Page 3 of 4 FirstFirst 1234 LastLast
Results 21 to 30 of 35

Thread: Small business turnover tax

  1. #21
    Site Caretaker Dave A's Avatar
    Join Date
    May 2006
    Location
    Durban, South Africa
    Posts
    22,649
    Thanks
    3,305
    Thanked 2,676 Times in 2,257 Posts
    Blog Entries
    12
    Sorry to say, but whomever put up that page is an idiot.

    Yes, there are times when turnover tax is not a saving, but showing the members paying tax on salary and the cc paying turnover tax is doff. Just don't have the members draw their money as a salary! Take it as distributable profit instead, and then the numbers get a lot closer together.

  2. #22
    Email problem
    Join Date
    Mar 2009
    Location
    Pretoria
    Posts
    17
    Thanks
    4
    Thanked 6 Times in 4 Posts
    Wow, you're right! The author really does have a limited view... no offense intended. Better have a chat with the client that directed me to that article. Thanks again for your suggestion on my labour hirer

  3. #23
    Junior Member
    Join Date
    Apr 2009
    Location
    Cape Town
    Posts
    13
    Thanks
    2
    Thanked 0 Times in 0 Posts

    Some more questions / answers re turnover tax

    Hi,
    I saw a tax accountant today re getting some answers re turnover tax. Still one unresolved issue - can anyone comment on the following question:

    I qualify for TT with the exception that I am currently a member of a CC. If I close the cc before the deadline of 30 April will I then qualify or will I be disqualified because at the start of the tax year ie 1 Mar I had interests in the CC?

    I would think I'd be ineligible although seems a bit unfair as TT only came into affect after the beginning of the Tax Yr.

    Deadline drawing near so any feedback very welcome!
    Thanks,

  4. #24
    Site Caretaker Dave A's Avatar
    Join Date
    May 2006
    Location
    Durban, South Africa
    Posts
    22,649
    Thanks
    3,305
    Thanked 2,676 Times in 2,257 Posts
    Blog Entries
    12
    Is the CC dormant or trading?

  5. #25
    Junior Member
    Join Date
    Apr 2009
    Location
    Cape Town
    Posts
    13
    Thanks
    2
    Thanked 0 Times in 0 Posts
    It is trading has traded up until end feb but is not officially dormant yet. Thanks

  6. #26
    Junior Member
    Join Date
    Apr 2009
    Location
    Cape Town
    Posts
    13
    Thanks
    2
    Thanked 0 Times in 0 Posts
    have found some info online that points towards disqualification "Any person who holds shares in another company for any period during the year." ...disappointing.

  7. #27
    Site Caretaker Dave A's Avatar
    Join Date
    May 2006
    Location
    Durban, South Africa
    Posts
    22,649
    Thanks
    3,305
    Thanked 2,676 Times in 2,257 Posts
    Blog Entries
    12
    If it ceased trading in Feb and this is just about dotting the i's and crossing the t's, I'd still take a shot just in case. SARS seems pretty keen on this turnover tax idea and might accept the explanation.

    If you don't ask, you don't get. What have you got to lose?

  8. #28
    Junior Member
    Join Date
    Apr 2009
    Location
    Cape Town
    Posts
    13
    Thanks
    2
    Thanked 0 Times in 0 Posts
    Sure good point. Just getting an answer from SARS has been tough. The consultants are not very knowledgeable re the TT in the Cape Town branch. Thanks for all the help though.

  9. #29
    New Member
    Join Date
    Feb 2011
    Location
    JHB
    Posts
    1
    Thanks
    0
    Thanked 0 Times in 0 Posts
    Hi all

    Can anyone recommend a tax consultant who is knowledgeable in Turnover Tax?

  10. #30
    Email problem
    Join Date
    Feb 2011
    Location
    Cape Town
    Posts
    2
    Thanks
    0
    Thanked 0 Times in 0 Posts
    Hi all, could someone please tell me if I can still register for Turnover Tax for the 2010/11 tax year? I know the deadline was May 2010 but I was claiming UIF until June 2010 after having been retrenched and had no idea that I would end up being self employed. (I am a graphic designer and started doing some private work while getting UIF to pay debt, rent etc. It really took off in June 2010 with a big job which enabled me to become debt free and purchase some equipment and from then things took off and I changed from unemployed to self employed). I don't know know much about tax and thought I'd only have to submit tax forms at the end of Feb 2012, so today I investigated my options and Turn Over tax is the best choice for me - but I'm no registered yet. And if I register now - will I be charged penalties in my situation?

    Any reference to a good but not super expensive tax consultant / accountant person in Cape Town area?

    Your advise would be appreciated!

    Madeleine

Page 3 of 4 FirstFirst 1234 LastLast

Similar Threads

  1. Replies: 1
    Last Post: 02-Jul-07, 11:16 AM
  2. SARS intensifies Small Business Tax Amnesty campaign
    By Snoopy_inc in forum Business Finance Forum
    Replies: 6
    Last Post: 21-Jun-07, 10:00 PM

Tags for this Thread

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
  •