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I’m helping someone who wants to start a small business as a sole prop, currently they are unemployed and do not pay tax.
If their net income from the business for the first few years will be below the tax threshold will they still need to pay tax for each of the two provisional tax returns each year and then claim it back after their ITR12 is submitted?
If their net income from the business for the first few years will be below the tax threshold will they still need to pay tax for each of the two provisional tax returns each year and then claim it back after their ITR12 is submitted?
Claude AI gave this when I asked the same question, does this all look correct?
Provisional Tax Registration
If someone earns…