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YOU, YOUR STAFF AND YOUR EMP501

emp501

Before I begin talking about IRP 5’s and EMP501’s.

The new tax tables have are available for the new Financial Year, grab them at www.thebookkeepingcompany.co.za/businesstools.co.za. update your systems if you are doing your salaries and wages manually.

Now its time for you as the Employer to submit your EMP501 to our friends SARS. Deadline 31st May 2018.

What is EMP501. It is the Annual Reconciliation of all the salaries and wages. The salaries you have paid to your staff permanent, contract etc. It is the PAYE and UIF that you have deducted from everyone. It gets reconciled once a year and submitted to SARS. Then IRP5’s and IT3 Certificates are created for each staff member and directors or members of companies and close corporation.

Be prepared…

Ensure you have your paperwork all in order. SARS wants all the details of your staff. I have a staff take-on form available at www.thebookkeepingcompany.co.za/businesstools.  The most important documents needed that any employer must get from their staff or staff to be. It is their ID or Passport and some form of FICA document. A letter with their name and address and it must match to their ID or Passport.  Verify your staff as you have been verified at the bank. All Staff members need to be registered for Income Tax with SARS. If they are registered, and don’t know there Income Tax No. Let them call SARS 0800 007277, make sure they have all their details on hand for verification, even their old addresses or cell phone no’s.

Otherwise a visit to SARS will be required.  If they aren’t registered they need to take their ID, Proof of address and 3 months bank statement not older than 3 months to SARS and register.  If you process your EMP501 on the desktop you can register them through Easyfile. They will have to go in and verify themselves if they want any refunds from SARS.

Once you have all the information you can begin with your EMP501 or hand it over to your accountant.

If you are doing it yourself, pop over to www.thebookkeepingcompany.co.za/businesstools. You can download a copy of the step to guide on how to do your EMP501 reconciliation.

If you have any comments or suggestions re the above or need help. Please do not hesitate to contact me, Cherine@thebookkeepingcompany.co.za or on 082 403 0792.  I love to hear from you and how I can improve things or help you.

Tools for you mentioned in the article

A Step by Step Guide to the Employer Reconciliation Process EMP501

Staff Take on Form

Budget Tax Guide 2018/2019

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