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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.

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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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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