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Freelancer - local and international - Needs to start keeping records for tax purposes

Posted 31 July 2013 under Tax Q&A


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I have been freelancing for local and international companies for a few months. I need to get my tax admin sorted out. I work from home and am on my husbands medical aid.

Where do I start and how do I maintain all my information that I need to? I'm happy to set up Excel docs to keep records. I'd like to know what I should be keeping records of,  where I can benefit from tax refunds, and what expenses I can set against the business. Do you have any templates I could use?

Also, when I earn $ - is there anything special I should be doing?

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TaxTim TaxTim says:
2 August 2013 at 22:27

You would first need to register as a taxpayer - How to get a SARS tax number - then most likely you would need to register as a provisional taxpayer - What is Provisional Tax? How and when?. See here for more info: Am I a Provisional taxpayer?

Keep excel records of all incomes and expenses related to business and for the foreign income you would use the exchange Rates which SARS prescribes.

All expenses related to earning the income will be allowed as a tax deduction, but you must keep records in case SARS requests proof. If you are on your husband's medical aid then your husband will claim this tax credit.

When it is time to complete your tax return, register at TaxTim and answer our simple questions one-by-one to have your return completed for you.

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 Avoid penalties
 Maximise your refund

Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

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