How to work with multiple streams of income

David says:
2 May 2019 at 11:02

I currently work as a freelancer and I've just started a business and there's another one coming up soon. Do I need to submit these separately with deductions relating to each business or can I submit them as one? Can income from one stream bankroll and help build up another?

I'm also considering registering for Turnover Tax, but I need some clarity on the above before I go ahead with it.

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TaxTim TaxTim says:
2 May 2019 at 11:06

You should please enter each business one by one when declaring the income and claiming expenses and separate out the related expenses.

SARS will only allow related expenses as they do need to be related to the income earned.

What you chose to do with the income itself, if needed to fund other businesses, then that will of course be up to you.

Please read our guide on Turnover Tax for some further clarification.

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