If earning money privately, from what value must you declare to SARS?
By Marc Sevitz · Updated
I am thinking of doing some management consulting, after my normal working hours. I am hoping to earn approx R 10 000 per month. When do I need to declare this to SARS / or at what value? Do I have to register my company, as i'm not sure if this will be a permanent thing.
Are you earning this money in a personal capacity or do you intend on setting up a company to earn the income?
At the moment it is in a personal capacity. I am thinking about starting a company but don't know where to begin. Eventually it will be company, for for now it will be personal.
It would make sense on that amount to only do it in your personal capacity for now - you would need to become a Provisional Taxpayer and submit a further two returns a year. Click the link to find out more.