Should I trade as a SBC or Sole Proprietor?

  Written by Alicia   Updated 14 May 2024

I've secured a contract of R3. 1m for two years which is going to be invoiced at R130k per month. Whats the best way to go about this? Should I set-up my business as an SBC or sole proprietor?

I'm a remote worker who needs help with their tax

  Written by Alicia   Updated 14 May 2024


I'm an independent contractor working remotely for an international company. The company is not obligated to pay my tax, therefore I need to do it myself.  However,  I'm not sure what the process entails.  Please can you offer help?

Is there tax on interest earned on money in savings accounts?

  Written by Alicia   Posted 13 May 2024

I think my tax return for 2023 was incorrect.
The amount in my ABSA back account pulled through and according to me, I am not supposed to pay tax on interest earned on money in my  savings bank account.

If I am correct, what are the next steps to correct this?

How to get 'shared' access to your SARS eFiling profile

  Written by Alicia   Updated 9 May 2024

 If you notice that you can't do anything on your SARS profile, there's no need to panic.  Sometimes SARS grants TaxTim 'full' access to an individual's eFiling profile, instead of 'shared' access as we requested. 

Follow these simple steps to fix the problem:

Step 1: 

Go to www.sarsefiling.co.za.

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How to get back control of your SARS eFiling profile

  Written by Marc   Updated 9 May 2024

If you want TaxTim to file your tax returns, or you want to take back control from your previous tax practitioner, you will need access to your profile on SARS eFiling.

If you think you might have registered for an eFiling profile (in the distant past), it is a good idea to call SARS and check to see if they can give you your eFiling login details. Call them on 0800 00 7277 (free call from a land line) or try the login recovery steps on their website. ...

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How to Register your Company for SARS eFiling

  Written by Evan   Updated 9 May 2024

To create your company profile you will not need to have a separate profile for it anymore. SARS has now created a shared platform.

To set up a new eFiling profile for a company you will need to ensure that you have all your valid documents ready to use during the process. 
You will need the following:

1. Name of the company
2. The address and contact number 
3. The SARS tax number 
4. The registration number 

STEP 1: Get started by logging in

Go to www.sarsefiling.co.za....

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Claiming 12B tax deduction on IRP6?

  Written by Nicci   Posted 8 May 2024

I made a contribution towards a solar investment fund. My question does not relate to a rebate for my home installation.

I have contributed to a large fund that raised capital for a 12B solar energy project. The administrator of that fund indicated that I can include this under "deductions" when I file. There doesn't seem to be a field to enter it on the IRP6.

How to confirm your OTP for eFiling registration

  Written by Nicci   Updated 8 May 2024

SARS might have sent you a letter saying that your eFiling registration was approved, but before you are able to do anything on it, you first need to follow these steps:

 

1. Please login to your SARS efiling profile.

...

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Why are my SARS attachments blank when I open them?

  Written by Nicci   Posted 7 May 2024

I just filed my provisional tax return (IRP6) using your platform. I received an email from TaxTim with the following instructions: "To view the contents of your Provisional Tax Statement of Account, please login to TaxTim, click on My Tax Docs and view the PDF there."

However, when I follow these instructions and attempt to open the document from SARS on my My Tax Docs page, it is blank. It does not seem to be pulling through the information. I checked on my SARS eFiling profile and I am able to open and view the Provisional Tax Statement of account there. ...

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How to request your Tax Compliance Status on SARS eFiling

  Written by Nicci   Updated 6 May 2024

Steps to obtain your Tax Compliance Status

Step 1

Login to your SARS eFiling profile:

Step 2

Select the "Tax Status" option at the top right-hand side of the screen:

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New OTP process to authorise the Tax Type move request

  Written by Nicci   Updated 6 May 2024

SARS has recently changed the process for authorising the transfer of eFiling profiles to Tax Practitioners.

We’ve setup a few steps that we need you to follow so that we can help you submit your return to SARS:

Please do the following:

1. Go to sarsefiling.co.za and click on “Manage Access Request”

...

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How to regain access to your SARS eFiling tax profile

  Written by Nicci   Updated 5 May 2024

Since SARS introduced the new eFiling setup, many things have changed on eFiling, including the shared access option.

