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Tax on a sole proprietor

Posted 29 April 2016 under Tax Questions



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Chantell says:
28 April 2016 at 19:13

I have just opened a sole proprietor in my name. My questions is probably one of the most common ones but I would love to receive a clear answer. I would like to know:
~How much Tax would I pay on my sole proprietor income?
~Is it Tier related?
~Or is it the same Tax doesn't matter how little or much my sole proprietor earns?
~Can I claim this tax back?
~And final question How does my own income apart from the sole proprietor effect the taxes?

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TaxTimTaxTim says:
29 April 2016 at 11:24

As a sole proprietor, you are taxed in your personal capacity. Your business income from your sole proprietor is added to the other income you earn, and then the total income is taxed per the normal tax tables for individuals. This table is a sliding scale and increases as your income increases. You would declare your business income within the "Local, Business Trade and Professional Income" section of your tax return. You can net off any business related expenditure to reduce the tax payable. You will only receive a refund from SARS if you file a tax return and on assessment by SARS, it is calculated that you have over paid tax for the year.

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