Vehicle tax benefits for CC or Pty company

  Written by Marc   Posted 8 September 2013

What are the tax benefits of leasing a vehicle? The lease amount is R4 000 p/m and it's for 36 months. Should I rather get a single cab bakkie and claim the VAT back on that? I own a few restaurants, so it would be for picking up emergency stock and the company logo will be displayed on either vehicle (if that makes any difference).
I own a cc and a pty(ltd), is there different tax benefits for them?

Is there a specific reason why SARS ask for supporting documentation or is it selected at random?

  Written by Marc   Posted 6 September 2013

Hello Tim!Is there a specific reason why SARS ask for supporting documentation? Some of my family members are selected for verification and others not, is there a specific reason or at random? Will it be asked next year?

I want to ask who files for returns? How much should you be earning to file for tax returns?

  Written by Marc   Posted 6 September 2013

I want to ask who files for returns? How much should you be earning to file for tax returns?

Old tax number

  Written by Marc   Posted 6 September 2013

How can I find my old tax number?

Taxable Settlement agreement?

  Written by Marc   Posted 5 September 2013

Hi Tim,

Last year (this financial year though) I left a job and had a settlement agreement with my ex-boss for outstanding monies for overtime as well as for medical expenses as a result of my work. We have had no contact since the settlement. When going to file at SARS I noticed he has included the full amount as income on my IRP5, where as only a small portion was for income and the rest to cover my medical bills. Am I correct in thinking that I am not liable for income tax on the S...

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Do you have to fill the yellow blocks on the student assignment?

  Written by Marc   Posted 5 September 2013

Do you have to fill in the yellow blocks in the calculation part of the question?

How do I check if my return was successfully submitted?

  Written by Marc   Posted 5 September 2013

Who do I contact so that they may check for me if my return was successfully submitted, and what information must I have at hand on inquiring?

Do you need to supply an IRP5 for freelance workers?

  Written by Marc   Posted 5 September 2013

If we have a freelance guide that worked for us for a number of days in the year and they get an agreed payment from us (example of R 650 per day) and we do not deduct tax for this. Do we need to supply them with an IRP5? Take note that this person is not an employee of this company.

How will tax be calculated after I leave my job?

  Written by Marc   Posted 5 September 2013

Hi Tim
I am over 45 and have 20 yrs service with the state. I'm planning to exit. How will my tax be calculated?

SARS: Verification of Assessment

  Written by Marc   Posted 5 September 2013

Hi Tim

I submitted my return via efiling on 16 August 2013 and received notice to submit supporting documents which I did on 21 August 2013. It was confirmed that the supporting documents were in order. On 3 September 2013 I received SARS correspondence for my attention on efiling. When I logged in my efiling status is "Correction filed" and the description of the letter is "Completion letter". The contents of the letter is as follows:

"Dear Taxpayer

VERIFICATION OF ASSESSMENT...

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Incorporated versus sole prop for a new business

  Written by Marc   Posted 4 September 2013

Hi Tim. I am about to embark on a new venture and start up my own business. We are bound by various rules and regulations as per the HPCSA and are only able to practice in an incorporated or solus practice. I am feeling very unsure as to which is the best option tax wise? The gross monthly income of the practice is expected to start off at and vary between R30 000 and R50 000 per month. I will not have any partners or permanent employees. I work from home 50% of the time and am onsite (travellin...

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Income tax numbers for employees

  Written by Marc   Posted 4 September 2013

Hi
Tax season is here again, and we had a whole lot of staff who left and we did not get their income tax numbers. Is there a way that we can get it?

New to tax, what taxes must I pay and how?

  Written by Marc   Posted 4 September 2013

HI

I'm new to the tax paying thing, and want to know, I have just started working earning R17000 and want to know what taxes my work should be paying and what I have to pay or submit or.... with the help of Tim of course :-)

Thanks

Regards
Pascal

Claiming for medical expenses paid out of personal savings account.

  Written by Marc   Posted 4 September 2013

I did not have a fixed monthly income for the tax year ending Feb 2013. My medical expenses were covered from my personal savings account. I incurred medical expenses; can I still deduct the medical expenses paid from out of my private savings?

I haven't been paying tax since starting work (5 years). What are the implications?

  Written by Marc   Posted 4 September 2013

I have been working since 2008 and earning enough to qualify for tax but I am not a registered taxpayer. Will I be liable to pay taxes for all those years I have been working till date, as I plan on registering for tax to avoid any more repercussions?

No payment reference number for SARS payment?

  Written by Marc   Posted 4 September 2013

How to get my payment reference number if I had not received my postal statement?

Working from SA, being paid in UK

  Written by Marc   Posted 4 September 2013

Living and Working in South Africa remotely to UK (IT).

Hi Tim

I lived in UK for 5 years and returned to SA in 2010. I have dual nationality (German and South African).

I have been working in SA for a local company since 2010 earning rands. I have now been approached by my previous employer in UK to work for them again remotely from SA.

If I am paid by them in pounds into my UK bank account where will I pay tax and will have have to bring in all my earnings to SA or can I only bring in what I need?...

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Locked out of efiling

  Written by Marc   Posted 3 September 2013

I am locked out of efiling. I think I typed my password incorrectly...

Who is a dependent in terms of South African Tax Laws?

  Written by Marc   Posted 3 September 2013

Who is a dependent in terms of South African Tax Laws ?

Inherited house inclusion in taxable income

  Written by Marc   Posted 3 September 2013

Do you include an inheritance of a house when calculating taxable income before you dispose it?

Should one separate share investment and trading activities by creating a legal entity?

  Written by Marc   Posted 3 September 2013

It is apparent that there is a massive grey area when it comes to SARS interpretation on share investment vs share trading and the resultant taxation thereof.

I have a share investment portfolio (exceeding 3 years) and now also want to trade shares short term.These shares will include some of the very same shares that I hold long term in my investment portfolio. Can and will SARS accurately distinguish on an ongoing basis which shares I sell at any given time and tax me accordingly and correctly i.e. capital gains vs income? ...

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When will I get my money?

  Written by Marc   Posted 3 September 2013

How long will it take to refund my money?

Correction on return from 2007 - how long will it take to be assessed?

  Written by Marc   Posted 3 September 2013

Hi,I submitted my IRP5 for this year. After doing that I was given a penalty, because my 2007 and 2008 returns was not done. I paid the penalty and sumbitted all the outstanding years. I was told that they are busy with a assesment on my 2007 return. This is now going on for 2months. Last week I realized that I made a mistake on my 2007 return, and that is why they are busy with the assesment. I requested a correction and filed it.Now how long do you think it will take for them to finish with th...

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How do I declare income earned outside SA and put into offshore acc?

  Written by Marc   Posted 3 September 2013

I act as a local consultant for a European company and earn regular income, which is paid into a offshore account and no tax deducted. I live in SA, working full time and earning a salary. What are the tax liabilities on the income earned in Europe and how is it declared?

Do temporary teachers pay tax?

  Written by Marc   Posted 3 September 2013

I am a temporary teacher and pay tax.
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