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Thread: Sole Trader Tax

  1. #1
    New Member
    Join Date
    May 2013
    Western Cape
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    Sole Trader Tax

    I am employed at a company where I pay PAYE/SITE tax which is deducted from my monhtly salary. I want to start my own small business which I will run from home.

    I am in the process of registering a defensive name under which I will trade.

    My questions are:
    1- Do I need to register the business for Turn Over Tax with Sars?

    2- How does having a sole trader business affect my own tax?

    Any help will be appreciated?

  2. #2
    Bronze Member
    Join Date
    Jun 2011
    Thanked 28 Times in 26 Posts
    Eric, I am going by what I did when I went that route some years ago. I registered as a provisional tax payer. I filled in one tax return, including both the salary and the small business. My employer continued to deduct tax and provided me with an IRP5, which I handed to my accountant together with the business income and expenses.

    I don't think you can register for turnover tax as you get income from two different sources.
    Sometimes the only transport available is a leap of faith

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