Alley-C
Member
So I recently started working as a contractor and with this I invoice the company and they pay me the full amount, now I'll need to pay tax but where is the best place for me to keep my tax money until I submit everything.
If it was me I would put it in a 32 day notice account and make sure I have a few reminders to put in a notice of withdrawal before the tax is due (Interest rates are normally higher on notice accounts than on normal savings accounts)So I recently started working as a contractor and with this I invoice the company and they pay me the full amount, now I'll need to pay tax but where is the best place for me to keep my tax money until I submit everything.
I was also going to suggest this.If it was me I would put it in a 32 day notice account and make sure I have a few reminders to put in a notice of withdrawal before the tax is due (Interest rates are normally higher on notice accounts than on normal savings accounts)
- This will make you think twice about using the money for other stuff
Remember provisional tax
im sad i didnt post this sooner, but this is guaranteed profitRTX 5090.
Otherwise you could use a high-interest bearing account. Tyme had an account you could get which had a limit of R100K but gave something like a 10% interest rate. Not sure if that is still the case, but probably a decent option.
In an interest bearing account - hit up @Jack Rabbit Group if you need help keep track of your Provisional Tax (submissions in Feb & August)So I recently started working as a contractor and with this I invoice the company and they pay me the full amount, now I'll need to pay tax but where is the best place for me to keep my tax money until I submit everything.
Thanks, will pop them a message.@Alley-C at the same time, speak to @Jack Rabbit Group to make sure that you know what to invoices to keep (because you can claim it) and what not.
This is what I do. Put it in the bond and withdraw when needed.If you have a bond with a flexi/ access option, then that will be the best place. No tax on the interest saving and you can access it immediately. But only do this of you have self discipline and will not be tempted to use funds for CUD or anything other than tax.
If you have a bond with a flexi/ access option, then that will be the best place. No tax on the interest saving and you can access it immediately. But only do this of you have self discipline and will not be tempted to use funds for CUD or anything other than tax.
But do you claim the accountant expenses back also? Possibly you can claim so much that sars needs to pay you cum tax timeRegister a company, then just spend money as company expenses, 0% tax
I have basically never paid tax via my company, but have to pay accountants every month.
I keep mine in my barn...Do the South African thing, hide it in the couch...