Sole Proprietor, Importing and Tax?

  Written by Marc   Posted 10 October 2012

Hi Tim

Hope you can help me as I'm having a hard time finding the correct information.
I would like to start importing small quantities of goods, for resale, into South Africa as a Sole Proprietor. Now as far as I can tell I will need to complete the following forms at SARS to get an Importers Code: DA185 and DA 185.4A1.

Now the thing is I don't have a tax number etc because I've just finished my studies and I'm just starting out as a Sole Trader, and from the looks of it the DA185 form requires that information....

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Do I declare maternity UIF on my tax return?

  Written by Marc   Posted 4 October 2012

Hi Tim, I was on maternity leave for 4 months of the 2012 tax year. During this period my employee paid 75% of my income and the balance I claimed from the labour department. Please could let me know if this will affect how I file for 2012? Are there changes I need to be aware of?

We are elderly people - not familiar with new things - can you help?

  Written by Marc   Posted 4 October 2012

I am too old to learn new things - I had a bookeeper lady - she has become too expensive. She does not show us what to do, just did it for us. We need to get help in a simple old fashioned manner = that is what we are looking for. I am a provisional taxpayer - a little closer to 70 years old - so don't hit me with hi tech answers. I do not understand the tax jargon.

CC company when do I submit taxes? Not registered for VAT, only income tax.

  Written by Marc   Posted 2 October 2012

Trading two months now, can't seem to register on efiling.

I want to submit my own tax for this year, but I want to do it via e-filing.

  Written by Marc   Posted 2 October 2012

A friend of mine did it for me before, but this year I want to do it myself, so he said I must contact SARS, they will ask me a couple of questions and they will be able to send me some info, so I can get access to submit my tax return.

Will I need to complete a tax return this year?

  Written by Marc   Posted 2 October 2012

I have just started work for the first time on the 1st of August 2012. Do I need to still do a tax return for this year?

I do not understand why TaxTim is different to manually completing an ITR12?

  Written by Marc   Posted 1 October 2012

Where do I update my personal particulars and where on TaxTim do I enter details of my IT 3(a)'s and bank interest?

How to manage your tax affairs running a business in your own name as a sole-proprietor

  Written by Marc   Posted 1 October 2012

South Africa is brimming with entrepreneurs and small business owners who keep the economy running. These people may or may not be earning a regular salary too, but all of them operate a non-registered business in their own name - a so-called sole-proprietorship. In this blog post we will discuss how such a business pays tax, how it is taxed, and how to separate personal and business affairs to make tax deductions correctly.

To register or not to register as a company? ...

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Is information on an IT3(a) filled in in the same manner as that on an IRP5?

  Written by Marc   Posted 28 September 2012

I'm struggling with how to deal with Annuities

What does an sms from SARS with two minus figures mean?

  Written by Marc   Posted 28 September 2012

Hi I've received an sms from SARS with two amounts with a minus sign in front of it, what does that mean? Do I owe SARS that money?

How do I treat a medical aid tax credit with regard to employer paying whole med aid which is includ

  Written by Marc   Posted 25 September 2012

I am an employee that has my employer paying my med aid in full, but it is included in my overall package. So technically i still pay for it. How do the calculations work out. The contribution is R 1356 pm. Before we were working out what was paid, minus the capped amount and allocating the diff. I have to do the interim recons for Sars and have no idea how the tax credit system will affect me. I am the only one in the company that is structured like this. Please help...

Proper apportionment of fuel and right of use for vehicle

  Written by Marc   Posted 25 September 2012

Hi there i had right of use of car and i paid for all of my petrol. I would like to know how to differentiate this on your website as it initally asks me my personal BUSINESS expenditure which i have apportioned and put the net amount in that block but then it subsequently asks my personal expenditure I incurred for right of use. Does this line item refer to insurance costs or must I retype my ENTIRE petrol expenses ie including private expenditure.

Is UIF contribution included in taxable income?

  Written by Marc   Posted 25 September 2012

Is UIF contribution included in taxable income and how is it applied?

I am 64 years old, what is the taxable threshhold for a tax year?

  Written by Marc   Posted 25 September 2012

How much money can I earn in a year before I will be taxed by SARS?

Where do you include amounts

  Written by Marc   Posted 25 September 2012

Where must we include rental income, purchased annuities, exemption of capital portion, tax payers information, RAF S11(n)?

What happens if I've earned foreign income?

  Written by Marc   Posted 25 September 2012

I qualify to have my income classified as foreign income, but am unsure of the disclosure of this on my tax return.

How can SARS reverse my tax refund for 2006?

  Written by Marc   Posted 25 September 2012

Please could you assist, SARS has now done a re-assessment on my TAX year for 2006, I initially got a refund from them now they have taken it off. I can not go back and get my IRP5 forms as I was working on a project with the company. I was initially using my sister in law to handle my tax but she has made a big mess up. I would like to know how can they re-asses my TAX and tell me I was wrongfully given a refund. With that been said they have no reduced my refund for 2012 from R11K to less than...

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Remuneration R31452.00 included in assessment

  Written by Marc   Posted 25 September 2012

Adjustments were made in the calculation of taxable income

How do I register for a tax number?

  Written by Marc   Posted 25 September 2012

My children are being enrolled wwith an agency, part of the enrollment require a personal tax number. How do I get them registered?

Can I claim back contributions from past returns already filed?

  Written by Marc   Posted 25 September 2012

I just realised that I haven't claimed any money back on my disability cover contribution and RA contributions dating back to 2008.
Can I still claim money back for the years I've missed?

How should I structure my travel allowance?

  Written by Marc   Posted 25 September 2012

I have regesterd a small business and are drawing a salary as an employee. I travel a lot for the business. Should I ad a travel Allowence to my salary or have the business deduct it from it's tax and if I could ad a travel allowance what is the maximum and what can be payed from this allowance, eg petrol, maintenance and car payments.

Should I produce a log book at the end of the tax season or every month.

Which way is the most cost effective

Since I don't have a business, but am a sole prop, what do i put as my business code to proceed?

  Written by Marc   Posted 17 September 2012

What do I put as a business code if I don't have a business, because I cannot proceed without having put a business code?

Do I only pay tax for the months I am over the tax bracket?

  Written by Marc   Posted 17 September 2012

I am just starting out a part time photography business from home. My income isn't a set amount each month. Do I only pay tax the months I am over the tax bracket? And do I pay tax on my total income - or only the amount after I pay everything - such as medical aid, insurance, business costs etc.
Also, because this is my only source of income - do I only pay income tax or?

I claim medical aid but medical aid not in my name, am I allowed to do this?

  Written by Marc   Posted 17 September 2012

I pay the monthly medical aid fee but the medical aid is in my spouse's name. I want to claim this as he does not pay tax, is this allowed?

Does married in community of property affect your assesment?

  Written by Marc   Posted 17 September 2012

I submitted my tax return via efiling. This year i made a mistake by selecting the wrong button by saying i am married out of community of propery. I am married in community of property. SARS send me a notice that i owe them R1029 and at the bottom its said that married out of community of property affected the assesment. What can i do as my details have not changed and previous years i never had to pay SARS. Could it be because of that and what can i do about it?
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