Can financial derivative gains be declared on the ITR12

  Written by Evan   Posted 22 November 2015

I earned income using financial derivatives during the 2014/2015 tax year. I was not registered as a provisional tax payer. Can I declare my income on the ITR12 personal income tax return? If not, what steps do I need to take?

I have to do the IRP5 only

  Written by Marc   Posted 19 November 2015

I have the IRP5 not the IRP6 or 12. Why I did not get that option?

How to declare other income, if when combined with interest income is still below the threshhold

  Written by Marc   Posted 19 November 2015

I resigned my job to study. I have an income on an investment of - R7000 pa and I did some adhoc consulting for a company for which I earned R30000. My wife's tax adviser told me that I still need to submit a tax return as I have income from two different sources. He also said that I don't need to register as a provisional tax payer as I am not actively generating an income that will exceed the tax threshold. (I understand that should I consistently do more freelance work and if my income increases that in future I may have to register as a provisional tax payer. )...

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Payment Reference Number - Provisional Tax

  Written by Marc   Posted 17 November 2015

For Provisional Tax - how does one determine the Payment Reference Number on the IRP6? Do you determine this or do I have to - and if so how do I determine the reference number?

Salaried and Provisional Tax deadline

  Written by Marc   Posted 17 November 2015

As a salaried individual who also makes some money n the side and am registered as a Provisional taxpayer, does the 27 November deadline affect me or do I have until the end of Jan 2016?

Payment periods for Provisional Tax

  Written by Marc   Posted 16 November 2015

Re: 2015 - Provisional Tax Payer
If I make payment of my first provisional for the tax year 2015 then this would need to be submitted by the end of August 2015 - the second provisional payment to made by end of February 2016. Should I need to make a top up this would be made before the end of September 2016 and the final ITR12 would then be made before the end of January 2017 - is this correct?

Due date for ITR12 as a Provisional Taxpayer?

  Written by Marc   Posted 12 November 2015

Have submitted my two Provisional Tax tax returns for this year already, and still need to submit my ITR12. When is that due? It's the first time I'm doing it myself after getting rid of my accountant. Also if I decided to get TaxTim to do it, what all would I need in terms of documentation, and how simple is the process through your guys?

Should a freelance scriptwriter working from home pay tax as an individual or as a sole proprietor?

  Written by Marc   Posted 12 November 2015

Should a freelance scriptwriter working from home pay tax as an individual or as a sole proprietor?

Is a sole proprietor a business?

  Written by Marc   Posted 11 November 2015

If I earn income as a sole proprietor for doing admin and accounting work am I considered to be running a business?

What is the tax definition of carrying on a business.

  Written by Marc   Posted 10 November 2015

I have been unemployed for the 2014 / 2015 tax year. For income, I have been getting casual work here and there. By casual I mean I worked on some events, did some technical drawings for a company and then helped with a school magazine. I was paid for all these jobs, for which I had to invoice and naturally I incurred expenses to do these jobs. Two events were overseas. There were a few months when I had no work at all. (My taxable income is less that the R70700 threshold. ) My question is, does...

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How would I summit a tax return as a sole proprietor with no payslips?

  Written by Marc   Posted 5 November 2015

I am a sole proprietor. I need to do a tax return for this year. I have no payslips, but I do have an income and expense sheet done by me. How do I go about doing a tax return for SARS?

Do fully vested trusts have to submit provisional tax returns?

  Written by Marc   Posted 5 November 2015

A trust is registered as a provisional taxpayer. All the income in the trust vests fully in the beneficiaries meaning that no income is retained in the trust. Will the trust still have to submit provisional tax returns even though it will always be nil?

Would I have to register as a provisional tax payer?

  Written by Evan   Posted 3 November 2015

I was a permanent employee at a company for the first 6 months of the tax year. I have gone freelance for the remainder of the tax year and the foreseeable future. I am receiving a salary in effect as the companies I freelance for deduct 25% tax on my earnings and pay me a monthly lump sum (salary) and they provide IRP5s. Does this mean I won't have to register as a provisional tax payer and also at 25% tax could I apply for a tax directive?

How much do I pay tax if my business has made less than R10000 profit

  Written by Marc   Posted 3 November 2015

I have cash loan business,and I only made R2000 of profit due to bad payers. So how much should I pay to SARS?

Havent submitted tax returns

  Written by Marc   Posted 3 November 2015

I havent submitted a tax return for last 3 years. I have my IRP5's. Help what must I do and are there penalties. I also have just opened a sole prop and need to apply for a tax clearance.

Time limit for submission of returns?

  Written by Marc   Posted 27 October 2015

When must 2014 to 2015 IRP5/IT3(a) tax returns be in by?

Small Business - Administrative service

  Written by Marc   Posted 26 October 2015

I started a small business where I provide administrative services to one company at a cost of R10 000 per month. What will the tax implications be? Will I be able to register for turnover tax or what would be the best option?

Can I claim depreciation for my car as a sole proprietor if I have a log book by using the tax table

  Written by Marc   Posted 23 October 2015

I am operating as a sole proprietor. I keep a log book for my car which I also use for business. Can I claim for depreciation and use the tax tables for that?

By when must all returns be submitted

  Written by Marc   Posted 23 October 2015

By when must all tax returns be submitted

Can PAYE, UIF and Provisional Tax be claimed on Income Tax Return (ITR14)?

  Written by Marc   Posted 22 October 2015

Hi TaxTim

I would like to now, can a Company claim PAYE, UIF and Provisional Tax on a Income Tax Return (ITR14)?

Thanks in advance.

Additional income capture for private work I was not taxed on

  Written by Evan   Posted 21 October 2015

I did some private work during 2014 for which I was remunerated, but not taxed. Please advise how to add this to my tax return and how to claim for the expenses incurred in this period as well.

How to catch up on outstanding returns when I have no income and expenditure records

  Written by Marc   Posted 20 October 2015

I resigned from my job in 2010 and took my pension to buy a small business, which I ran as a sole proprietor for 2. 5 years. During this time, I did not submit a tax return, as I wasn't sure how to do it. Also, I was not making much profit and more or less came out even at the end of every month. I then passed the business on to my son-in-law and started working again in 2013. All the income and expenditure info relating to the business was contained on a laptop, which subsequently crashed, so I...

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Registering as a freelance tax payer

  Written by Marc   Posted 20 October 2015

Hi there, I have been working from home for a couple of months now for a company I used to work in-house full time for. Better explained - I now work on a freelance basis for the same company but I get a weekly salary, the same each week and its on-going. I had the understanding that my tax was being deducted off my salary, that the company was taking care of this. I recently realised that this is not the case and I should have registered as a freelance practitioner and taken care of my own tax....

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ITR12 For January as Provisional Tax Payer

  Written by Marc   Posted 19 October 2015

I am currently running a business as a sole proprietor and have registered for provisional tax. I have already submitted 2 provisional tax returns for the 2015 tax year (IRP6). Now do I also need to submit a ITR12 for January?
Does TaxTim also help with this type of ITR12, and if so, is it any different from your standard ITR12?
How should I answer the initial TaxTim questions differently?

Vehicle Purchased For Business and Personal

  Written by Marc   Posted 16 October 2015

I recently purchased a car cash for business and personal use. The amount paid was R103,000. How can I go about claiming a portion thereof as a tax deductible expense if I also use it for my business?
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