Hide
Earn under R350,000? Click here to see why you still need to file to get your Tax Refund.
CLOSE
Get SARS Tax Dates and Deadlines in your Inbox
 

We'll tell you when you need to file, along with tax tips and updates.
Try Tim Now

Net Capital of Business for Sole Proprietors?

Posted 21 November 2014 under Tax Questions



Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →
I'm a Sole Proprietor.Under "Statement of Local Assets and Liabilities" there is a field "Net Capital of Business, Trade, Profession or Farming"I've already filled in all Profit and Loss under the section of "Local Business, Trade and Professional Income (incl. Rental Income)Do I just fill in the result (of Profit and Loss) again under "Net Capital of Business, Trade, Profession or Farming"?

This entry was posted in Tax Questions and tagged , , , . Bookmark the permalink.

TaxTimTaxTim says:
21 November 2014 at 11:51

This is really the value of the business, so would be the cumulative profits or losses. If unsure, just enter in the profit.


Arnold says:
21 November 2014 at 12:10

Ok, I understand.

In my case it's the first year for me as a Sole Proprietor, so it would probably then be the same.

Thanks.


TaxTimTaxTim says:
21 November 2014 at 12:50

Yes, that would be the same. Just enter that amount in.


Get SARS Tax Dates and Deadlines in your Inbox
 

We'll tell you when you need to file, along with tax tips and updates.

Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →