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Request a correction for provisional tax?

Posted 20 January 2014 under Tax Q&A


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I have been running a small business and am a provisional taxpayer. I became employed in March 2013 and earn a salary, but still earn income from my sole proprietorship business.

I was advised when I submitted my first IRP6 in August 2013 to keep the salary separate from my other income as it would be reflected in my ITR12 this year with the relevant IRP5. After a bit more homework on my part I realised that I should I have added my total salary to my estimate in my first IRP6 submission and shown the 6 months PAYE as well. With the deadline fast approaching for the second IRP6, should I request a correction for the first IRP6 I submitted? Will I still be penalised if I request a correction before submitting my second IRP6?

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TaxTim TaxTim says:
20 January 2014 at 18:46

What you could do is complete your second provisional return with the correct estimate and enter in the PAYE paid then it will take that into account in determining the overall tax payable.


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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