With no actual explanation, there are times when your entire tax number could be sent to the tax practitioner who sent a request to share access to your tax file, if you follow the steps on our OTP blog.

We thought we could share this blog to help you regain access to your tax numbers if it should ever happen to you:

1. Login to your SARS efiling profil...

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Can construction workers claim a tax refund?

  Written by Nicci   Posted 30 April 2024

I work as a bricklayer on a building site. Do I need to submit a tax return and are construction employees allowed to claim a tax refund?

Navigating around your Easy Equities tax certificate (IT3c)

  Written by Nicci   Updated 29 April 2024

1. This is the gross base cost of all shares you bought through the institution. You must NOT use this value on your return.

2. This is the base cost i.e the costs attached to the sale of your shares. This amount needs to be entered as the base cost in the  capital gains section of your tax return.

3. This is the...

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How do I calculate tax on my overtime?

  Written by Nicci   Posted 26 April 2024

I worked some overtime in the past few months. I am wondering how to calculate the tax on it. What tax bracket does overtime fall under?

Do I file a provisional return for a sole proprietor that I started in January?

  Written by Nicci   Posted 26 April 2024

I started as sole proprietor in January this year. Do I still need to file a Period 2 provisional tax return (IRP6) this February? The questions on Tax Tim are asking for the whole financial year (i.e from March last year until the end of February this year). Do I then just calculate the income and expenses for January and February of this year?

Trading Loss on IRP6

  Written by Nicci   Posted 26 April 2024

I registered a company in May 2023 and did not make a profit during the tax year up to 29 February 2024. I understand that I still need to file a provisional tax return with SARS, but it does not look like I can enter a negative figure in "Taxable Income" in the IRP6 form. Do I need to enter zero - as in there was no taxable income? In that case, does that mean that I cannot carry the loss forward to next year?

SARS eFiling profile hacking

  Written by Alicia   Posted 25 April 2024

SARS has reported a rise in eFiling profile hijacking, involving various methods such as altering security details, creating, or modifying taxpayer profiles, and executing SIM swaps.

The hijackers’ objectives are to redirect tax refunds to fraudulent bank accounts, which they are setting up for this purpose. There are certain banks which appear to feature more frequently.

If you are the victim of such profile hacking, you must immediately report this fraud via the

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HELP: SARS issued me with a penalty for old tax returns

  Written by Nicci   Updated 24 April 2024

So, you’ve recently submitted your tax returns and shortly thereafter you receive a message from SARS informing you about admin penalties that have been charged against you. This has most probably come as a shock to you. We’ve been inundated with questions from taxpayers asking about these penalties which have been charged against them.  Below we’ve highlighted things you need to know as well as ways in which you can handle these penalties.

When are penalties charged?...

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How to request a Penalty Statement of Account

  Written by Alicia   Updated 24 April 2024

SARS have recently become a lot stricter with late filers and have changed their rules for administrative penalties. You can read more about these changes here.   There used to be some leeway for taxpayers who missed the deadline, but sadly these days are certainly over. 

If you received a notification of debt from...

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Is my Company a SBC or does it qualify for turnover tax?

  Written by Nicci   Posted 24 April 2024

Hi there, I would like to find out if I should be applying for turnover tax or small business tax, and if I would be considered a micro business. I have just completed my provisional tax return for 2024-01 on Tax Tim and the tax rate is 27%, which seems so high! This is my first tax return for my business, please help.

Tax on my travel allowance

  Written by Nicci   Posted 24 April 2024

My employer is satisfied that only 60% of my travel allowance will be for business purpose, do I only include the 60% in my monthly payslip for PAYE purposes or do I revert back to the 80/20 rule?

Donations to minors

  Written by Nicci   Posted 23 April 2024

If I donate R50 000 to each of my minor children (directly to their bank accounts) will R100 000 be tax deductible in my income tax return?

How are foreign dividends from an unlisted company treated?

  Written by Nicci   Posted 23 April 2024

Are dividends from foreign shares (not listed on any exchange) bought privately from a foreign business tax exempt?  If not, how would the dividend paid be treated for tax purposes?

What percentage tax does a person as a consultant pay?

  Written by Nicci   Posted 23 April 2024

I have been offered a job as a part time consultant. The company says that I must pay tax directly to SARS. How much tax will I have to pay directly to SARS?
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