Reminder – Deadline for February 2021 EMP501 Employer submission to SARS 31 May 2021
MD’s email sent out for this post | https://bit.ly/3v2pMHo
SARS is reminding Employers to submit the annual February 2021 payroll information to them on or before the deadline of 31 May 2021. Employers who comply fully, in turn, make it easier for their own employees to fulfil their individual tax obligations when the 2021 Filing Season opens later in the year. 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.
The employee data that must be submitted by 31 May 2021 should cover the transaction period 1 March 2020 to 28 February 2021, in respect of Monthly Employer Declarations submitted, payments made and IRP5/IT3(a)s generated. The payroll data reconciles the amounts of tax the employer deducted from the taxable remuneration of each of its employees with the 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.
This submission would also include the SDL holiday for the periods May to August 2020 and the TERS claims processed during 1 March 2020 to 28 February 2021 that would be subject to audit by the UIF department.
Therefore, this EMP501 Return is critically important and unique. It must be accurate to ensure that you are not penalised.
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.
All material subject to our Legal Disclaimers.