I registered a business last year and need to know if I should submit the business tax returns separately? We only started trading in May 2012. Must the business tax returns be done separately or must if be part of my personal income tax returns?
Your personal and business returns are filed separately. So you would need to have separate accounts as well. It is important not to mix up the business activities with your personal ones as you may be taxed twice or at a higher rate.
For an individual the return used is an ITR12 and for a business it is an IT14.
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