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What will my tax liability be if I start a business?

Posted 23 May 2016 under Tax Questions



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Jay says:
20 May 2016 at 19:40

Hi, I can provide services such as graphic design, animation, music production and web development. I recently caught attention of few business owners wanting me to do work for them, will I need to pay tax approaching them as self employed individual? I am prepared to charge everything once off based.

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TaxTimTaxTim says:
23 May 2016 at 9:45

If you earn below the tax threshold of R75,000 per year, then no tax is due.
However, if you run a business and earn above this amount you will need to register as a provisional taxpayer and pay tax twice a year on your estimated profit (i.e. sales - expenses).

You will need to declare your income and expenses from your business within the section "Local Trade and Professional Income" of your Tax Return.

Please Register for TaxTim and let us assist you with your Tax Return completion and submission to SARS.


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