• PAYE,  SARS

    PAYE recon – 202202

    The deadline to submit your PAYE recon, aslso known as the EMP501 is 31 May 2022. What is a PAYE recon? This is the process where the amount of PAYE deducted monthly and paid over to SARS is reconciled. This is to ensure that all the amounts deducted from employees is paid over to SARS. During this process, when the EMP501 is submitted, IRP5 certificates have to be issued for every employee. These certificates then have to be issued to every employee. What information does the IRP5 certificate need to contain? The certificate needs to contain all income the employee has received. This includes the salary, all other benefits and…

  • SARS,  Tax

    SARS turnaround times delays

    Since January 2022, SARS have been problems with keeping up with their turnaround times. How does this impact you? The result of this is that everything takes longer to be finalized. This includes VAT audits, income tax audits, appointment of public officers, disputes etc. Remedial action Unfortunately, there are a lot of processes to follow when SARS fails to stick to their turnaround times. The first step is to escalate the case number. After this, you need to wait again for SARS to act. The next step is to lodge a complaint with the SARS complaints department. Only after all of these processes have been completed, can a complaint be…

  • COIDA

    Workmens compensation

    What is workmens compensation? In layman’s terms, workmens compensation, also known as COIDA, is an insurance policy. The policy is in place to protect employers in the event where an employee is injured on duty. Registration The company has to be registered at the department of labour. COIDA returns and tariffs Every company needs to submit a return every year in May. The tariffs are set annually by the department of labour. The amount payable is then calculated according to the salaries paid by the company. Letter of good standing Only once the return has been submitted and the payment made, will the department of labour issue a letter of…

  • company registration,  SARS

    Public officer appointment with new companies

    When you have registered a new company, a public officer has to be appointed at SARS. This needs to be done before the tax profile of the company can be added on eFiling. This is the case with private companies and non profit companies. The public officer will be the director of the company. In the event where there is more than 1 director, only one director will be appointed as the public officer. Documents required The following documentation is required to appoint a public officer: ID copy. When it is an ID card, copies of both the front and back is required. Proof of banking details for the company.…