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Jackie says: 21 May 2016 at 10:43 I am a member of a CC and have 80% interest in the company. I run the operations of the company and have been paying myself salary. The company never registered for PAYE as I was paying provisional tax and I was the only one earning a salary. Now the company is hiring more people and we have registered for PAYE/UIF. DO I carry on submitting provisional tax instead of PAYE or do I cancel Provisional tax and start paying PAYE. If I don't register for PAYE, what can the company provide me with to prove income come tax season? Previously we have been submitting the company financials and letter to state the income I have made |
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TaxTim says: 23 May 2016 at 9:53 As a member of a CC, you should actually be paying PAYE on your salary. The CC is deemed to be your "employer". Therefore if your only earnings are from the CC and no other sources, it would be correct to deregister as a provisional taxpayer and have tax deducted from your salary and paid over from the CC. The company needs to prepare IRP5s for its employees which will be done as part of the PAYE reconciliation process (EMP501). |
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