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Useful Tax Calendar for Small Businesses and the Self-Employed

Useful Tax Calendar for Small Businesses and the Self-Employed
November 9, 2017 gnuworld
tax calendar small business

If you run your own small business or are self-employed, keeping track of when your taxes are due can be a bit of a headache. However, proper filing of your returns is a legal requirement and late submissions can lead to fines.

We’ve compiled a useful tax calendar to help you keep track of important submissions dates which you can also download as a PDF.

Provisional and assessed tax

Freelancers, self-employed individuals and anyone who earns an income outside of a normal salary are required to pay provisional tax.

Two payments are required, with tax paid upfront based on your projected earnings. You can also make a voluntary third payment if the amount paid the previous year was less than the payable amount, given what you actually ended up earning.

Provisional and assessed tax payments

Submission deadlines

First payment

Before 31 August

Second payment

Before 28 February

Voluntary third payment

Before 30 September

Annual tax return

Before 31 January the following year

Business tax

Businesses are required to submit a number of forms for VAT and employee tax certificates.

Business tax payments

Submission deadlines

VAT

Manual: by the 25th of each month
Electronic: by the last business day of each month

Employee tax certificates

After 1 April

Payment declaration (for businesses that pay PAYE, SDL, UIF and/or receive ETI)

7th day of the following month or the Friday before this if the 7th falls on a weekend or public holiday

Employer reconciliation declaration (annual) for the full year 1 March to 28/29 February

Between 1 April and 31 May

Tax certificate cancellation declaration (annual) for the full year 1 March to 28/29 February

By 31 May

First payment of corporate income tax

Within six months from the beginning of the year of assessment

First submission of payment advice for turnover tax with first payment

The last business day of August

Employer reconciliation declaration (interim) for period 1 March to 31 August

Between 1 September and 31 October

Tax certificate cancellation declaration (interim) for period 1 March to 31 August

By 31 October

Second submission of payment advice for turnover tax with second payment

The last business day of February

Second payment of corporate income tax

Before the last day of the year of assessment

Turnover tax return

After the end of the tax year

Final payment of turnover tax

After the annual Turnover Tax Return has been submitted and processed

Third payment of corporate income tax

Seven months after the year of assessment for taxpayers with February year-end
Six months after year of assessment for all others

Return of income

Within 12 months from company’s financial year end

Download as a PDF

The Workspace

Paying taxes is unavoidable, but there are other ways to reduce business costs and avoid stress!

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For more information or to book a tour of one of our branches, call us on 0861 250 259 or contact us online.

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