![]() Employee costs and administration expenses. ![]() Daily Expenses for Your Business.Īs part of your running your business, you will incur various financial expenses, such as: Listed below is a list of tax-deductible common business expenses that you may be able to claim to reduce your next tax bill. There are many tax-deductible business expenses that apply to most types of businesses. This would reduce the amount of tax you owe for that year. The taxable income of your business would therefore be R660,000 instead of R700,000. Suppose you earned R700,000 during the tax year and purchased goods worth R40,000. All purchases made for the purposes of running your business are considered to be business expenses.īusinesses that deduct their business expenses reduce the amount of taxes they have to pay. SARS defines tax-deductible business expenses as “expenses incurred in conducting a business”. ![]() Let’s review the basic definition of a tax-deductible business expense before looking at specific types of business tax deductions in South Africa. Who May Claim the SARS Disability Benefits? What Are SARS Tax-Deductible Business Expenses? Simplifying Business Expenses With Turnover Tax Sole Proprietor Vs Company: Can Both Claim Business Expenses? What Are SARS Tax-Deductible Business Expenses? In this article, we’ll cover everything you need to know about tax-deductible business expenses. What types of business expenses should you track in order to claim tax-deductible business expenses? Whether you’re set up as a company in South Africa, or a sole proprietor, every business-related expense could be tax-deductible. Taxes are one of the most important perks of being able to deduct legitimate business expenses through SARS registration, which lowers your taxable income.
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