Does SARS recognise a tax loss as a deferred tax asset?

Posted 9 January 2014

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.

Multiple IRP5 in tax return using TaxTim?

Posted 7 January 2014

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.

Tax payable as freelance worker?

Posted 11 December 2013

I work on commission basis as a freelance teacher and have no basic salary. What tax must I pay?

How to invoice customers re VAT as sole propieter if you are not VAT registered.

Posted 26 November 2013

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.

Get started on TaxTim?

Posted 26 November 2013

Okay how do I actually complete my tax return on TaxTim? I have registered with the site, now want to get started.

Which is the simplest way for me to submit my tax returns?

Posted 23 November 2013

I have a small business. My monthly sale is approx 70000 to 80000 Rands and I am running my business as a sole proprietor. I am presently unable to afford a book-keeper. Which is the simplest way for me to submit my tax returns.

August provisional tax amount?

Posted 21 November 2013

I'm starting provisional tax paying in Feb.2014

Please help me understand the provisional tax amount that I have to put in for when I do my AUGUST provisional tax in 2014.

In your guidelines for when doing tax in August, you say I must not put in my income for the past 6 months (from Feb to Augustus).

So what amount must I put in there? (The estimate amount that I THINK I would have made by 2015 then?)

How will my tax work when I work in SA for a foreign based company?

Posted 20 November 2013

I will be working for a UK based company from my home in SA. It is a very small business my sister has opened. I will be receiving foreign currency in either dollars or euros. I will earn a monthly salary. Will I pay normal tax? Will I pay tax in UK before I get my salary? How will this work for me? How will I get an IRP5? I wont be getting R250k per year but I am already a registered tax payer with the company I currently work for. I registered and submit returns every year even though I dont ...

Read more →

Mixture of employed and self employed income tax status?

Posted 19 November 2013

I have to commend you on a great business idea. Being an eCommerce start up myself, I can see massive potential with this online service you have developed.

My question is: I am currently employed and salaried but as mentioned above, have started a small internet start up. I will be registering a new company with CIPC and operating at a small scale while staying employed. How does this affect my current non-provisional tax status and are there any benefits/pit falls I need to be aware...

Read more →

Are insurance premiums a tax deductions from a business?

Posted 15 November 2013

As a sole proprietor, can I deduct insurance premiums on electronic equipment as an expense? (3x computers I use to carry on my trade as an animator)

Am I a provisional tax payer?

Posted 15 November 2013

If I earn less than R20 000 a year selling AmC pots plus earn a normal salary do I have to register as a provisional tax payer?

deposit into my bank a/c for someone else

Posted 14 November 2013

I am a provisional taxpayer, I have a son that does not have a bank account and his salary gets deposited into my bank account. Will this affect me in any way or should he get his own bank account?

If I register for turnover tax would I still need to register for personal income tax?

Posted 11 November 2013

I am starting a retail store business, selling hand-made products. This business will be run as a sole proprietorship and the premises for the store will be leased from the property owner.
I have never registered for income tax (personal or company) before.
I forecast turnover of about R300,000 per year and am considering registering for SARS turnover tax.
If I do register for the turnover tax would I still need to register for personal income tax? I have set up a separate busin...

Read more →

Do sole proprietors charge VAT if their turnover is less than a R1 million per annum?

Posted 29 October 2013

Do I charge VAT as a Sole Proprietor earning less than R1 million turnover per annum? If so, do I need to be VAT registered?

I classified myself incorrectly

Posted 27 October 2013

I clicked on provisional taxpayer by mistake and I can't find a way to undo. How do I start the process afresh?

I need to know what type of tax return I should do and why?

Posted 7 October 2013

I need to do my income tax returns but I am unsure weather I should do provisional Tax returns IRP6 or ITR12. I am Member and Director in multiple companies and CC's. I however only received income from 1 company in the form of a salary and then rent that I receive from 1 house that I own in my personal name.

I do not receive any other income from the various companies.

What is the tax liability of past sole proprietor?

Posted 5 October 2013

I'm looking at buying a business that is owned through sole proprietor.

If I buy and become the sole proprietor who would be liable for any tax issues once I own it for the past?

Would it be me or the owner before?

Can a person pay both employees tax and provisional tax?

Posted 3 October 2013

Can you pay both provisional tax and employees tax if you are a salaried employee who also has his own small business?

How do I work out my taxable income from my salary slip?

Posted 1 October 2013

I started earning extra wages outside of my salary in February 2013 and so I have registered for provisional tax. On my IRP6 I need to fill in my gross turnover(which I understand to be my gross salary other income including my rental earnings, wages earned and interest on investments) and then my estimated taxable income (which I understand to be my gross turnover minus my costs, retirement annuity contributions and my pension contributions). How do I work out the taxable portion of my salary ...

Read more →

I am confused about how to submit provisional tax returns.

Posted 27 September 2013

I want to submit the provisional tax returns?

Must I submit if I work from home?

Posted 22 September 2013

Do I have to submit a tax return if I work from home and earn 10,000-15,000 per month?

Tax on money from PayPal?

Posted 20 September 2013

Hi Tim
I'm a Freelance Artist, by profession, I mainly get paid through PayPal as most of my client/commissioners are overseas. I bring in on an average month between R8000-R9000. FNB charges a small fee and VAT get's charged on the money I get.
I wondering about how I pay the tax on this money and how much I am expected to pay.
Thanks

Closing date for submission of IRP5 2013

Posted 19 September 2013

When is the closing date for submitting IRP5 forms?

Not sure how to pay tax on freelance incoming

Posted 12 September 2013

For previous tax years, I've always only had my salary as income.

Since January, I've been freelancing and have been receiving payments on a monthly basis.

When should I register as a provisional tax payer? How much do I have to contribute before next tax season? Can I do everything I need to do on SARS efiling?

When do I pay sars after submitting provisional tax?

Posted 12 September 2013

After submitting my provisional tax, when do I need to pay it? Does SARS send me a bill?
Older posts →← Newer posts    12  13  14  15  16  17  18  19  20  21  22  23  24  25  26  27