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Do I have to pay provisional tax for my company and myself?

Posted 8 July 2015 under Tax Q&A


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Don says:
8 July 2015 at 10:50

I have paid provisional tax for my small business and taken the profits after tax for personal use. Will I have to pay provisional tax as an individual for that income?

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TaxTim TaxTim says:
8 July 2015 at 11:06

Is the small business registered as a company?

Don says:
8 July 2015 at 12:42

Yes it is registered

TaxTim TaxTim says:
8 July 2015 at 12:50

The profits are either declared to you as a salary in which case you will not have to register as a provisional taxpayer, but your salary will be taxed each month where the company must pay over PAYE. The company will get a tax deduction for this.

Otherwise the profits are taken as a dividend and the company will withhold 15% before paying it to you and pay that to SARS. In this case you will not register as a provisional taxpayer either, but the business does not receive a deduction.


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Blog Categories


Small
Business
Tax Returns
Made Easy


TaxTim will help you:

 Do Your ITR14 Tax Return without a Tax Expert
 Claim for all the Deductions your Business Qualifies for
 Turn your Accounting Records into a Tax Return

TaxTim asks you simple questions about your business, then processes your answers and completes your ITR14 business tax return instantly.

Get started