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Annual Reconciliation Declaration (Emp501) Deadline 31st May 2018

The Employer Annual Reconciliation filing season for 2018 is now open! Employers have until 31 May 2018 to submit their Annual Reconciliation Declaration (EMP501) for their Employees, for the period from 1 March 2017 to 28 February 2018.

A statement like this can get a person’s heart racing if they are in a situation where they ma be unprepared or lack the expertise to submit their declarations themselves. And in many cases, Employers, particularly smaller business, may not have access to the correct help with their own organisations. This is where Pay Solutions can be most beneficial for smaller companies!

The Income Tax Act No.58 of 1962 requires that Employers deduct the correct amount of tax from their Employees and that they pay the correct amounts over to SARS on a monthly basis. Reconciliation of these deductions and payments needs to be done during the annual and interim reconciliation process. Basically this is a summary of each Employee’s payslip which is submitted to SARS. Once this has been completed Employers must issue tax certificates to all of their Employees so that their Employees can successfully submit their own returns to SARS from 1st of July. The Employer Reconciliation Declaration has to reconcile correctly in order for their Employees submission to be successful.

These submissions can be daunting for Employers if they do not have the right support for their business and so it is always an excellent idea to seek assistance with this process from a professional and qualified organisation with the relevant skills to help you. Pay Solutions can assist Employers with this process, alleviating them of the anguish of non-compliance which can result in penalties, which could cost the business severely.

Taking advantage of the skills and expertise of Pay Solutions Employers can rest assured that their taxes are accurately and correctly dealt with so as to ensure that no penalties are incurred. It is the responsibility of Pay Solutions to ensure that not only the requirements of the Income Tax Act are met, but that you can focus on the operations and productivity of your business while Pay Solutions takes care of the tax correctly, safe-guarding both you as then Employer, but also your Employees.

With this deadline looming and time ticking for you to get your affairs in order, there is not time to stall. Pay Solutions will automatically generate the IRP5s / IT3(a)s and EMP501 needed for year-end filing with SARS for the 2018 filing season.

For further information click here – http://www.sars.gov.za/TaxTypes/PAYE/Pages/PAYE-Annual-Reconciliations.aspx