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Crackerjack says: 14 November 2015 at 22:52 We are running a sole prop from home. During bad months we find ourselves batting to get work. We have taken money from our own personal accounts to put into the business - R20 000 one month and R15 000 another month in the same tax year. My question is, I have taken the R35 000 and added it in as income. We pay it back monthly until the loan is complete. Where do I declare the R35 000 as it was used solely for the business? Thank you |
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TaxTim says: 15 November 2015 at 10:06 As a sole prop the money is yours either way (it didn't come into your possession from outside of yourself) so you do not need to show this anywhere on the tax return. I'm sure the loans are recorded in your accounting system though. |
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