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Sole Proprietor, Importing and Tax?

Posted 10 October 2012 under Tax Questions



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Hi Tim

Hope you can help me as I'm having a hard time finding the correct information.
I would like to start importing small quantities of goods, for resale, into South Africa as a Sole Proprietor. Now as far as I can tell I will need to complete the following forms at SARS to get an Importers Code: DA185 and DA 185.4A1.

Now the thing is I don't have a tax number etc because I've just finished my studies and I'm just starting out as a Sole Trader, and from the looks of it the DA185 form requires that information.

Also as a Sole Proprietor how would I go about paying tax?

Any advice would be great.

Thanks

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TaxTimTaxTim says:
12 October 2012 at 1:08

You can register as a taxpayer by following the easy steps provided by TaxTim once you have registered on the TaxTim website. Once registered for a tax number and at tax filing season you would complete the local business income section of your ITR12 tax return which has blocks for all the incomes and expenses. You will also need to register for provisional tax, check out our great Provisional Tax page: https://www.taxtim.com/za/what-is-provisional-tax-how-and-when.php. Remember that the cost of any goods imported needs to be converted to RANDS at the rate which SARS publishes. That being at the average rate of exchange of the year.


Brad says:
12 October 2012 at 9:19

Hi Tim

Thanks for the response. I just have a few questions about the IT77 form.

- Page 2 asks for particulars of employer. Would I just leave this blank seeing that I will be self employed?

- Finally page 3 requires your income details. I'm not earning a income yet so how would I go about filling that in?

Thanks again.


TaxTimTaxTim says:
12 October 2012 at 15:25

Yes you would leave page 2 blank and for page 3 just state zero for now. You are newly registering so won't have any income so it alright.


Brad says:
12 October 2012 at 17:31

Hi Tim

Should I also register for provisional tax at the same time?

Since I'm newly registering with SARS will they only need a certified copy of my ID and proof of bank details when I hand in the IT77 form?

I really appreciate the help so far.

Thanks!


TaxTimTaxTim says:
12 October 2012 at 21:18

You should definitely register as a provisional taxpayer now since your source of income will not be from employment. Yes because you have no previous income the Bank Details and the ID will be proof enough.


Brad says:
13 October 2012 at 14:12

Hi Tim

Can I email all the documents to SARS? If so how would I send the certified copy of my ID etc. Can I just take a picture of it and attached it to the email?

Thanks


TaxTimTaxTim says:
13 October 2012 at 21:28

You would need a true copy that has been certified by a Commissioner of Oaths or a police officer. A photocopy would need to be made. I suggest going into a SARS branch and dropping the forms off. This way the turn around time is usually 21 working days and will be quicker!


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