Self employment income - Interest Payable

Mmansoor11y ago

for unincorporated businesses, late payment of interest in respect of income tax and capital gains is not allowed. Likewise, REPAYMENT INTEREST IS TAXABLE. i dont get what is meant by REPAYMENT INTEREST? thanks in advance

TTTax Tutor11y ago#1

Please note above that repayment interest is not taxable on an individual. Repayment interest will apply where the taxpayer has overpaid tax and is subsequently due a repayment, rather than having underpaid tax upon which he has to pay interest

Mmansoor11y ago#2

ok. thank u. just to tell u... am doing self study... so at times i will ask the most basic of questions to clarify what is happening. the whole point of posting in ask the tutor is to get an answer rather than a reading assignment. the basic petrol post i had made early on is still outstanding. will be grateful if u cd explain it. thanks