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!!
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.