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tax liability on a small business income

Posted 6 May 2016 under Tax Q&A


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R1 says:
6 May 2016 at 12:16

My turnover for my small business was R2 610 525
my loss after expenses was -R793 994
how much tax must I pay?

This entry was posted in Tax Q&A and tagged , , . Bookmark the permalink.

TaxTim TaxTim says:
6 May 2016 at 12:34

If you have a loss, then there will be no tax payable.
However, you need to ensure all the expenses are business related and incurred in the production of your income.
You also need to ensure you have proper accounting records to substantiate the loss and have valid supporting documents for all your expenses in the event that SARS audits you.


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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