Hi Tim, I am a small business owner, my company is registered, I have no other employees at the moment. Should I pay myself a salary so as to avoid withdrawing from the business account for personal use. Should I register for PAYE? Do I have to pay individuals tax too if I am registerd for PAYE? The business income is my only source of income?
You should register your business for PAYE and UIF. Director's drawings are deemed to be salary and will be subject to PAYE. You should deduct PAYE and UIF from your salary and pay to SARS from your company. You won't be taxed twice so when you file your individual tax return, it will contain your IRP5 data and will therefore reflect your salary and employees tax (PAYE) that has been deducted from your salary.
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