Do I qualify for Turn Over Tax?
By Evan Robinson · Updated
I am a salaried worker paying annual tax. I also do part time photography on weekends. Can I register my photography business for Turn Over Tax? My annual turn over ranges between R150k-R300k. I have read all the qualifying questions for Turn Over Tax and qualify, but the question is; Is photography deemed as a professional service? It is not listed specifically in the SARS professional services.
SARS considers professional services as any of the following:
accounting, actuarial science, architecture, auctioneering, auditing, broadcasting, consulting, draftsmanship, education, engineering, financial service broking, health, information technology, journalism, law, management, real estate broking, research, sport, surveying, translation, valuation or veterinary science
I would argue that perhaps photography does not fall into any of those categories and so you should be able to apply for turnover tax.
accounting, actuarial science, architecture, auctioneering, auditing, broadcasting, consulting, draftsmanship, education, engineering, financial service broking, health, information technology, journalism, law, management, real estate broking, research, sport, surveying, translation, valuation or veterinary science
I would argue that perhaps photography does not fall into any of those categories and so you should be able to apply for turnover tax.
Thank you very much!
So the process is to complete the TT01 form as a "Sole Prop"?
Is there another registration I have to complete to become a Sole Prop, or am I be default a Sole Prop as I operate as myself?
So the process is to complete the TT01 form as a "Sole Prop"?
Is there another registration I have to complete to become a Sole Prop, or am I be default a Sole Prop as I operate as myself?
A sole prop by definition would be a non-incorporated individual run business. You would need to submit this form to SARS and get approval.
The form I would need to submit for approval would be the TT01?
If this is approved, would I be able to submit turnover tax for 1 March 2014 - 28 Feb 2015, or would it only be valid from now?
If this is approved, would I be able to submit turnover tax for 1 March 2014 - 28 Feb 2015, or would it only be valid from now?
Only SARS can make this determination, you can try backdate that, but this is for SARS to decide and yes it would be the TT01.