tax liability on a small business income
By Alicia Human · Updated
My turnover for my small business was R2 610 525
my loss after expenses was -R793 994
how much tax must I pay?
my loss after expenses was -R793 994
how much tax must I pay?
If you have a loss, then there will be no tax payable.
However, you need to ensure all the expenses are business related and incurred in the production of your income.
You also need to ensure you have proper accounting records to substantiate the loss and have valid supporting documents for all your expenses in the event that SARS audits you.
However, you need to ensure all the expenses are business related and incurred in the production of your income.
You also need to ensure you have proper accounting records to substantiate the loss and have valid supporting documents for all your expenses in the event that SARS audits you.