I've recently become a contractor to an overseas company, I've been informed, that I have to pay my own income tax. I send them invoices. My monthly invoice fluctuates between 22000 and 30000 as I get paid on a daily basis. I don't get an IRP5, and I pay my own medical and recently setup my own RA contribution. I need to pay my tax. When and how much do I need to pay. I've been a contractor for them from January 2015 to now May 2016
You would need to register as a Provisional Taxpayer and submit three tax returns a year including two Provisional and one final tax return. You would need to pay tax on all the income earned less the specific business expenses you have paid in earning that income. You may also deduct you RA and then medical credits. Please make use of our Tax refund calculator to see what you should be paying in or refunded. Did you submit a tax return for the 2015 period? That means 1 March 2014 - 28 Feb 2015?
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