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Natasha says: 26 February 2024 at 14:47 I started as sole proprietor in January this year. Do I still need to file a Period 2 provisional tax return (IRP6) this February? The questions on Tax Tim are asking for the whole financial year (i.e from March last year until the end of February this year). Do I then just calculate the income and expenses for January and February of this year? |
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TaxTim says: 26 February 2024 at 15:39 Yes, you now classify as a provisional taxpayer for the 2024 tax year end, therefore, must submit the 2024/02 provisional tax return that is due 29/02/2024. Note, on the provisional tax return, you are required to declare your best estimate on all your income and deductions for the full tax year. For more information, please click the links below: - Am I A Provisional Taxpayer? - Provisional Tax Guide - What Is Provisional Tax? How And When? |
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Natasha says: 26 February 2024 at 15:50 Thank you. So does that mean I need to file the amount made for January 2024 and February 2024? As you say full tax year just want to make sure I am putting in the correct amounts. |
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TaxTim says: 27 February 2024 at 9:01 On the provisional tax return you need to declare your best estimate of income earned for the FULL tax year, thus 01/03/2023 - 29/02/2024, to be able to calculate the tax accordingly. Thus, if you only received income for January and February, that is the only total of income you declare. However, if you earned salary or any other income from any other sources for the previous months, this income must also be included on the provisional tax return. |
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