6 May 2020 at 15:07
I was retrenched at the end of 2017. My last Tax Return was done in the year 2018. Since April 2019 I have been receiving income for work done on a contract basis and the company indicated that I need to see to my own tax affairs. How do I go about filing my tax return for 2020? Your assistance is highly appreciated.
This entry was posted in Tax Q&A and tagged Independent Contractor, Provisional Tax, Deductions, Commission, Retirement, Dividends, Travel Allowance. Bookmark the permalink.
6 May 2020 at 16:14
Please read our blog on Am I an Independent Contractor?
Kindly register for provisional tax, please read our blog on
What is Provisional Tax? How and when?
You will need to include the income you earned as an Independent Contractor in the local business section of your annual tax return and then, add your deductions in their right places, e.g. travel costs, insurance, entertainment etc. You will also need to have the accurate records of all your income earned and costs you incurred. It is important to keep all of those receipts and invoices, and maintain a detailed spreadsheet for the tax year, listing all your income and expenses.