Focus on being compliant.
As a Self Employed individual, I have on many occasions shared the frustration of my clients when applying for a home loan.
Why would a self- employed individual be seen as a higher risk by the Banks? Surely a self-employed individual could reduce expenses or move to smaller premises in a time of crisis? Some Banks even have a risk weighting for self- employed individuals.
The Receiver of Revenue provides the self-employed individual several tax deductions such as telephone deductions, entertainment and rent to name but a few.
Actual repayment ability might therefore not correspond with the amount declared for tax purposes on a tax return.
Which Master will you serve? Will you pay tax on a bigger salary just to be sure of your bond application or will you utilize the relief SARS has granted? Both! Do the right thing and still get your bond approved.
After 17 years in the bond brokerage business, In House Bond Brokers has done extensive market research by consulting with accountants, tax experts and Bank representatives regarding tax structures and legislation.
There is a way to overcome these obstacles, with a well-documented application and proper preparation.
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