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UK FUNDS RECEIVED MONTHLY HOW DO I LESSEN TAX IMPLICATIONS?

Posted 21 April 2015 under Tax Questions



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CAT says:
4 April 2015 at 10:32

I am a full time employee in South Africa but do part time work after hours for a solicitor in the UK - she pays me £300 per month which equates to about R5600 per month (depending on exchange rate). How can I lessen the tax implications on this amount? Do I need to pay tax on this amount and declare it as a additional income on my return?

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TaxTimTaxTim says:
6 April 2015 at 17:47

Yes you do need to pay tax, you also need to declare yourself as a Provisional Taxpayer Any expenses you incur in earning this income will be allowed as a deduction though so you can claim these when completing your ITR12 Income Tax Return.


CAT says:
8 April 2015 at 0:06

Very helpful thank you very much. It would've helped if SARS explained this to me 8 months ago when I phoned to query!! What expenses can be claimed? Bank charges etc?


TaxTimTaxTim says:
11 April 2015 at 13:00

You would be able to claim any expenses which you incur in order to earn that income. We can suggest keeping a separate bank account for that income to be received into and then charging any of the related expenses to it so that you can deduct these and demonstrate them to SARS.


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