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Hannes says: 22 September 2015 at 14:31 I run a small business on the side line apart from my normal Job at a Big Company. Must I declare any money I use from that company as the company director as part of my personal income tax? |
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TaxTim says: 23 September 2015 at 15:39 You company is deemed to be an "employer" and directors fees are deemed to be "salaries". This means the company should be registered for PAYE and should be deducting PAYE from each "salary" payment made to yourself. It should issue you with an IRP5 which would then be reflected in your Tax Return. Assuming this has not been done, then yes you should be declaring money drawn from the company in your personal Tax Return as "other taxable earnings". You should have also included these earnings in your provisional tax payments. However, to be fully compliant you do need to register your company as an employer and therefore deduct PAYE and UIF on payments to yourself accordingly. |
