Can I claim deductions for items bought in Feb to start with sole proprietor business in March

  Written by Marc   Posted 29 July 2014

I started a sole proprietor hairdressing business on 01 March, I started to purchase stock and had some upgrades done to a rental property during Feb. Can I claim a deduction for the chairs and sinks, I purchased as well as the repairs to the deck. I am renting a small property because my home is not large enough for the business

Tax status before submission?

  Written by Marc   Posted 28 July 2014

Can I have a provisional calculation on tax before I submit on Efiling?

Tax responsibilities following resignation?

  Written by Marc   Posted 23 July 2014

I would like to find out how my SARS tax returns will work for the 2015 tax year.

I resigned from my employer of 10 years at the end of January 2014 to start my own business from home.

What are the implications and my responsibilities to SARS from this point on? I am technically unemployed with low annual income currently.

My business is home-based. I have no other means of income. My husband is currently employed full time. We are married in community of proper...

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Does community of property includes sole proprietor?

  Written by Marc   Posted 22 July 2014

Does a sole proprietorship form part of joint estate?

Selected yes for provisional taxpayer in error?

  Written by Marc   Posted 17 July 2014

I selected yes for provisional tax while registering for
eFiling. How do I amend this? And will it make a difference?
When I submit my tax return?

As a provisional taxpayer being self employed, may I claim for office space in my home and travel?

  Written by Marc   Posted 17 July 2014

As a provisional tax payer being self employed, may I claim for office space in my home and travel? If so, what is the fair amount?

Recently self-employed

  Written by Marc   Posted 16 July 2014

I recently (1 May 2014) opened my own business (A Pty Ltd) to operate from as a consultant. Am I correct in assuming that I am now a provisional tax payer? If so, do I need to register as such (I am a registered income tax payer already from previous fixed employment)? Do I only need to submit an income tax return after February 2015 and make a provisional tax payment in October?

What % of total income amounts do we show in each IRP6 to ensure the rebates can be claimed twice

  Written by Marc   Posted 13 July 2014

Good day

Thanks for your tax articles. I have one basic question, please.

In the case of provisional tax paid for persons married in community or property, what income amounts does one enter into each IRP6 to ensure that one can claim the rebate twice. I have heard I should enter 100% of our total income in my IRP6 and 50% of that same income in my wife's IRP6?

IRP5 from a company I don't work for anymore

  Written by Marc   Posted 11 July 2014

I have received an IRP5 form from an agency that I previously worked for from another company in Cape Town. I have no clue what I am suppose to do with this IRP5 form because I don't work for the company anymore.

Can you please advise me or assist me on this matter? Thank you

How do I close my tax account?

  Written by Marc   Posted 9 July 2014

I am a provisional taxpayer. I used to have my own business. I am no longer employed and I am leaving the country in December. I am wanting to know what the procedure is to follow in closing my tax account. Do I need to get a tax clearance?

ITR12 option not available

  Written by Marc   Posted 7 July 2014

My SARS eFile does not have ITR12 option under my "Returns Issued"...it only has "Provisional Tax (IRP6)". What should I do?

Earning a salary and having a sole prop on the side, how does the tax work?

  Written by Marc   Posted 3 July 2014

I am employed and earn a regular salary from my employer. BUT I also run a small business (just me as Sole Prop) on the side. (I help people with Web development and design work)How does tax work in my case? Do I need to put away a percentage of each transanction and pay it manually each year or how does it work? I don't want to get into any trouble with the tax man :-)

Taxation on profit for sole proprietor?

  Written by Marc   Posted 29 June 2014

NOTES: 1. Taxation R12 523 x18% = R2254.14 less rebate under 65 years R12 080 = R 0
am I correct with the above calculation or will I need to still pay the tax of R2254?

Rent Income

  Written by Marc   Posted 28 June 2014

If your rent income and salary income amounts to less than the required amount for taxpayers to submit income tax does that mean I do not need to pay provisional tax or does any additional income count as 'taxable'?

Transition from adviser to TaxTim?

  Written by Marc   Posted 27 June 2014

I am a provisional tax payer and have been using a tax adviser. My affairs are simply - I earn a salary and receive rental from 2 properties.

Are there any issues to consider with regards to the provisional tax I have paid?

Forms required to complete for provitional tax on eFiling as sole proprietor, how to do EFT Payment?

  Written by Marc   Posted 24 June 2014

I am registered with SARS on E Filing as a sole proprietor, what forms do I complete and how do I do EFT payments

When should I register as provisional taxpayer from?

  Written by Marc   Posted 23 June 2014

I'm starting contract work on 1 July 2014 (payable by client in first week of August), in addition to salaried work. If I register as provisional taxpayer in July or August, would I still have to submit my first return this August, or should I wait until after Aug to actually register? I'm concerned that projected earnings to Feb15 will inflate what I'd need to pay in August, considering I wouldn't have earned it yet to keep the extra tax aside?

Tax enquiry regarding deductions and insurance payouts?

  Written by Marc   Posted 6 June 2014

A client has broken his fingers and cannot perform his work commitments as a personal trainer and actor. He is trading as a sole proprietor. First question is, will he be taxed on his payout for impaired benefits from his insurance company? Secondly, what supporting documents need to be submitted to the insurance company for this payout? Thirdly, what expenses can be deducted from a client who is either a model/actor that is paid via an agent?

How do I calculate a company IRP6 return with a loss?

  Written by Marc   Posted 26 May 2014

How to calculate a company provisional IRP6 return?

What do you mean by include employment income? Would that be your salary?

  Written by Marc   Posted 9 May 2014

On the IRP6 form for (Turnover) what do you mean by include employment income? Would that be your salary?

Retired 6yrs ago at 58, receive rental income of R90,000pa. Do I submit return? Am I in arrears?

  Written by Marc   Posted 4 May 2014

I am now 61 years old and retired Feb 2008. Up until then all taxes were up to date. Since then I moved and receive R90,000 pa rental income from my fixed property. I wish to establish if I am liable for any taxes on this rental income and if I must re register as a provisional tax payer in the light that I have never received any notices from SARS since retirement.

I am retrenched, how I can save money from my retrenchment package - provident fun?

  Written by Marc   Posted 2 May 2014

I am retrenched, how much of my severance package and provident fund will be taxed? I want to learn the basics of income tax as a freelance writer, what will be expected of me to be legal taxwise. What is an income tax return, when working part-time as a freelance writer in South Africa?

How do independent consultant pay tax?

  Written by Marc   Posted 1 May 2014

I work as an independent consultant for two organisation. I basically invoice these organisation monthly for work done. The contracts are structured in such a way that I should be paying tax myself. However, I only started this year, but am not sure whether to register as a provisional taxpayer or not. How do I go about honouring my tax obligation?

How do you register a company that won't be using VAT but would like the perks?

  Written by Marc   Posted 28 April 2014

I have started a new company and want to know the following:

My company won't be doing invoices or quotes nor will it be buying anything on credit. So no VAT will ever be charged from my side. In the future I see the company recruiting employees but for now it is just me. Do I need to register my company right now (if its just me) as I would like the perks of having the office space I am using to be taxable. I am using 2 parts of my house for work purposes (one for offices and the other for storage). ...

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How does my tax work if I am the sole proprietor and sales person of my estate agency?

  Written by Marc   Posted 28 April 2014

I am a principal of my own estate agency. I work alone. How does my tax work? As a sole proprietor I am not certain, as I do all the selling myself?
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