Help Turnover Tax

[Robot]

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

[Dave A]

I think to qualify for the 2010 tax year you had to register for the turnover tax system by today? (effectively Friday 26th Feb).

I think this discussion on turnover tax might answer many of your questions.