|
Pinkalz says: 19 January 2016 at 15:26 Hi Tim I am a partner of Uber, ride sharing mobile app, owning my own car and working my own hours. Uber regard me as an independent contract driver. What would the tax implications be for me as an individual? What will be the tax benefits as a company? |
|
TaxTim says: 19 January 2016 at 21:37 Do they deduct any tax from you? |
|
|
Pinkalz says: 20 January 2016 at 9:58 No |
|
|
TaxTim says: 20 January 2016 at 11:54 You would need to register as a provisional taxpayer and pay tax 2-3 times a year. What is Provisional Tax? How and when? You can deduct all business related expenses incurred in earning your income. e.g. travel, telephone, etc You can only deduct the proportion relating to business usage - so for expenditure relating to personal and business usage, you need to work out business usage as a percentage of the total and claim accordingly. There is substantial red tape associated with setting up and running a company. Also, individuals are taxed on a sliding scale versus a set rate in a company, so up to a certain level of income it is more tax efficient to operate as a sole proprietor. Please Register for TaxTim and let us assist you to complete and submit your tax return. |
Do Your Tax Return Easily