I run a small business which sells research services. It's a sole prop, but when I'm contracted by university it generates an IRP5. In my income tax return, when it asks, after the question about the value of sales, if there is any income reflected on an IRP5, does that mean I shouldn't include the IRP5 income in my total sales figure? Also, where (and what rate) do I claim insurance for necessary equipment such as my car, computer, and phone?
Those IRP5's should already appear on SARS eFiling so they would not be included in your sales. Did they send you the IRP5's? Please make use of our Wear and Tear Calculator to work out what the depreciation on your car, computer etc and the insurance will be included at the cost to you, but apportion it for the business use portion.
Get SARS Tax Deadlines in your Inbox
We'll tell you when you need to file, along with tax tips and updates.