Independent Contractor Setup

  Written by Marc   Posted 8 January 2016

Hi TaxTim

Great site!

I need guidance on what is required ito independent contractor (IC) tax & vat requirements. 1) If trading through my PTY LTD company as an IC, do I pay companies tax as well as personal income tax?
2) Do I deduduct all claims and deductions (medical aid, RA) prior to paying over tax, or only when I reconcile/ file tax?
3) How many times a year do I need to file tax returns?
4) Do I need to setup PAYE and UIF?
5) Income will exceed R1m per year, so vat should be registered. If true, When do I pay vat over to SARS and what paperwork is involved?...

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Online Bookkeeping Service

  Written by Marc   Posted 7 January 2016

Does TaxTim, know of an online Bookkeeping system, that would work similar to TaxTim. A digital bookkeeper offering simple bookekeeping and preparation of financial documents for taxation purposes. If not, have you thought of starting one, especially for us small business (sole proprietors)?

Do l have to pay tax if l m earning R5,500?

  Written by Marc   Posted 7 January 2016

Do l have to pay tax if l m earning R5,500?

Declaration of Donation under R 100 000

  Written by Marc   Posted 7 January 2016

If I make a donation of R 100 000 to a family member, do I need to declare this payment to SARS even though there is no tax payable?

Supporting docs requested was uploaded, not sure what happens next for my returns to be paid

  Written by Marc   Posted 6 January 2016

I have received this letter from SARS and uploaded the requested supporting docs.

Thank you for submitting your income tax return for the 2015 year of assessment. Your assessment has been concluded and reflects an amount refundable to you of R -21375. 50"
I am not sure what is the next process for the money to be paid out?

Can the tax paid per your payslips up to 28 Feb be more than tax populated per IRP5?

  Written by Marc   Posted 6 January 2016

Is there a legitimate reason why total tax paid by the entity as at 28 February per payslip would be more than the amount stated on the IRP5?

Audit by SARS

  Written by Marc   Posted 6 January 2016

I was asked to submit supporting documents which I did at the SARS branch it has been more than 30 days is there a way that I can query the status of the audit? They don't owe me a lot of money only around R4500, why are they taking so long?

R7500 SALARY BONUS R4000 WHAT TAX WILL I PAY

  Written by Marc   Posted 6 January 2016

My monthly salary is R7500 I am 54 years old, I am getting a bonus of R4000 the end of January 2016 month, please advise that my take home amount will be after tax

What are tax implications when dates are incorrect on the IRP5

  Written by Marc   Posted 6 January 2016

What difference does it make to my tax liability when the dates on the IRP5 are incorrect and it appears that I worked for two employers for a period of 5 months, when in fact I worked for one employer.

How do I avoid double taxation between RSA and the USA?

  Written by Marc   Posted 5 January 2016

I just invested in a Global Property index fund held under a tax-free savings account. I believe this is exempted from SARS 15% dividends tax. The IRS tax rate for foreign investment goes as high as 30%! Is there a possible chance that I may be taxed twice, dividends tax and then capital gains tax, when I sell and bring over the amount back in South Africa?

Tax implications of Grandparent paying grandchildren's school fees

  Written by Marc   Posted 5 January 2016

Hi, is it permissible for a grandparent resident in South Africa to pay his UK resident grandchildren's school fees without it counting as a donation?

Can I opt just to have either my provident or pension fund paid out and to buy an RA with the other

  Written by Marc   Posted 5 January 2016

I have both a pension fund and provident fund at my current employer. I plan to resign prior to the introduction of the retirement reform legislation thus before 01/03/2016. Would it be possible for me to have just one of the 2 funds paid out and taxed and to invest the other in a retirement annuity. Also my assumption would be that I would only be taxed on the fund which is paid out. Thanks for your assistance. Kind regards

Tax deductions with Medical aid

  Written by Marc   Posted 5 January 2016

How do you calculate Tax when there is a medical aid deduction where the full contribution is from the employee and none from the company?
Eg. Gross Salary: R18400
-Deduction - Medical Aid: R2018
-Deduction - Tax:?

Without the medical aid I worked out Tax deduction should be - R2466

Tax refunds for non tax payers??

  Written by Marc   Posted 5 January 2016

I earn a salary of R57000, don't pay tax, do I qualify for a tax refund?

Calculating tax for a us dollar income earner

  Written by Marc   Posted 5 January 2016

I would like to help in calculating my provisional tax, I am a consultant who earns in US$ as well as another Rand salary. How do I calculate my tax given that the rate to the US dollar is always changing.

Employer never issued me my IRP5 form.

  Written by Marc   Posted 5 January 2016

My employer has been deducting PAYE off my salary but did not give me a IRP5 form. How can I find out if they actually have been paying PAYE and if they submitted the IRP5 to SARS?

Car allowance claim

  Written by Marc   Posted 5 January 2016

I have submitted my tax return. Was audited and my car allowance claim excluded as they requested the purchase documentation for the car. Apparently they tried to phone me couldn't get a hold of me and then finalised it without the documentation. My question is. The car was purchased and registered in my husbands name. We are married in community of property. The insurance is in my name. He pays for the car and myself the insurance. Will that be a problem?

Where can I get IRP5 for 2003 to 2007 if company closed down

  Written by Marc   Posted 5 January 2016

This is the first time since 2008 that tax told me my 2003 to 2007 is still outstanding. The employer I worked for that time closed down in 2014 and I can't get the IRP5 now, where and how can I get them?

Import IRP5

  Written by Marc   Posted 4 January 2016

We have realised that we do need to import a second IRP5. Can you help us to import it??

Residency and Holiday Allowance Mistakes

  Written by Marc   Posted 4 January 2016

I am 69 years old an SA Permanent Resident not a Citizen. I am a UK Citizen. South Africa is my normal place of residency. But I sold my house in South Africa in October 2009. I took out this money as a holiday allowance in January of 2010 in Travellers Cheques. I did not close my South African Bank Account (holiday not leaving)
Because I am 69 and worked in the UK before coming to South Africa I receive a UK State Pension. I have the UK pension paid into a UK Bank account which I opened in Jan 2010...

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Exchange rate gain

  Written by Marc   Posted 4 January 2016

Currency exchange rate gain when bringing money back into SA
What is this classed as earnings? Capital Gain Dividend?

Am I a provisional taxpayer if my employer does not deduct tax from my salary?

  Written by Marc   Posted 4 January 2016

I get a monthly salary on a set day every month but I get it in full, without any tax deductions. It is my responsibility to arrange for the payment of tax with SARS. Do I have to register as a provisional tax payer in order to pay tax?

Provisional Tax vs Personal Tax?

  Written by Marc   Posted 4 January 2016

I've recently started working for myself. I've registered a business (which will start trading in 2016) but have been working through my own bank account (for the last 6 months) on the side (~ R6000/m) while getting preparations complete. I registered myself as a provisional tax payer, and I want to know if I can de-register myself for personal tax? Do I just submit a blank personal tax sheet since I filled in a provisional one for myself?

Source code commission earner

  Written by Marc   Posted 4 January 2016

Hi Taxtim

What is the source code for someone selling houses earning a commission?

How to get a Tax Reference number from SARS

  Written by Marc   Posted 4 January 2016

I am a small employer of 5 people, all earning about R3000-00 pm. I have been told that all of my staff members need to submit to me their tax reference number. Is it correct that every person who has an ID number has already been issued a tax reference number by SARS? If this is the case what is the most effective way of getting the number. I have let my staff call SARS from my office on numerous ocasions to enquire without success. As I believe that there is a deadline for this looming immin...

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