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If you are starting out and need to register as a company, you will have to contact the Company and Intellectual Property Commission (CIPC), formerly called CIPRO. Please note that Companies are first required to register with the (CIPC) offices before registering with SARS for an Income Tax reference number, click here for CIPC. Once a taxpayer registered with CIPC, SARS will automatically generate an Income Tax reference number. Taxpayer must then register on eFiling to transact electronically.
The nature of your business truly affects what you pay in tax.
There are are many different forms of business. We have described the legal form of each and the basic advantages and disadvantages of each.
• Close Corporations (CC) Although no new CCs can now be formed
The other types of business include
a) Small business corporation (SBC)
To find more about tax relief for these types of business click here.
b) Micro business
To find more about turnover tax for these types of business click here.
c) Personal service giver
For a full definition please read the Tax Guide for Small Businesses.
Labour broker
For a full definition please read the Tax Guide for Small Businesses.
Independent contractor
For a full definition please read the Tax Guide for Small Businesses.
Small, medium and micro enterprises (SMMEs)
Information on SMMEs, details of various assistance schemes, rebates, incentives and information the as how to start a business, types of business entities and requirements of registration of a business entity, can be obtained from depending on Department of Trade and Industry or on its website www.thedti.gov.za.
Top Tip: Some businesses deal with a Tax Practitioner for their tax matters. Only deal with registered and reputable tax practitioners – you can check if they’re registered with an accredited professional body and you’ve got better protection if they belong to a registered practitioner association.
