Small business advice

with regard to a cheap bank account my gf and I have joint access to a Standard Bank AccessAccount it costs R5pm with a bunch of things for free. This will be perfect for our tiny business.

I have a Capitec account at the moment with the 4 savings accounts that are linked. Anyone know if you can have more than this? ie another main Capitec account and card.
 
Depends on how you want to start and where you expect it going - but to start of I would just be a sol prop - you do not need to register a name or anything. Then rename one of you capitec accounts with your business name - you can pay in/out of this account and have debt orders - but your card, of course, is linked to you main account.

Above is a nice legal way to get a small business going - any income (after expenses) will be charged at your marginal tax rate.

If there is a couple of partners - you need to go the PTY route. Also for selling a business, a PTY is better. Nothing wrong converting to a pty at a later stage once your proved the concept.

With all new business, watch your expenses - they add up quickly and before you know it all your profit flitters away at the end of the month.
 
Where can one register his/her business for income tax online instead of queueing up at SARS offices? searched SARS website can't find anything.
 
pratlou said:
Where can one register his/her business for income tax online instead of queueing up at SARS offices? searched SARS website can't find anything.
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Phone them up and make sure, if you registered your business in the last year or 2 you got registered at SARS automatically. It's integrated in the CIPC systems.
 
Pho3nix said:
Question about BBEEE certification ? How do you do this on cipc?
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You don't.

You either get your accountant to do an EME Certificate Exempt Micro Enterprise or you sign an affidavit stating that your turnover is less than R10m and the percentage of black ownership. You get an automatic BEE level based on your ownership of you are an EME.
 
Papsak said:
Depends on how you want to start and where you expect it going - but to start of I would just be a sol prop - you do not need to register a name or anything. Then rename one of you capitec accounts with your business name - you can pay in/out of this account and have debt orders - but your card, of course, is linked to you main account.

Above is a nice legal way to get a small business going - any income (after expenses) will be charged at your marginal tax rate.

If there is a couple of partners - you need to go the PTY route. Also for selling a business, a PTY is better. Nothing wrong converting to a pty at a later stage once your proved the concept.

With all new business, watch your expenses - they add up quickly and before you know it all your profit flitters away at the end of the month.
Click to expand...

Tx for the advice
 
If its something small on the side I don't see why you need to pay more tax to our corrupt government.

I mean look at these folks on BOB.

Worse case scenario is just get a vat number and declare a less than one bar annual turnover, and pay in the just the vat charged, with no additional tax.
 
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