If I were to open a small company (sole proprietership) doing plumbing work, would this make me a provisional tax payer even if its my only source of income? Also, on my invoices I would send out to clients for jobs done.. would I charge tax on these invoices?
I think SARS owes me a refund because my ITA34 reflected a negative number and said "refund due to you". Anyway they are now giving me grief, disputing my refund and demanding I respond in 21 days by sending me a "Final Request to Revise Income Tax Return or Submit Relevant Material". However in this document they say: "In the event that you couldn't find an error, you also had the option of submitting to SARS copies of the following material in support of the declarations made in your income tax return:" This is followed by an empty document list. ...
I assess my income for the year on the 25th February 2014, make a payment to be sure that estimates are going to 90 % correct, on the 27th February 2014 a large amount is paid ... will I attract tax penalties?
If I want to pay my provisional tax to SARS. First payment was due 31 August 2013 but I'm only making it now. I want to make this payment via EFT but cannot figure out what date is required in my 19-digit reference. I know the "dd" in "ddmmyyyy" is replaced with "00" but which month and year should I put in "mmyyyy"?
I'm completing my IRP6 (second part) as I am a provisonal tax payer. In the space provided for medical scheme fees tax credit (I believe it's R242 for this year) do I fill in R2904 (R242 times 12) for the full year I've been paying towards medical aid. Or do I only have the one credit of R242 for the entire year?
I have been running a small business and am a provisional taxpayer. I became employed in March 2013 and earn a salary, but still earn income from my sole proprietorship business.
I was advised when I submitted my first IRP6 in August 2013 to keep the salary separate from my other income as it would be reflected in my ITR12 this year with the relevant IRP5. After a bit more homework on my part I realised that I should I have added my total salary to my estimate in my first IRP6 submis...
Hi Tim, I have started a small web design business with a turnover of just under R60 000 per year. I am struggling financially, so my father has been helping me with another R60 000 per year as a donation. I have read on the SARS website that as a sole trader if I earn less than R250 000 per year I do not have to register with SARS and I have no need to register for VAT. My question is, do I need to register with SARS for income tax as my income falls under the threshold without the donation or ...
Provisional Tax Period 1 2014 was not submitted, Personal tax was submitted on time. According to eFiling I should still submit Period 1 2014? I am confused as to the difference between info on Period 1 and Period 2.
Hi Tim, I am a provisional tax payer and for the 2015 tax year, I will have recorded a net income loss. Am I correct in saying that this will yield me a tax loss (deferred tax asset) which I can use to offset my taxable income in subsequent tax years? The loss was substantial and I hope to be able to use the tax loss to offset my taxable income for at least 2 years.
I'm a provisional tax payer and I changed jobs in February last year. I would like to use TaxTim to submit my return, but would just like to ensure that the program will handle both provisional taxpayer and multiple IRP5s.
I am starting a solar business as a sole proprietor and pay VAT on all the hardware I buy. How do I invoice my customers? Surely I cannot charge them VAT as I am not registered. I have also heard that if your turnover is less than 1 Million a year you cannot/should not register. To further complicate things for me company's want VAT invoices. Older posts →← Newer posts1011121314151617181920212223242526