2 May 2020 at 12:01
I am currently running a drop-shipping business on Shopify which makes around R83 000 in sales (that's about R45000 profit) per year. As it is a small amount of money at this moment, do I still need to register my business at this stage and start paying taxes? Also, I am ordering small products from China and sending them to customers all around the world. I am not sure how i should go about the taxes in this case. Could you assist me with that?
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4 May 2020 at 7:30
Yes, you will need to submit a tax return and declare this income and the applicable qualifying expenses on your income tax return.
You are trading in your personal capacity, therefore you are also required to register for and submit provisional tax returns.
Please refer to our following blogs & decision trees for more information: Do I need to file a tax return?, Am I a Provisional taxpayer? and What is Provisional Tax? How and when?