Small Business Taxes?

  Written by Marc   Posted 16 September 2012

I have taken over a business from my parents. It's a little recycling business. I am unable to contact them to ask them but the business is now registered in my name and after a friend asked me if I paid tax recently i started to worry because I really know so little about it. At the moment my income per month is about 80k but my expenses are so high I earn 4 to 7 k a mouth plus out of that comes my personal rent and living expenses...so very little at the end of the day...my bank account has an amount of - 4k in....please take my worries away? should i be stressing? ...

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Tax Number

  Written by Marc   Posted 16 September 2012

How long does it take to get my tax number after application?

I have worked and paid tax as I earned until September 2011, since then I have earned an income, how

  Written by Marc   Posted 3 September 2012

This income was payed by a foreign company, but I have not paid tax on this and I'm changing jobs now to a PAYE system again in October. How do I go about determining what I owe SARS?

How long does is it take for my details to update on the SARS system?

  Written by Marc   Posted 25 August 2012

I submitted my returns on efiling about 3 weeks ago. When I called for a follow up, I was advised my address is "unknown" on the system and that I'll have to go to the SARS branch with my bank statement, certified ID copy and proof of residence. I did than on Monday and when I called again on Thursday, I was told to go to the branch again to update my details as the system still said my address is "unknown". I advised the lady that I was there on Monday and she didn't sound too sure but said my details should be updated after 41 days and only then will I receive my payout....

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I submitted and was asked to submit supporting documents since I was being audited, how long do I ha

  Written by Marc   Posted 23 August 2012

I called to find out when I should expect resolution and they said I should wait 30 days. That time is up today should I call them to find out about the outcome?

How do i get my refund/returns from sars?

  Written by Marc   Posted 20 August 2012

I recently submitted my returns, how do I get my returns? Do i have to go to sars offices again and supply my banking details or do they have them when I submitted? my ITA34 says at the bottom that no banking details are included so no money will be paid to me. How do I know they have my banking details? please help....

What can I claim as medical expenses for tax purposes?

  Written by Marc   Posted 20 August 2012

I incure monthly medical expenses due to my prostate op i had in 2009. I have a 6 month repeat script and check-up once a year. I keep my monthly tax invoice from the pharmacy. Sect 18 of Income tax says I can, but SARS does not entertain this. Can i claim for these expenses?

If an employer pays 100% of the medical contribution on my behalf what are the tax effects?

  Written by Marc   Posted 20 August 2012

Do I now as an employee/taxpayer qualify for the medical tax credits, on submission of my IT12? The Medical Aid tax certificate is issued on my name and not the Employer as it is not a group medical scheme.

Do I need to register as a provisional taxpayer if I am self employed with irregular income from sam

  Written by Marc   Posted 20 August 2012

I am self employed with irregular income from the same source. I have registered with e-filing as individual tax payer. Should this be changed to provisional tax payer?

Capital Gains Tax

  Written by Marc   Posted 20 August 2012

I received an inheritance. I sold the property. There is no base cost, since I did not pay for the property and there is no improvement made. How do I proceed with the question.

What response should I expect after submitting IRP5 to SARS?

  Written by Marc   Posted 20 August 2012

I submitted my IRP5 to sars & they said i'll get an sms, so far I have received nothing so i'd like to know hw long does it take to get their response and what response should I expect?

Is income earned online taxable?

  Written by Marc   Posted 20 August 2012

Would this apply as provisional tax ? I earn income from Cash Back advertising, Basically you purchase a $10 advertising package which promotes your website for 75 days and pays you 2% per day giving you a return of $15 or 150% after 75 days. Thanks for your website, I was totally clueless about tax before.

Are the SARS office calculations always right?

  Written by Marc   Posted 20 August 2012

I have received a ITA34 which shows the refund, I have now been audited 3 years consecutively 2010,2011 and 2012.I had no other information to submit only medical aid and was employed for 4mths of this 2012 tax year due to retrenchment.

Do I pay tax on my late wife's pension?

