IF YOU’VE joined the world of freelance work one of the things you’ll need to get to grips with is what it means for you in terms of tax.
In her book Freelance Like a Boss: How to Escape the 9-5 and Take Control of Your Life, writer Shea Karssing shares the lessons she learnt when she decided to leave full-time employment and join the gig economy.
This extract from her book explains some crucial aspects of tax that freelancers need to understand – deductible expenses, turnover tax and VAT.
Hey, self-starter! SARS recognises that you’re doing a good thing for our economy, so they allow you to reduce your taxable income (which means you end up paying less tax) by deducting legitimate business expenses.
You can claim deductions for any expenses incurred in the production of income. The
