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Small Business - Administrative service

Posted 26 October 2015 under Tax Q&A


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Nanet says:
26 October 2015 at 14:50

I started a small business where I provide administrative services to one company at a cost of R10 000 per month. What will the tax implications be? Will I be able to register for turnover tax or what would be the best option?

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TaxTim TaxTim says:
26 October 2015 at 17:15

Is bookkeeping/accounting provided as part of your services?

Nanet says:
26 October 2015 at 17:20

Yes it is part of the service.

TaxTim TaxTim says:
26 October 2015 at 18:36

You cannot register for turnover tax as the Tax Act specifically excludes a person, from registering as a micro-business for turnover tax, that provides a "professional service" which includes a service in the field of accounting.

Assuming that you plan to freelance and work as an "independent contractor" and take on other clients, you would need to register for provisional tax. Please read our blog on provisional tax.
What is Provisional Tax? How and when?

Remember, you can deduct all expenses incurred in the production of your income.


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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