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I moved from a hobby to a business, how do I account for this taxwise.

Posted 14 July 2014 under Tax Questions



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Hi TimI stopped working 5 years ago, stayed at home looking after my children, was doing what I enjoyed in spare time my hobby, people then asked me to help them and my hobby has brought in an income. How do I go about filling in my tax now ???

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TaxTimTaxTim says:
15 July 2014 at 9:51

Did you earn more than R67 111 for the 2014 tax year?


Beverley says:
16 July 2014 at 14:10

In 2006 stopped working stayed home stopped tax returns in 2009 started my hobby.
2011 started doing books no tax returns done had a R11075 loss
2012 R1746 earned
2013 R60150 profit
2014 R65127 profit
How do I go about submitting these tax returns. I appreciate


TaxTimTaxTim says:
16 July 2014 at 15:48

Each of those amounts is below the tax threshold and therefore no payment of tax is required.


Beverley says:
16 July 2014 at 18:07

Hi Tim
thanks for your response,
Can I wait and only submit a tax return once my profit is above the tax threshold and submit the previous returns as nill or should I submit them all showing the losses etc as per figures in previous message.
Regards
Beverley


TaxTimTaxTim says:
16 July 2014 at 18:37

If you are going to show the other amounts for each year then show the profit figures, use the "local business income section" and record all incomes and expenses. You won't be taxed, but you will be compliant.


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