  Written by Marc   Posted 20 August 2012

I am currently receiving my late wife's pension monthly, but I am also employed. The SARS tax calculator now shows that I owe SARS around R7000. Please advise if this right?

I receive rental from a bonded property. How do I file the expenses and rental income?

  Written by Marc   Posted 20 August 2012

Are there specific scource codes for the items noted above?

I have been trying to register e filing on line but it seems the account number am entering is wrong

  Written by Marc   Posted 20 August 2012

Should I use the account number that I used when registering for tax. Now that the very same account number(tax) is no longer available how should I change to my current existing acc number

When can I expect my tax refund to be paid out?

  Written by Marc   Posted 20 August 2012

I submitted my tax returns 2 weeks ago, I was told that I will receive my pay out within 2 days, and its been 2 weeks now, I still have not received anything. Must i go back to sars and report this concern?

Why are other people getting refunds from SARS?

  Written by Marc   Posted 20 August 2012

I am a full time working lady, who always submit tax returns on time, I have never owed SARS a cent, I was refunded less than a R1000 in 2010 for paying medical bills of about R2100. I always hear people are getting refunds all the time. What can I do to aso get a refunds from sars. some have advised me to buy a retirement anuity policy. please give me tips of other things I can do to get refund from SARS!

Medical Deductions section is confusing me!

  Written by Marc   Posted 20 August 2012

I've gone through the entire process and am filling in the e-filing form. I'm stuck on the Medical Deductions section. I've filled in what TaxTim suggested, but the e-filing calculator is ignoring the amount at code 4020.

The "Did you incur any medical expenditure?" is ticked "No". But if I change it to Yes then it expects that I have paid to a medical aid and wants a "0" if my "employer" paid the total.

My specific scenario is a little different. My wife pays the medical aid each month and claims that on her own tax return...

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Started freelancing, not paying provisional tax. Can TaxTim help?

  Written by Marc   Posted 20 August 2012

I have being earning some money on the side as a freelancer during this last tax year and I went fulltime freelancing in a personal capacity at the end of 2011.

Will TaxTim be able to guide me with the expenses I can claim as part of operating as a freelancer? SARS is very strict on when certain expenses can be claimed. They seem to only allow expenses when salary is earned on a commission basis.

Tax on performance bonus

  Written by Marc   Posted 20 August 2012

Every quarter, we receive a performance bonus. this is worked out as a percentage of monthly salary. so if i earn R10 000 and my percentage was 50%, then I would receive R5 000 on top of my salary.
There was a discrepancy last quarter where the %'s used to calculate the bonus were incorrect and
they went ahead and paid the incorrect amounts out.
e.g.
Monthly earning - R10000
% suppose to have been paid - 50%
% actually paid - 60%.
difference of 10% = R1000 paid extra to me....

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Who pays and how much tax will be due on gifts given to family? Will there be a donations tax?

  Written by Marc   Posted 20 August 2012

My dad has investments, can he give lump sums to his kids as gifts and who will pay tax and how much? He was told he is not allowed to gift more that R5000.00 a year.

What if I want to upload more documents on eFiling after I have already uploaded others?

  Written by Marc   Posted 13 August 2012

I have been selected to be audited on my tax return. SARS has asked for my supporting documents, I have uploaded my medical tax certificate but now that i want to upload my irp5 the e-filing site doesn't give me the option to upload again. Does this mean I have to go to my nearest SARS branch to submit supporting documents including my IRP5 and medical tax certificate?

Do I have to pay tax on a property in South Africa I sold, if i am a UK citizen?

  Written by Marc   Posted 11 August 2012

I had a flat in South Africa which I have sold in Oct 2011 & made a capital gain of about R200 000 less fees of approx R70 000, do I need to fill out tax return for yr ending Feb 2012.

EE, ER & SDL contributions missing from ITR12

  Written by Marc   Posted 10 August 2012

I'm looking at my IRP5 and I noticed that there are 2 amounts thats do not reflect on my ITR12. one is for EE & ER UIF contributions (4141) and the other is for Employer SDL Contribution (4142). Why is this and how can it be corrected?
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