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I'm working for a new company that started last year January (2016). All of the computers and furniture was inherited from the previous company (Re-branded the company, but doing exactly the same thing) how do I calculate depreciation with regards to Computers, Laptops & furniture?
I have one client in the US, I use all my own equipment and work from home. What type of taxes should I be filing? I am based in South Africa and bring funds through via PayPal, I am not taxed in the US as I am considered a independent contractor.
At the end of the current tax year my taxable income will exceed R1.5 million largely due to income from an employee share option scheme. My income comprises salary only. And from the normal statutory deductions I contribute to a retirement fund and retirement annuity. Apart from maximizing my contribution to retirement funds, how else could I reduce my tax liability?
I have a mobile phone; laptop; tablet and home office furniture which I use for my small business. I bought them four years ago, but I've never depreciated them because this is my first year of business. Can I depreciate them now even if I don't have the invoices anymore? And, if I don't depreciate them can I just record it as a company asset? These IT equipment were bought second hand and some are old.
I had freelance jobs and although I don't own my own business/am not registered as a business. All but one of the freelance jobs were taxed. Should I register as a provisional tax payer? If so, how do I go about doing this and what deductions can I make? e.g. Can I claim for Uber trips, cellphone bills, wear and tear on my equipment (computer, camera) etc? If I can claim for things like this, how do I go about doing it?
SARS didn't accept my log books, my 2015 tax return, there's zero KMs for business use. I now need to object and they require proof of ownership- I have documents from Wesbank. Lastly, can I do this via TaxTim or must I go into SARS?
Is occupational rent paid to a developer, of a new-build property, an allowable expense to deduct from taxable rental income? The property in question was rented out in the same tax year as occupational rent was paid.
Can I purchase 2nd hand equipment as an asset for my business and then add that full amount to my business costs? The item will come in under R7000, so I believe I can write the depreciation off within one tax year.
I have been employed for 3 years and my employer deducted tax from my income. They however never gave me an IRP5 and I have no proof of the income I earned from them as they issued electronic payslips and I never printed it. 2 Months ago they closed their doors and all employees was left stranded, can I perhaps still claim the tax I paid back from SARS if they over taxed me?
I had a cellphone that I was calculating depreciation on. However the phone broke and I now have a new phone which I will claim depreciation on. For the previous phone, am I able to claim the remaining deprecation amount (that I would have been claiming on in coming years) in the current tax year?
This query relates to question 4862 "Please enter the S12E accelerated depreciation allowance which the company can claim. Use our handy SBC calculator to help with your workings." in the Income statement section.
I have completed my 2016 tax return via TaxTim. On the depreciation of office equipment I indicated that I am depreciating my laptop which was bought for R20 000. The amount I came up with was R3 333. 33. SARS requires me to indicate to them how I got to the figure. Can you please assist so I can explain myself to SARS?
I have a full time job, but do freelance on the side. I would like to submit for my job as well as my freelance, including the mac I bought, my Fiber line rental and anything I purchased to run my freelance job. Is this possible? Which option should I apply for?
I am full time employee and I have already submitted this current year's tax return. I am a freelancer in my spare time as I started doing online work and earning dollars. What is the tax implications and how do I go about it? Could I claim back on the use of my computer etc.? Older posts →1234567891011121314