invoice them every month. 70% of income. The do not withhold PAYE as of yet.
2) 5 Hours a week for another company, Invoiced for as well. 15% of income and they withhold 25% PAYE....
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Do I need to register for provisional tax and VAT as a sole proprietor selling used vehicles?
Posted 8 April 2014
I am the sole proprietor of my business. I buy up used motorcycles and scooters, which are mostly vintage and then sell them on to collectors. Some of my sales are to overseas buyers requiring me to export these vehicles.
This is my only income.
Am I required to register for provisional tax?
Am I required to register for VAT?
Can I claim UIF for months unemployed before registering as a provisional taxpayer?
Posted 25 March 2014
I have just started my own business - well, technically I just freelance. Does this make me a provisional taxpayer.
In addition, I want to claim UIF for the months I was unemployed and not working (Dec, Jan, Feb). Can I still do this even as a provisional tax payer?
Can I pay tax in advance (est) without complicated forms.Then do forms annually and pay difference
Posted 24 March 2014
I always need to pay money to tax at the end of the year. I know it is about R 12,000. Or R1000 pm. Why can I not pay in say R1000 pm Estimate without filling in complicated forms, then fill in complicated forms once a year. I.e. pay in what I think monthly. i.e. accumulate tax credits via payments ahead of the final annual analysis.. i.e. just pay initially when I can afford, and pay in the difference after completing complicated forms at financial year end.
Residents based tax - how does it work in SA?
Posted 22 March 2014
Hi Tim. I am currently a South Africa provisional taxpayer but will be leaving SA to work for a US based company for the next 5 years . I will be leaving on the 30 June 2014 but will receive a pension payment commencing 1 July 2014 from my current employer for the next 5 years payable in South Africa . I will also receive a bonus in December 2014.
I will be out of the country for more than the 183 days as well as the 60 day consecutive period . My question is as follows :
1. Is the monthly pension taxable...
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What sort of tax should I register for as an independent IT contractor?
Posted 14 March 2014
I'm an independent IT contractor working from home. I work for different clients at the same time. Some pay a fixed fee.
What sort of tax should I register for taking into consideration that I use my house, electricity, internet, etc?
Can I declare extra income at the end of the year, or must I register for provisional tax now?
Posted 10 March 2014
If I did some freelance work in 2013 / 2014 tax year, will I pay a penalty if I only declare my extra income when I do my regular return?
What are the legal consequences for sole proprietor not registered as taxpayer?
Posted 8 March 2014
Legal consequence for sole proprietor not registered as taxpayer
CHANGE TO PROVISIONAL TAX PAYER on eFiling?
Posted 7 March 2014
I have been a salaried employee bu have now started out on my own. Can I just change to being a Provisional Tax payer on eFiling?
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