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If you deduct PAYE and/or UIF from your employees, then, YES YOU DO! If you have people who are employed by your business, paying them a salary/wage and deducting PAYE and/or UIF, you need to be REGISTERED as an EMPLOYER with SARS. You will then be LIABLE to, declare via the monthly EMP201, the PAYE and UIF deductions and pay it over to SARS.Once every six months of your financial year you need to submit a reconciliation of all the EMP201’s you’ve submitted. That is the EMP501! |
What does the EMP501 include?
| An EMP501 is the RECONCILLIATION done for the monthly EMP201’s submitted to SARS and your payroll information. Your payroll information could be an automated or manual system. The EMP501 is REQUIRED by SARS to be SUBMITTED every 6 months. The first being in SEP/OCT of a year for the period 01 Mar to 31 Aug. The second being in APR/MAY for the period 01 Mar to 28 Feb of a tax year. Ifama prepares payroll for our clients on a weekly or monthly basis as well as the EMP501 reconciliation.Contact us if you’d like to find out more or if we can assist you. |  |
Why does SARS need the EMP501?
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The EMP501 reconciliation is necessary to detect differences between the payroll information and the information submitted to SARS via the EMP201. This way corrections can be made timely to ensure that the IRP5 certificates can be issued to your employees with the second submission at the end of the income tax year. |
What is the reason for this post on EMP501?
| Is Ifama currently preparing your payroll? | ||
| YES. Then this is useful information for future conversations, and you have NOTHING TO WORRY about.NO. Then besides this being useful information, you MIGHT NEED SOME ASSISTANCE in submitting the EMP201 and EMP501 reports for the period Mar to Aug.Make an appointment with us to discuss how WE CAN ASSIST you to ensure all the relevant information is submitted to SARS.This is what we will need:EMP201 - 01 Mar to 31 Aug 2022 EMP501 - 01 Mar to 31 Aug 2022 Prior to drawing these reports, you need to:- Make sure that you are on the latest version of your payroll program; and - Make sure that all the relevant information for employees, e.g., income tax number, ID, address, etc. is up to date |  |
Let’s help you with your EMP501 and other accounting and tax needs you may have. Contact us today.
