Results 1 to 3 of 3

Thread: Late registration for provisional tax?

  1. #1
    New Member
    Join Date
    Jul 2012
    Location
    East London
    Posts
    3
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Late registration for provisional tax?

    It's a stupid story and my own damn fault but anyway.

    I've been running as a sole proprietor for a while now (3 years or so) but with minimal income - the last accountant I spoke to assured me that I had no need to register for provisional tax (!) and I didn't think to check up on it until this year when I started earning a bit more. The extra complication is that I am employed full time as well so from what I've read, I'm clearly supposed to be paying provisional tax!

    I really don't want to get on the bad side of SARS but I'd already filed my personal tax return for this year when I found out about provisional tax. What do I do now?

    Obviously I'd like to avoid penalties and so on but dammit, SARS is the one govt. department that I really, really don't want to piss off.

    tl;dr: Earning as sole prop, employed full time. Not registered as provisional tax payer. Have filed personal return already - what do I do?

  2. #2
    Gold Member
    Join Date
    Mar 2012
    Location
    Vanderbijlpark
    Posts
    886
    Thanks
    83
    Thanked 381 Times in 298 Posts
    "I really don't want to get on the bad side of SARS but I'd already filed my personal tax return for this year when I found out about provisional tax. What do I do now? "

    Did you declare the business income?

    If you did then there is no issue. Provisional Tax is not another tax, it is simply bi-annual payment of income tax, like PAYE, when the income concerned is not subject to PAYE. So, if you declared the income then you are done with it.

    If you did not declare the income, the real issue is that fact and not the non-submission of provisional tax returns.

  3. #3
    New Member
    Join Date
    Jul 2012
    Location
    East London
    Posts
    3
    Thanks
    0
    Thanked 0 Times in 0 Posts
    Quote Originally Posted by CLIVE-TRIANGLE View Post
    If you did not declare the income, the real issue is that fact and not the non-submission of provisional tax returns.
    Yeah, like I say, I 'd already filed my personal tax return by the time I figured out about the extra so didn't declare it - stupid. Would I request a correction of my original return and go from there?

Similar Threads

  1. [Question] help needed with provisional tax
    By mummy60 in forum Tax Forum
    Replies: 7
    Last Post: 28-Feb-12, 12:49 PM
  2. Salary or Provisional Tax Payer?
    By Sandz in forum Tax Forum
    Replies: 2
    Last Post: 19-Jan-12, 02:32 AM
  3. Provisional Tax
    By StephanieB in forum Accounting Forum
    Replies: 5
    Last Post: 26-Sep-11, 04:57 PM
  4. Reminder for provisional tax payers
    By Dave A in forum Tax Forum
    Replies: 2
    Last Post: 30-Aug-11, 03:01 PM

Did you like this article? Share it with your favourite social network.

Did you like this article? Share it with your favourite social network.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •