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Should Business and Personal Income Tax be filed separately?

Posted 29 October 2012 under Tax Q&A


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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?

The business was registered in September 2011.

This entry was posted in Tax Q&A and tagged . Bookmark the permalink.

TaxTim TaxTim says:
25 October 2012 at 21:39

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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235 DAYS
LEFT OF
TAX SEASON
2017


TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

Get started