Do I need to register for provisional tax and VAT as a sole proprietor selling used vehicles?

  Written by Marc   Posted 8 April 2014

I am the sole proprietor of my business. I buy up used motorcycles and scooters, which are mostly vintage and then sell them on to collectors. Some of my sales are to overseas buyers requiring me to export these vehicles.
This is my only income.
Am I required to register for provisional tax?
Am I required to register for VAT?

Tax implication on initially tax exempt foreign earnings?

  Written by Marc   Posted 7 April 2014

Hi Tim, reading through your blog I am quite confident that my foreign earnings will be tax exempt...thank you! I start a working contract as a salaried worker in Saudi Arabia this September. I am thinking of transferring the bulk of the money into my South African cheque account on a monthly basis and maybe from there into a market linked account.

My question relates to tax implication at this point. Do I pay SA tax on just the interest earned thereafter? Does the capital get taxed in subsequent tax years? ...

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Is SDL calculated on monthly salary of R2500 p/m?

  Written by Marc   Posted 7 April 2014

Does an employee pay Skill development Levy on a salary of R2500 per month for the tax year 2015?

I need to get my tax number?

  Written by Marc   Posted 5 April 2014

How can I get my tax number via mobile?

How to treat foreign income

  Written by Marc   Posted 5 April 2014

I am a SA citizen and live outside SA with my family(since 1998). I have bank accounts and property investments in SA, and I still fill tax return every year. My salary income is all foreign though. I visit SA almost every year for a period of 4-6 weeks for vacation); sometimes another 2 weeks over Christmas. I also own foreign property.Questions:1. Should I declare my foreign income?2. Should I declare my foreign property in any way, purchase, rental income, sale?

Tax thresholds?

  Written by Marc   Posted 4 April 2014

What is the minimum tax threshold for 2015?

Holiday Homes - what can I claim and what will be the tax implications when I sell my property?

  Written by Marc   Posted 4 April 2014

I have a holiday home... what expenses can I claim? Can I for instance claim depreciation and finance charges? What is the TAX implications if I sell my holiday home, say after 10 years? If I took money from an existing bond and other financial investments, can I claim the finance cost and lost interest?

What is the tax benefit on a medical aid?

  Written by Marc   Posted 4 April 2014

Do I pay less tax if I pay for private medical aid?

our employee deduct

  Written by Marc   Posted 4 April 2014

hi tim our employee deduct PAYE from some of our casual worker but dont pay it in to sars what can we do.

Tax on earnings?

  Written by Marc   Posted 4 April 2014

My earnings are R7098.40 what will my PAYE be?

How are one-off payments taxed?

  Written by Marc   Posted 3 April 2014

I have just started working as a freelance copywriter however this is not my main source of income. The work is a side-line and sporadic thing. I am about to be paid for a job I've completed and would like to know how I will be taxed for the job- in other words I really want to know how much money I will take home at the end. Is there a way for me to calculate this?

Won't I be penalised if I did not submit last year cos I did not have a medical aid?

  Written by Marc   Posted 3 April 2014

I receive my IRP5 every year, I never submitted them to receiver because all along I did not have a medical aid or a retirement annuity. Last year in September I then joined the Government medical aid and it was also stated in some articles that if you don't have one of the mentioned and earning below 250 000 per annum there was no reason to submit. This year I will do my submission since I have a medical aid.

My question is won't I be penalized for not submitting last year due to th...

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Are you a registered entity or company or person to do Tax Returns?

  Written by Marc   Posted 3 April 2014

How do I verify that you are legitimate entity and you are registered with SARS for the Tax Return purposes.

Do I need to reflect an executrix's fee as an income?

  Written by Marc   Posted 3 April 2014

I HAVE RECEIVED AN EXECUTORS FEE WHAT DO I NEED TO REFLECT THIS IN MY TAX RETURN. Do I have to reflect it as an income. Am I allowed to take my costs off this fee i.e. photocopying charges, ink jet cartridges, phone calls.etc.

Income tax for Fy 13-14.

  Written by Marc   Posted 2 April 2014

Hi, My annul income is R. 495 000 and I joined in South Africa payroll in mid of Jan -14.So my question is how much income tax I should pay to government.

If my previous employer has submitted my IRP5 forms to SARS will I receive a tax return?

  Written by Marc   Posted 2 April 2014

Please advise on the following. I have had two previous employers but I had not registered for tax or eFiling?

Recently, I had received my IPR5 from one of the previous employers. The IPR5 form was filled in by HR and had a 10 digit number which I assume to be my tax number, am I correct to assume so?

Secondly, if my previous employer has submitted the IRP5 forms, will I receive any return or do I have to register for eFiling and submit the forms myself in order to obtain a return?...

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Donations Tax?

  Written by Marc   Posted 2 April 2014

My parents are married in community. 1) Do they still need to fill in forms at SARS if they give me a donation of less than R100 000 each ? I understand that my dad can donate R100K to my mom tax free, but can my mom then donate that same R100K to me so that I can receive R200K in total for the tax year, or can they only donate a joint total of R100K?

Is your service for small businesses?

  Written by Marc   Posted 1 April 2014

Is your service for small businesses?

Will I pay SA tax on my UK pension and lump sum from deferred pension received in SA?

  Written by Marc   Posted 1 April 2014

I have lived in SA for 40 years and have just started receiving the portion of the UK pension that I am entitled to, will I have to pay SA tax on that. Also, because of my deferred pension and the choice of lump sum or extra pension, if I choose the lump sum and have it sent here will I have to pay SA tax, I can tell you the amount of the lump sum if you need to know it.

What is the reason a person earning below R100 000 is being taxed?

  Written by Marc   Posted 1 April 2014

Why is a person earning below R100 000 per annum being taxed?

Detailed medical accounts - what does SARS accept?

  Written by Marc   Posted 1 April 2014

I have hospital accounts with receipts (fully paid) and intend to claim a deduction from SARS with my 2014 tax return, however the hospital accounts ((Mediclinic), only state ward stock, theatre stock and dispensary stock. These items were either for medication or materials given/used. I would like to know if these accounts are adequate with this info or must each and every item used be specified for me to claim a tax rebate?

Tax payable on R2 608000

  Written by Marc   Posted 1 April 2014

How much tax is payable if I happen to resign and my basic salary is R388127 pa

Property Transfer Duty for Trusts

  Written by Marc   Posted 31 March 2014

If a trust is buying a residential property does it pay the same transfer duty as individuals? Further, if the trust was registered for VAT would that change the answer to the previous question in any way?

What is the tax on distributions from REITS?

  Written by Marc   Posted 31 March 2014

Is 15% holding tax deducted from the dividends distributed to a local investor from a Property REIT or not?

Do we need a tax directive to avoid paying PAYE due to working out of the country ?

  Written by Marc   Posted 31 March 2014

My husband works out of the country and in 2013 was in Moz for 63 consecutive days, meaning he shouldn't pay PAYE in SA. How is this worked out in the system? Should he be paying monthly PAYE, and refunded at year end, or does he need to apply for some sort of tax directive from SARS? He has been invoicing the company, who have paid him in SA but there are no payslips or PAYE deductions. Now we are applying for a homeloan, they want payslips.
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