Are you ready – Annual EMP501 February 2014 reconciliation deadline is 30 May 2014!

All employers must prepare and submit their Annual EMP501 declaration (EMP501) and employees’ IRP5’s to SARS reconciling the PAYE/SDL/UIF paid during the tax year 1 March 2013 to 28 February 2014 before 30 May 2014.  Late submission of the EMP501 return AND non-submission of information/incomplete IRP5 certificates will result in onerous penalties being levied.

Warning – Reconciliations which do not balance will now be subjected to penalties being imposed by SARS!

SARS Income Tax numbers for all employees (regardless of income level) are part of the mandatory information required by SARS – submission of the Annual February 2014 IRP5/IT3 certificate without the mandatory information will be seen as incomplete information and penalties will be levied by SARS (even if submitted before the deadline).

The new Employment Tax Incentive (ETI) would now also need to be included in this reconciliation submission!

Use the following steps to ensure correct and timeous submission:

  1. Use latest version of SARS E@syfile Employer software
  2. Import the payroll files or create manual employee data
  3. Reconcile your EMP501 and correct errors
  4. Ensure correct and submission before the deadline

Our payroll systems provide accurate monthly payslips and reports required for the monthly/annual statutory returns (EMP201 and WCA), along with electronic IRP5s at the end of the tax year for your employees – no manual calculations required and saving you precious time!

Please contact our offices by 24th April 2014 to schedule an appointment for in-house assistance to ensure that your meet your payroll obligations effortlessly.

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