I am a sole proprietor in a health profession. I have an office, but I see a lot of clients at their homes or primary residence. I need a car to conduct my business, and have just bought a new car. What are the tax implications of this? Can I deduct the repayments and insurance premium as a business expense?
Then you would be able to apportion all your travel expenses by the amount of work travel done over total travel and claim that as an expenses. You would also be able to claim the value of your car over 5 years apportioned for the travel mileage done. Else if you travel less than 8000km per year for work you can claim each at the SARS official rate.
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