A client had penalties and interest for late filing of his SA tax return 2011-2012 return. The client has been paying them off on a monthly basis between Jan and April 2014. Can these penalties be deducted when calculating his self employed profit/loss for 2013-2014? His self employed income is his only income.
Thanks
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No
They are not allowable and to be brutally honest I am a bit surprised you don't know this.