by Liza Moorcroft | May 19, 2021 | Income Tax, Small Business Tax
Turnover tax is a simplified tax system developed for micro businesses. Tax is calculated on the turnover of the business (revenue + VAT – refunds) for the financial year albeit at more favourable rates. This tax regime replaces income tax, capital gains tax...
by Liza Moorcroft | May 18, 2021 | Income Tax, Small Business Tax
Generally, the profits of companies and close corporations are taxed at a standard 28% whilst the profits of trusts (other than special trusts) are taxed at 45%. A Small Business Corporation (SBC) may qualify for more favourable tax treatment however, to qualify for...
