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Separating IRP5 related sales from income total

Posted 25 July 2015 under Tax Q&A


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Sarah says:
24 July 2015 at 16:39

I run a small business which sells research services. It's a sole prop, but when I'm contracted by university it generates an IRP5. In my income tax return, when it asks, after the question about the value of sales, if there is any income reflected on an IRP5, does that mean I shouldn't include the IRP5 income in my total sales figure? Also, where (and what rate) do I claim insurance for necessary equipment such as my car, computer, and phone?

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TaxTim TaxTim says:
25 July 2015 at 14:07

Those IRP5's should already appear on SARS eFiling so they would not be included in your sales. Did they send you the IRP5's? Please make use of our Wear and Tear Calculator to work out what the depreciation on your car, computer etc and the insurance will be included at the cost to you, but apportion it for the business use portion.


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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