Tax 101 for Freelancers

My Money My Lifestyle

In this comprehensive episode of My Money My Lifestyle, Maya Fisher-French, a seasoned freelancer herself, delves deep into the world of taxes with tax experts Kagiso Nonyane and Dumisa Sihawu, from BDO South Africa.
They tackle the complexities of tax for freelancers, from understanding why tax may be deducted from your earnings to the intricacies of tax directives and provisional taxpayer status.
Are you a graphic designer, writer, or any kind of freelancer juggling clients and projects? Then you have probably encountered the complexity of tax. Our experts break down the legalities, the percentages, and the dreaded tax surprise that may come knocking if you're not prepared.
But it's not all about what you owe. Kagiso and Dumisa also shed light on the deductions you can claim to minimise your tax liability and the benefits and burdens of VAT registration for freelancers. They even touch on when it makes sense to transition from a sole proprietor to a Pty Limited company, and the potential pitfalls of making this move for tax reasons alone.
If you've ever found yourself scrambling to pay a tax bill, or if you're considering voluntary VAT registration, this episode is a treasure trove of advice. Learn how to stay on top of your admin, avoid penalties, and maybe even find a silver lining in tax season. Plus, get insights into SARS' Voluntary Disclosure Programme and how it could be a lifeline for those who've missed the boat on their tax obligations.
Don't let tax be the bane of your freelance existence. Tune in to this episode of My Money My Lifestyle and equip yourself with the knowledge to navigate the tax tides with confidence. And remember, if you have questions or need clarification, Maya is just a Q&A podcast away.