How to start a small family business legally?
Posted 29 October 2013
I would like to start a small company/business, mainly selling parts for home/small office computers in South Africa. I will also sell my service of assisting to fix PC's. How to I go about registering, and what would I register the business as? Are there fees involved and or TAX/VAT registration needed?
Do sole proprietors charge VAT if their turnover is less than a R1 million per annum?
Posted 29 October 2013
Do I charge VAT as a Sole Proprietor earning less than R1 million turnover per annum? If so, do I need to be VAT registered?
Meals fringe benefit for tax purposes?
Posted 21 October 2013
I have to travel to clients a lot for work, the company has agreed to pay for my lunch when I am on the road during business hours, will this be a fringe benefit for me?
Am I in deep trouble can it be resolved?
Posted 21 October 2013
Hi Tim.
I made a mistake on my tax return with my independents, I said I have 34 independents instead of 4 silly mistake I know. SARS paid out money to me and now they picked up my mistake 3 months later needless to say I no longer have the money if they want it back. Will I be able to pay this money back in installments and why didn't they pick this up when the tax return was submitted?
Require clarity on tax returns for private individual who also owns a small business?
Posted 17 October 2013
1) If you own a CC can you include the income and expenses of the CC with your personal tax return. Is there a cut off on the amount of turnover business?
2) Must I submit 2 tax returns? One for personal tax and one for the CC irrespective of the amount of income derived from either income source?
I earn a salary and pay tax as per usual, if I consult and receive other income, what is the tax tha
Posted 14 October 2013
I receive a salary per month and pay my usual taxes. I am assisting a friend on a monthly basis with his business in my spare capacity. He pays me per month R4 700.00 consultation fees and would like to be invoiced for that. I am not registered as a business, what are the tax implications for me.
Can I claim travel expenses for unpaid charity work?
Posted 8 October 2013
I work for a software company three days a week and on the other two days I provide unpaid help to various charities. Am I able to deduct the travelling expenses to and from the charity projects in my tax return?
What documentation is required to show income and expenditures from rental income?
Posted 8 October 2013
I recieve additional income from rental. I have an agreement with my tenants that they pay a percentage of the electricity and rates bill, the ADSL bill and the domestic staff. If I were to be audited, what documentation would I need to provide in order to prove these expenditures seeing as they are not the total amount invoiced on the ADSL or Electricity Bills?
What is an IRP3?
Posted 7 October 2013
What is an IRP3
Commission earners and staying up to date on what you can claim and what portions
Posted 26 September 2013
Hey TimI am back and this year I have subscribed to your service so I'm looking forward to easy filing!I do have a couple of questions, keeping it high level, as I earn the majority of my income on commission and spend quite a lot of my own income in making that possible. I'll just dive right in:A.) Can I claim depreciation on my 1.) Car and 2.) Scooter - how do I calculate that and where do I put that on my return if I can?B.) Can I claim insurance expenses on 1.) My Home Office and 2...
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When do I start my logbook if got travel allowance halfway through year?
Posted 25 September 2013
Hi Tim, I get a travel allowance but however I started receiving it in June, but always had used the car since the month of April! So when do I start the date of my logbook for efiling?
Car Allowance - Available deductions and Documents required
Posted 21 September 2013
My salary was structured in such a way that I have a car allowance of approx R5,5k and my contract states that due to this allowance I will be required to use my personal vehicle for company purposes. The company however includes the full allowance as 100% taxable income - and that my annual tax return will determine the actual taxable portion.
My question is - how will it be determined and what documents do I need to keep in order to have any available deductions? Please note that...
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Does "Gross salary" for PAYE include subsistence allowances, car allowances etc?
Posted 21 September 2013
What components make up "Gross salary"? Would things like subsistence allowances (local) and car allowances be included?
Tax on money from PayPal?
Posted 20 September 2013
Hi Tim
I'm a Freelance Artist, by profession, I mainly get paid through PayPal as most of my client/commissioners are overseas. I bring in on an average month between R8000-R9000. FNB charges a small fee and VAT get's charged on the money I get.
I wondering about how I pay the tax on this money and how much I am expected to pay.
Thanks
How to claim travel expenses without a logbook
Posted 18 September 2013
Is there another way of claiming for travel expenses if you don't have a log book?
I have to claim travel, but didn't keep a logbook. Can I make one now or too late?
Posted 17 September 2013
Hi TaxTim! I have to claim travel, but didn't keep a logbook. Can I make one now or too late?
Not sure how to pay tax on freelance incoming
Posted 12 September 2013
For previous tax years, I've always only had my salary as income.
Since January, I've been freelancing and have been receiving payments on a monthly basis.
When should I register as a provisional tax payer? How much do I have to contribute before next tax season? Can I do everything I need to do on SARS efiling?
Do I need a logbook for aTravel allowance?
Posted 11 September 2013
If receiving a fixed travel allowance is it necessary to maintain a logbook?
Can a company register for VAT at inception or must it commence trade first?
Posted 10 September 2013
I would like to know at what point should a business register for VAT. Can it register immediately or must the company first make R50 000 and produce bank statement to prove this?
Private practice queries
Posted 10 September 2013
I've started my own private practice
I was employed before that and was a registered "normal" tax payer and did my e-filing chop chop easy. I'd like to continue doing my own e-filing:
Do I have to register now as a different tax payer now that I'm working for myself?
And must I complete the form where it asks for my own income and will it automatically update then and ask if I had other expenses?
And what all can I keep as "business" expenses? (I rent an office and pay a receptionist as well)...
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How do I apply to be over taxed on pension received?
Posted 10 September 2013
I receive a monthly pension from my late husband. I have submitted my SARS and I have to pay in a large amount back to SARS. I have spoken to SARS as well as GEPF and the advice I received was to apply to Department Finance to over tax me to avoid this situation again. I don't know how, where and to whom I must speak to adjust my tax. Thanks
Travel allowance back up docs
Posted 10 September 2013
Hi TaxTimWhat kind of back up documentation must one hand in when you have a 3701 and 3702 code on your IRP5?Regards
How long will it take to be refunded after resubmitting my tax return?
Posted 9 September 2013
Hi Tim. I submitted my tax returns and did not claim on my travel allowance, now SARS sends me an SMS stating I owe R8750. If I were to resubmit and claim on my travel allowance, how long will it take for SARS to refund, and what's gonna happen on the amount they say I owe? Regards Themba
Personal Service Provider
Posted 8 September 2013
Hi Tim
1. I am starting a company and it will be a Personal service Provider. I know tax has to be withheld at 28% by my client. What I don't understand is whether the 28% is a flat rate or does the tax payable get recalculated when I submit my ITR12?
e.g.
Say I earn 20000 a month X 28 % tax = 5600 . Tax payed for the year = R 67200.
However if I was taxed as a regular employee my tax would have been = R 37,359.75
Will SARS pay me back the difference?
...
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Do you need to supply an IRP5 for freelance workers?
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.
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