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'?

Do SARS owes me?

  Written by Marc   Posted 28 June 2014

From last year January till march these year I was working. I was also paying tax so as tax return now how could I know if SARS owes me cause I was paying too much and I was working under contract.

eFiling and Income Protection, what goes where?

  Written by Marc   Posted 27 June 2014

What option do I choose to claim for income protection

Commission based salary - Fuel for vehicle to meet with clients?

  Written by Marc   Posted 27 June 2014

I work for commission, but there is no where I can fill in my mileage that I drive to see clients. How does this work?

Will I receive a tax refund if I was unemployed and still contributing to medical aid?

  Written by Marc   Posted 26 June 2014

I was unemployed from February 2013 to December 2014. I returned to work in January 2014. During that period I was still paying for medical aid. will I receive a tax refund?

'Gift' income from UK - is it taxed?

  Written by Marc   Posted 26 June 2014

My parents who live and work in the UK have given me some money, just under R100,000.00
Essentially this money is support for airfares and expenses incurred due to the illness of a family member overseas, and my need to travel.
They transferred it using TT from a UK bank, and this has been automatically flagged by my bank to SARS and FSB etc.
Will I be taxed on this 'gift' ?

Running office from home? - can I claim for tax purposes?

  Written by Marc   Posted 25 June 2014

I am permanently employed and run my office from home , the company pays a portion of the rental and I pay the balance, this is not reflected on my payslip though, they merely deduct my portion of the rent from my salary and pay the full amount to the estate agents. The deduction is under "other" on my payslip, my question is will I be able to claim any amounts back for electricity , security etc etc ?

Do you guarantee payment?

  Written by Marc   Posted 25 June 2014

Do you guarantee pay out as per return completed on your site?

Will having a few policies affect my tax return?

  Written by Marc   Posted 24 June 2014

Which policies affect tax payments?

NOT WORRKING CAN I CLAIM MEDICAL EXPENCES

  Written by Marc   Posted 24 June 2014

GOOD DAY I JUST WANT TO FIND OUT.I DIDN'T WORK FOR A YEAR BUT HAD MEDICAL EXPENSES. CAN I STILL CLAIM MEDICAL EXPENSES ON eFiling?

Can I claim tax refund?

  Written by Marc   Posted 24 June 2014

Can I claim a tax refund even though I don't work?

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?

I work in sales, can I claim for my laptop and tablet which is used for work purposes?

  Written by Marc   Posted 23 June 2014

I work in sales, can I claim for my laptop and tablet which is used for work purposes?

Will I get money from SARS?

  Written by Marc   Posted 22 June 2014

Do petrol attendant also get refunds from SARS after being dismissed by their former employers?

What happens if a taxpayer passes away?

  Written by Marc   Posted 21 June 2014

What if one passed away can anyone on your family can claim your tax?

Wife's medical aid - do I get a deduction

  Written by Marc   Posted 20 June 2014

Will I be able to claim a tax deduction for myself if I am on my wife's medical aid? It costs more to join a medical aid on my own, rather than to join as a dependent, and I would like to know what the tax benefit is.In previous examples, you stated that each member can get a R230 per month tax credit - has this changed?We both earn salaries in excess of R30K per month

I want to know about tax certificates?

  Written by Marc   Posted 18 June 2014

Do you claim when you get a text certificate form your Medical Aid or what?

What is the entertainment expense deduction limit per year?

  Written by Marc   Posted 13 June 2014

Hi Tax Tim
I am helping a small contractor with his books and I would like to know how much he can claim for entertainment expenses? Is there a limit per year? Also assisting my local church and have the same query for their entertainment expenses?

SARS Income Tax Refund Calculator

  Written by Marc   Posted 12 June 2014

How accurate is your Refund Calculator?

Also how much will you charge me to submit me 2014 return?

I like to know is it money I owe SARS or what?

  Written by Marc   Posted 12 June 2014

Can u please explain to me what is meant by the term Taxable Income?

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?

Can a former student reclaim tax paid while working as a student?

  Written by Marc   Posted 6 June 2014

When I was a student, I worked for a corporate (twice - 2012/2013, and 2013/2014) and paid SARS income tax on the money I earned. Can I reclaim this money?I do not have the pay slip, but I do have the IRP5 forms. Even though it is about 24 months later, can I still reclaim it? Are students required to pay tax?

What is a 'Tax Return' and who has to fill it in?

  Written by Marc   Posted 6 June 2014

What is a 'Tax Return' and who has to fill it in?

How do you know if you have tax returns?

  Written by Marc   Posted 5 June 2014

Who qualifies to get tax returns and how will you know if you have tax return? how to check if you have tax returns?
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