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What tax do I need to pay?

Posted 14 April 2013 under Tax Q&A


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I've got 4 small businesses that are not registered. The money comes into my personal bank account. I earn around R30 000 a month. Must I pay personal tax on the whole amount I get in every month or can I deduct the expenses used for business? I do not include any VAT on my business invoices, but I do spent money for business purposes.

I would appreciate it if you can help me with this!!

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TaxTim TaxTim says:
14 April 2013 at 18:53

You would pay tax in your personal name if the businesses aren't registered. You would be able to deduct all the expenses incurred for business purposes only, so nothing personal which can be deducted off the income amount you get each month. If you are earning more than R20 000 per annum as profit then you need to register as a provisional taxpayer as well.

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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