One of the biggest tax benefits of running a business is being able to claim deductions on expenses and legitimately reduce your tax bill each year.
But if you’re dealing with a lot of small or variable expenses, keeping track of all your deductions can be a headache.
Fortunately, eligible micro businesses in South Africa can simplify their business expenses and do away with expense receipts by choosing to pay what’s known as ‘turnover tax’.
This article will discuss how you can do it:
- What is turnover tax?
- Who is eligible for turnover tax?
- What is a micro business in South Africa?
- Will I pay less tax with turnover tax?
- What if I have a lot of business expenses?
- How do I register for turnover tax?
- When is turnover tax due?
- Do I need to keep receipts if I pay turnover tax?
- Stay organised for tax time with QuickBooks Online