As a provisional tax paying sole proprietor I would like to find out whether the exorbitant South African bank expenses are a legitimate business expense? I have a separate bank account for my business income.
If the expenses are on the business account then yes these would be deductible for tax purposes.
Antsays: 23 June 2015 at 11:49
Thanks for your speedy reply. I use a separate personal cheque account for my business affairs, would that still count and would the bank charges incurred qualify as business expense? I'm not trading as, I basically just conduct my business in my personal capacity as a sole proprietor.
TaxTimsays: 23 June 2015 at 12:02
Yes it will still apply, just be sure never to make personal transactions from that account.
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