What will my tax liability be if I start a business?

Posted 23 May 2016

Hi, I can provide services such as graphic design, animation, music production and web development. I recently caught attention of few business owners wanting me to do work for them, will I need to pay tax approaching them as self employed individual? I am prepared to charge everything once off based.

Additional income, and when do I register for Provisional tax?

Posted 18 May 2016

If I do freelance work and get paid via Paypal what are the tax implications of withdrawing the funds into an FNB account, this would be a second source of income

What documents to submit when I use TaxTim to submit my tax return?

Posted 5 May 2016

I am a Sole Proprietor and have signed up for individual tax and provisional tax with you. With regards to my Tax documents, can I send you my bank statements and slips, as well as a summary of my payments on an excel document?

Forex trader tax allowable deductions

Posted 5 May 2016

I want to become a Forex Trader and would like you to advise me on how do I go about? (do I need to form some sort of form from SARS for tax or the money/profit that I will be receiving from overseas would be already taxed and if so what is the name or type of that Tax)

Tax on foreign earned income

Posted 5 May 2016

I've been working overseas temporarily and have save up 2600euros, when I come home will this be taxed when I exchange it to rands.

Foreign employment income

Posted 4 May 2016

Please advise the tax application on the following

1. SA residents living and working in South Africa for a overseas company. 2. Receiving a salary from the overseas company-paid in ZAR to the employees. 3. Should the foreign company deduct PAYE or should the employee be responsible for it when
submitting their Income Tax in SA.

Tax on a sole proprietor

Posted 29 April 2016

I have just opened a sole proprietor in my name. My questions is probably one of the most common ones but I would love to receive a clear answer. I would like to know:
~How much Tax would I pay on my sole proprietor income?
~Is it Tier related?
~Or is it the same Tax doesn't matter how little or much my sole proprietor earns?
~Can I claim this tax back?
~And final question How does my own income apart from the sole proprietor effect the taxes?

Tax liability for an Independent Contractor

Posted 25 April 2016

My son started as a independent contractor March 2015 and has not paid tax. He earned R10k for 2 months and R5k for the rest of the year. He got paid a lump sum of R80k when the job was done. He is going to SARS but what tax or penalties can he expect

May a sole proprietor have travel allowance and must retirement or providend fund be deducted monthl

Posted 21 April 2016

I would like to know if a sole proprietor may allocate a travel allowance to himself?

In regards to a retirement or provident fund may I do payment once a year up to 27. 5% of my earnings or must I do it monthly?

Your help will be greatly appreciated

WS

filing season dates

Posted 20 April 2016

When is the first tax return date and when is the closing date?

Tax paying Freelance Artist / Independent Contractor

Posted 20 April 2016

I am a freelance artist, I want to work fulltime for myself, but can't be certain how much I will make or whether I would make any money at all. I am married in community of property. My husband is lucky enough to have an employer that takes care of his submission every year. I need to ask whether I should add my income to his submission or whether I should have my own tax number. I tried to enlighten myself by reading the Tax website,, but it's all greek to me, I can't seem to figure it out. I ...

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How is online income in foreign currencies taxed locally?

Posted 19 April 2016

Hi. I'd like to know how online generated income is taxed. I am a South African resident currently in the process of generating income in foreign currencies ( US dollar and the Euro). I do not want to break any tax laws, please assist me.

Tax returns

Posted 15 April 2016

When can I submit my tax returns for the year 2015/2016?

Does a sole trader require signed financial statements?

Posted 14 April 2016

Does a sole trader who is registered for provisional tax need to have annual financials done?

Tax payable on buy to let property

Posted 11 April 2016

I have invested in 4 properties to rent out to provide me with income. The total income I am recieving each month is R 18 000. I am 60 years old and have no other income. The properties are all in my name. How much tax will be payable on this monthly amount considering that this is my primary income.

How do I de-register for Provisional tax?

Posted 6 April 2016

I am a registered provisional taxpayer from when I earned other income than my salary. I now only have a salary income. Nothing else. How do I deregister for provisional tax purposes?

Tax when working for different employers / independent contractor

Posted 6 April 2016

I am about to start 2 different half day jobs. In the morning I work for an organisation and in the afternoon I work for an individual. Should I expect the individual I work for to deduct PAYE or should I put it the PAYE amount away and pay it as personal income tax?

How do I claim Withholding Tax back?

Posted 5 April 2016

Hi, we get charged withholding tax from Botswana. We have the withholding tax certificates issued from BURS Botswana Unified Revenue Service, but how or where do we claim this back on our IRP6 form.

Must commission earners register for provisional tax?

Posted 5 April 2016

Hi Tim,
I earn a basic salary and a commission. The total commission earned is more than 50% of my total earnings. Do I need to register for provisional tax?

Submission of late Provisional Tax returns

Posted 5 April 2016

I received rental income in 2016 tax year, but didn't pay provisional tax. On my ITA34 I am not registered for Provisional tax, but on my SOA, requested one day later, it states that I am registered for Provisional Tax. What are my options now in order to pay the minimal penalties/interest? Do I rather not submit the late IPR6 tax returns and only specify the rental income when I submit my next Income Tax Return?
Also, how does the fact that I am married in community of property influence ...

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Please clarify if I can get a tax directive and how they work

Posted 4 April 2016

My estimated gross income R670 114. 00
My estimated expenditure R306 081. 00
Estimated taxable income R364 033. 00
Please show me the calculations to get a tax directive of 20%

Why aren't I getting tax rebates on all my work expenses?

Posted 31 March 2016

I contract for a UK based company and and paid in Rands each month - a salary, and all my expenses. Currently I pay a tax person in SA to do my tax (I am paid in full and then it's my responsibility to sort my tax out), however I haven't received any rebates from SARS for 3 years despite all my expenses, including travel, office rental, parking (all business related). Wondering if you can help? Would TaxTim be able to deal with my provisional tax?

Wear and Tear claim for home office equipment for sole proprietor

Posted 31 March 2016

Can a sole proprietor claim wear and tear on home office furniture, equipment, computers? What is the allowance?

Please explain provisional tax

Posted 31 March 2016

I know that I have to pay personal tax 3 times a year but I don't understand for when I am paying or being calculated for.

Do I qualify for Turnover Tax?

Posted 30 March 2016

I work as a sole proprietor in the travel industry where I earn commission. I work from home and have to look for my own business but I work through a travel agent who collects the money on my behalf and they pay over my commission monthly. Can I register for Turnover Tax? My income is below R1m per year but I am worried that I may be classified as a personal service provider as more than 80% of my income comes from one source namely the travel agent and not the individual clients.
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