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Tax on small businesses?

Posted 10 November 2014 under Tax Q&A


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What if the Small business has had no profit, can I still claim from SARS

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TaxTim TaxTim says:
10 November 2014 at 17:04

There is nothing to claim as there is no profit to pay tax on. However you should still submit your return as the loss will carry over to next year.

Fjayk Trading Cc says:
11 November 2014 at 11:48

I thank you for your prompt reply, I would also like to know how do you work the profit out for a small business?

TaxTim TaxTim says:
11 November 2014 at 12:03

There are many factors to take into consideration depending on what type of small business it is. However generally for accounting purposes it is all the income less the expenses resulting in profit. You would be able to depreciate your assets as well and take that off the income too.


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Blog Categories


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