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Have a business of 2+ months old, incurred expenses, want to know if I must register for taxes?

Posted 27 February 2014

Good day, I have registered a new business last year December 2013, and want to know if I should register for tax. At this moment I don't earn any income, only had some expenses for my business. Can I register for tax and claim the expenses incurred for the months of December to February?

TaxTim TaxTim says:
27 February 2014 at 18:35

You need to register as a taxpayer within 15 days of registration of the business with CIPC.

As soon as you start "trading" or attempting to trade you can deduct your expenses. Depending on your year end you could submit a return as soon as the year end closes, but you do have up to a year to submit.

You can claim those expenses, provided you were actively in business or preparing to do business.

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