Expenses/Claims Posts in TaxTim's Blog

How to claim vehicle expenses in your tax return



A taxpayer is only allowed to claim car expenses if you receive a vehicle travel allowance or a vehicle purchase allowance. This allowance is normally awarded to employees who use their personal cars for business travel.

How do I claim my vehicle expenses in my tax return?

  • Logbook

You will need to keep a logbook (A logbook is a book or number of sheets, in which the detail of a travel or trip is documented) for the tax year (1 Mar...

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Ring-fencing explained



What is Ring-fencing?

Ring fencing is where a taxpayer may not offset losses from certain trades against income from other trades, or employment income in future years.
In Namibia ring-fencing only applies to natural persons with taxable income of more than N$200,000 per year (excluding any losses). This amount is usually the income from normal employment.

Where a person earns additional income from other trades, and losses are made from these other trades, you should consider whether the losses are deductible against your normal salaried income...

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What is recoupment?



Recoupment is a term used by the Tax law where Inland Revenue recovers previous tax claims allowed to the taxpayer.  

Where any fixed asset is sold or no longer used by you for business purposes, and capital allowances were previously claimed on the asset, tax will arise on the sale known as recoupment. Please note that taking an asset out of use for business purposes, include donating an asset to be used for privat e purposes, like giving your work car to your wife/children to use....

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