Micro and Small businesses  - how small is small?

Members often ask us to explain the difference between micro and small businesses, and what the tax rates are.

The following table summarises the situation:

There are further conditions for acceptance of both forms of business, which the taxpayer will have to meet, and proper tax advice should be taken before a member makes a final decision.

SARS has extended the MICRO BUSINESS registration deadline for the current tax year ending February 2010, to 30 April 2010.  Should you miss this deadline, you will be able to register the micro business only for the year to end Feb 2011.

Clive Hill | Financial Services Manager