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We run a small business, how do we account for the income tax?

Posted 17 July 2013 under Tax Q&A


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MY girlfriend and I have had our business for about a year now, we would like to know what we are supposed to do? Tax return number? Provisional tax?Corperate income tax?Turnover tax?I don't understand any of it

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TaxTim TaxTim says:
18 July 2013 at 21:59

Is the business a registered entity?

Matt says:
19 July 2013 at 10:45

No, we are independent distributors, the company we work for however is registered.

We source out own business leads and sale, and receive our product from the company.

We are part of herbalife international.

TaxTim TaxTim says:
21 July 2013 at 19:49

You would register for provisional tax and submit a normal year end tax return. This is because the income earned from the Herbalife would be taxed in your own hands personally.

What is Provisional Tax? How and when?

Am I a Provisional taxpayer?


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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