Drop-shipping and taxes

  Written by Nicci   Posted 31 March 2022

Q: Tax on Sole Proprietor Income

How should an online freelancer pay tax?

  Written by Marc   Updated 31 March 2022

Hi there, I need some advice. I currently work full-time but will be going freelance from April. I have already started some freelance work on the side, and wanted to know how I should go about paying tax for this? Most of the Freelance work I am doing is on an online website (for countries all around the world) and I transfer the funds into my bank account each month. No tax is taken off of this by the website, so I wanted to find out how I should go about paying tax, would it be a monthly or y...

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Independent Contractor versus Personal Service Company

  Written by Nicci   Updated 30 March 2022

I'd like to get some clarity on whether there is a difference between an Independent Contractor and a Personal Service Company?

How do I see if SARS owes me money?

  Written by Marc   Posted 30 March 2022

How do I see if SARS owes me money?

Calculation of fringe benefit tax on use of a company car. / deduction claim

  Written by Alicia   Updated 30 March 2022

Calculation of fringe benefit tax on a company car. Car owned by the company used for business purposes and a small amount of private (home to work etc) Codes 6020 and 6035 are used. One is for the value of the vehicle and the other is the amount taxable. Does this get added to the taxable income? will code 6035 be the one that contains the taxable portion?

What is UIF

  Written by Alicia   Updated 30 March 2022

Is UDF the same as tax?? and if not do you know what the diff is??

Negative amount on my SARS statement

  Written by Alicia   Posted 30 March 2022

Q: Negative amount on my SARS statement

How would I calculate my rate per hour if my salary is R15000 per month

  Written by Marc   Updated 29 March 2022

How do I calculate my hourly rate if my salary is R15000 p. Month before deduction

How will my 13th cheque / bonus be taxed?

  Written by Marc   Updated 29 March 2022

How do you tax 13th cheque bonus if you earn 14560. 88 as basic salary before deduction

How to calculate gross from net salary

  Written by Marc   Updated 29 March 2022

How do I calculate gross salary if given a net salary? The gross salary should include the UIF and PAYE per month? For example, if someone's net salary, that is the amount that goes into the bank account is R50000. 00, what is their gross, considering only two deductions, that is UIF and PAYE?

Difference between income tax number and PAYE reference number?

  Written by Marc   Updated 29 March 2022

Q: What is the difference between Income Tax number and PAYE Reference number?

Difference between Vat and Tax numbers

  Written by Nicci   Updated 29 March 2022

Q: What is the difference between a VAT registration number and a tax reference number. When do I use which one? Are they not the same thing?

What is Gross Remuneration?

  Written by Nicci   Updated 28 March 2022

How is 3699 Gross Remuneration arrived at?

My IRP5 is incorrect - can I edit it myself on eFiling?

  Written by Nicci   Posted 17 March 2022

SARS code 3601 on my IRP5 is incorrect - my employer is saying I received more than I actually got paid. My salary on my IRP5 (source code 3601) is R100 000, I then got deducted R25 000 PAYE, but when I actually got paid I only received R49 000 into my bank account. There are no other deductions on the IRP5.

Can I modify it myself on SARS e-filing? This was a once-off payment for work done, but it now seems that my employer underpaid the actual salary.

Why was my tax refund reversed by SARS?

  Written by Nicci   Posted 17 March 2022

I have not received my tax refund and it is the 18th of the month. My tax return was submitted on the the 3rd of this month.

Tax on Lump Sum payment - Provident Fund

  Written by Nicci   Posted 16 March 2022

Hi,

A friend received a lump sum payment from her provident fund to pay for a family members medical bills. Is she able to claim back some of the tax paid over to SARS for the additional medical expenses? She had previously received a lump sum payment on retrenchment, so this is the second lump sum recieved from the fund. She has no other income.

Partnership in rental property - how to declare on my tax return?

  Written by Nicci   Posted 16 March 2022

If I own 50% of a property do I only put my portion of the rental income and expenses in?

Do I need to register for VAT if my income is all export related but my turnover exceeds R1m?

  Written by Nicci   Posted 16 March 2022

I am a provisional taxpayer in South Africa working solely for a foreign company (my services are all export related) with my turnover exceeding R1 million a year. I know that exports are zero-rated for VAT. Do I need to register as a VAT vendor, even though my income would not be subject to VAT?

Should source code 3699 reflect on your cost to company?

  Written by Nicci   Posted 16 March 2022

Does source code 3699 include all employment income, so it should it reflect your cost to company?

Is CGT applicable to Share Option vesting?

  Written by Nicci   Posted 15 March 2022

I've received 1000 share options that vest over 4 years at 25% per year. After the initial vesting on 1 Jan 2022 I have the right to exercise the options, it's likely I will only exercise the options at company exit a few years later. When will I be liable for CGT?

Can I claim against the use of my vehicle if the only code on my IRP5 is 3703?

  Written by Nicci   Posted 15 March 2022

I have used my vehicle for official travel - there is only code 3703 on my IRP5. Can I claim travel expenses in my return?

Tax for a Personal Service Provider

  Written by Nicci   Posted 10 March 2022

Hi Tax Tim,

I am a Personal Service Provider (PSP). My client withholds PAYE at 28% in the name of the PSP i.e in my company's name and not me personally, as an individual taxpayer. This concerns me because the PAYE tax credits sit in my company's name, but from an individual perspective I have not paid any tax on the salary I withdraw from my company.

The PAYE refund, if any, will be paid into my company. How do I show the tax on my salary in my individual tax return? If I...

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Is there a limit on the contribution towards PAYE for tax on perks such as fuel?

  Written by Nicci   Posted 20 January 2021

As part of my package I receive the benefit of a fuel card and car allowance (but I do not do any business travel). However, on my tax return for 2020 I had to pay almost R9k because of this benefit. I had thought that our Human Resource Department would have made adjustments to my PAYE so that I would be paying 100% of the applicable tax so that I do not have anything to pay when I do my tax return once a year. Our Human Resource person said that he was not able to set the PAYE so that I could in future pay 100% of the fuel and car allowance benefit, but was limited to set it at 80%. ...

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Why am I being auto-assessed on SARS eFiling?

  Written by Nicci   Posted 22 July 2020

I received an auto-assessment from SARS. My husband did not receive the SMS but my friend also received an SMS saying she has been auto-assessed. Why have SARS introduced this new process? Why are there some being auto-assessed and not others?

SARS sent me an SMS about auto-assessment? Is this legit?

  Written by Nicci   Posted 20 July 2020

I received an SMS from SARS which mentioned something about an auto-assessment. I have not heard of this before. I don't trust anyone these days, and because of that I just want to ensure that this is legit - do you think this is a scam?
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