Hi guys ,
I started my own company and weve been trading for +- 1 year with a turnover of +- 750000
Being new to the tax system we registered a CC and for VAT when we opened.
I have submitted a nil return for all the outstanding vat returns
We havnt claimed anything from SARS
- Will it be beneficial for my company to go over to the Turnover tax system ?
- Will we be liable for exit vat ? weve never claimed any vat ?
- Will we ( me and my business partner ) still have to pay personal income tax , or is this included in the turnover tax ?
So say we do a turnover of 800 000 , what will our tax be for the year we need to pay over to SARS ?
Thanks for any replies in advance