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Import license / register under personal name or business name?

Posted 3 January 2013 under Tax Q&A


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Hi Tim
Just started my own business - and still need to learn the ropes.
Im doing everything according to the book / or am trying to.
I will be importing products - so should I register the import license to my personal name or to the business. Tax implications?

Thanks a lot Tim

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TaxTim TaxTim says:
11 December 2012 at 22:33

If you are running the activities through the business it would be best to assign the import license to the actual business as it will be the business doing the importing and not you in your personal name. You would need to show the import license number on a lot of documentation and so it makes sense to do it this way.

From an income/corporate tax and VAT perspective the business would be taxed at 28% unless it qualifies as a small business. In your personal name you could be taxed up to 40% so it would be wiser to go through the business if there is large income.

AD says:
12 December 2012 at 12:48

Great!!
Thanks Tim!

:)

TaxTim TaxTim says:
12 December 2012 at 13:14

Only a pleasure! Anytime!


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Blog Categories


Small
Business
Tax Returns
Made Easy


TaxTim will help you:

 Do Your ITR14 Tax Return without a Tax Expert
 Claim for all the Deductions your Business Qualifies for
 Turn your Accounting Records into a Tax Return

TaxTim asks you simple questions about your business, then processes your answers and completes your ITR14 business tax return instantly.

Get started