Small Business Taxes?

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 very little at the end of the bank account has an amount of - 4k in....please take my worries away? should i be stressing?
thank you very much!

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TaxTim TaxTim says:
12 September 2012 at 19:21

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!

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