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....
How To Become Tax Compliant Even If Your Company Owes Money To Sars
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SARS Compliance: Owing Money Doesn't Mean Non-Compliance
Owing money to SARS doesn't have to mean non-compliance. In this blog post, we'll explore the strategies to become tax compliant even when your company owes money to SARS.
The First Step: Entering into a Payment Arrangement
When you owe money to SARS, the first step toward tax compliance is entering into a payment arrangement. This shows your commitment to addressing the outstanding debt and is a crucial step in becoming compliant with SARS. Olivia Sambo, the owner of Profits and Books Bookkeeping and Accounting Services, will guide you through this process.
Filing Tax Returns on Time
Filing tax returns on time is essential to avoid penalties and maintain compliance with SARS. Late filing can lead to additional penalties, further exacerbating the non-compliance issue. Olivia will share real-world examples of the impact of timely tax filing on compliance status.
Considering Payment Options and Cash Flow
When facing the challenge of owing money to SARS, considering payment options and addressing cash flow issues is crucial. Olivia will provide insights into the available options and considerations, including the possibility of paying in full, exploring borrowing options, or entering a payment agreement to fix the issue of owing money and penalties.
Continuing Obligations for Tax Compliance
Becoming tax compliant isn't just about addressing outstanding debt. It also involves fulfilling ongoing obligations such as filing tax returns, monthly payslip submissions, UIF, and SDL contributions. Olivia will emphasize the importance of honoring agreements by paying on time and in the agreed amount to maintain compliance.
Conclusion:
Becoming tax compliant despite owing money to SARS is achievable through a proactive approach to addressing the outstanding debt, timely filing of tax returns, and fulfilling ongoing obligations. By entering into a payment arrangement and maintaining consistent payments, businesses can demonstrate their commitment to addressing the issue and achieve compliance with SARS.
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