Reminder – Deadline for February 2020 EMP501 Employer submission to SARS 29 May 2020
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SARS is reminding Employers to submit the annual February 2020 payroll information to them on or before the deadline of 29 May 2020. Employers who comply fully, in turn, make it easier for their own employees to fulfil their individual tax obligation when the Filing Season 2020 commences later in the year.
The employee data that must be submitted by 29 May 2020 should cover the transaction period 1 March 2019 to 29 February 2020, in respect of Monthly Employer Declarations submitted, payments made and IRP5/IT3(a)s generated. The payroll data reconciles the account of what amounts of tax the employer deducted from the taxable remuneration of each of its employees together with what amount of tax the employer has paid to SARS on behalf of the employee. It also records other allowances that an employer pays to an employee as part of their remuneration benefits.
Companies who fail to submit payroll data on time may become liable for late submission penalties of up to 10% of the value of their payroll.
And very importantly within the Covid-19 period, many of the relief measures are only available to fully compliant entities!!
Our outsourced payroll services ensure that we work with you to maximise your tax and payroll efficiencies and ensure that all your compliance requirements have been met – especially during this difficult period!
Our payroll services would also allow you to be better prepared for the increased scrutiny from SARS with payroll queries and audits.
We can assist with all your UIF, Workmen’s Compensation and SARS payroll nightmares to save you both time and money!
Please feel free to contact me or anyone in our tax department if you require any assistance or advice.