I have taken over a business from my parents. It's a little recycling business. I am unable to contact them to ask them but the business is now registered in my name and after a friend asked me if I paid tax recently i started to worry because I really know so little about it. At the moment my income per month is about 80k but my expenses are so high I earn 4 to 7 k a mouth plus out of that comes my personal rent and living expenses...so very little at the end of the day...my bank account has an amount of - 4k in....please take my worries away? should i be stressing? thank you very much!
Is your business a registered entity like a CC or (Pty) Limited or is it running in your name?
Businesses are subject to corporate tax at a rate 28% on taxable income. There are certain exceptions which allow a small business to be taxed at a lower rate. If the business is in your personal name then the tax rate is at your personal tax rate.
Before I answer properly can you tell me which one it is? Don't worry there isn't anything to stress about, we're here to help!
Get Tax Deadline Reminders, News and Tips
We'll tell you when you need to file, along with tax tips and updates.