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Mohamed said: 18 January 2017 at 22:53 I have just registered my pty Ltd this January 2017 and I need know what tax should I collect for SARS when invoice clients for the products I will be selling. When I registered my company at CIPC I received a doc from SARS for the company named income tax., do I use this when invoicing on the place of VAT is this the inc Me tax I should collect for SARS from clients? Thanks |
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TaxTim Alicia said: 23 January 2017 at 9:44 You unfortunately can't use the income tax number to charge VAT with. |
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Mohamed said: 23 January 2017 at 10:14 Thank you, can you also tell me what percentage of my sales I should put aside in order to pay tax over to SARS? |
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TaxTim Alicia said: 23 January 2017 at 11:28 Your company will need to pay tax at a rate of 28% on its overall profit for the year. You can work out the profit by deducting all business expenses from the company's sales amount. Remember too, that the salary you pay yourself will also be a business deductible expense. Assuming you draw a salary, you will need to register the company for PAYE and UIF too. You will need to register the company for provisional tax and pay tax twice a year on the company's estimated profit. |
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