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Jeanie says: 9 May 2022 at 17:05 Can TaxTim help me register as a Sole Proprietor and assist me with my accounting? |
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TaxTim says: 9 May 2022 at 7:47 A sole proprietor income will need to be declared on your personal income tax return (because you are trading in your personal name). It is very important that you register for provisional tax. You need to register for provisional tax because you will be earning income as a sole proprietor. We will be able to assist you with your tax side of affairs. Unfortunately, we do not provide accounting services. You can refer to our basic Overview of Balance Sheet & Income statement if you would like to attempt to keep your own accounting record. Alternatively, you will need to appoint an accountant. Being provisional taxpayer basically means you need to submit a total of 3 tax returns, which include 2 provisional tax returns during the tax year and the income tax return (the final tax return) after the year has passed. Please refer to our following blogs for more information: Sole prop versus Company,Am I a Provisional taxpayer? & What is Provisional Tax? How and when? |
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