How to get a home loan when you are self-employed Can a self-employed person get a home loan in South Africa? The simple answer is yes. But the bank or the financial institute will have certain requirements that self-employed person has to meet. These are similar to the rules that registered companies must follow. The moment you earn an extra income, the South African Revenue Service sees it as a business income and you are expected to have financial statements and pay taxes. Before you apply for a home loan, first find out what amount you qualify. Determine exactly what the bank would need from you before you apply. This would speed up the process and the bank doesn't have to wait for outstanding documents that you probably don't have and still have to search for. If you're applying for a home loan as a self-employed person , then these tips can streamline the process and increase your chances of approval. These are the things to do before you apply for the home loan....
Tax Filing Season 2023: Expert Help for Efiling in South Africa | Small ...
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Tax Filing Season 2023: Expert Help for Efiling in South Africa
To file your tax returns in South Africa, follow these steps:
1.Tax Filing Season 2023: Expert Help for Efiling in South Africa: Visit the South African Revenue Service (SARS) website and register for eFiling. This is an online platform that allows you to submit your tax returns electronically.
2. Gather your documents: Collect all the necessary documents, such as your IRP5/IT3(a) certificates (which provide details of your income and deductions), tax certificates, and any other relevant supporting documents.
3. Log in to eFiling: Once you have registered for eFiling, log in to your account using your username and password.
4. Select the relevant tax year: Choose the applicable tax year for which you need to file the return.
5. Complete the tax return form: Fill out the tax return form provided on the eFiling platform. Provide accurate information about your income, deductions, and other relevant details. The form will guide you through the process, and you can save your progress and return later if needed.
6. Review and verify your information: Double-check all the information you've entered to ensure accuracy. Make sure you haven't missed any income sources or deductions. Cross-verify the figures against your supporting documents.
7. Submit your tax return: Once you're satisfied with the information provided, submit your tax return electronically through the eFiling platform.
8. Receive your assessment: SARS will assess your tax return and send you a Notice of Assessment (ITA34) to inform you of the outcome. This notice will indicate whether you owe additional taxes or are eligible for a refund. You can access the notice through your eFiling account.
9. Pay any outstanding taxes or claim a refund: If you owe additional taxes, make the payment within the specified time frame. If you're eligible for a refund, SARS will provide instructions on how to claim it.
Remember, this is a brief overview of the process. It's always recommended to consult the official SARS website or seek professional advice for detailed and up-to-date information on filing your tax returns in South Africa.
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