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How should an online freelancer pay tax?

Posted 8 March 2016 under Tax Q&A


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Lauren says:
8 March 2016 at 9:04

Hi there, I need some advice. I currently work full-time, but will be going freelance from April. I have already started some freelance work on the side, and wanted to know how I should go about paying tax for this? Most of the Freelance work I am doing is on an online website (for countries all around the world) and I transfer the funds into my bank account each month. No tax is taken off of this by the website, so I wanted to find out how I should go about paying tax, would it be a monthly or yearly thing etc? Should I just put money aside for it? I am clueless abut this sort of thing. One of the freelance contracts I have from April will be taking PAYE off for me, but for the other online work I have to sort out myself and the thought gives me heart palpitations! Any advice on how I should approach this?

Thank you so much in advance!

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TaxTim TaxTim says:
8 March 2016 at 10:15

You will need to register as a Provisional taxpayer and pay tax twice a year on your freelance income.
Please read our blog on provisional What is Provisional Tax? How and when?
Am I a Provisional taxpayer?

You will need to declare all your freelance income and related expenses on your Tax Return (ITR12) within the section "Local, Business Trade and Professional Income"

Let TaxTim assist you with your Provisional tax return filings as well as your Tax Return submission.


Get Tax Deadline Reminders, News and Tips
 

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TaxTim will help you:
  • Do Your Tax Return Easily
  • 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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