- EMP501 Reconciliation
Are you ready to Submit Your Interim EMP501 Reconciliation By 31 October?
EMP501 Reconciliation fast facts
- All employers are required to submit an EMP501 Reconciliation
- There are two deadlines in each tax year. For the 2025 tax year (current tax year) the deadlines are:
- 31 October 2024 – Interim Reconciliation (for the period 1 March 2024 – 31 August 2024)
- 31 May 2025 – Annual Reconciliation (for the period 1 September 2024 – 28 February 2025)
The EMP501 Reconciliation is an intricate process with many possibilities for inaccuracies and errors:
- Payroll information must be verified
- Correct deduction of employees’ tax (PAYE), Skills Development Levy (SDL), and Unemployment Insurance Fund (UIF) contributions must be verified
- Deductions must reconcile with IRP5 / IT3(a) tax certificates
- This is serious business. Inaccuracies or late submission can result in stiff penalties.
Important
We understand the importance of tax compliance to your business. And we have the expertise and experience to help ensure a smooth and stress-free submission for you.
Please give us a call so that we can help you to be compliant and grow your business.
- Companies
Are you aware that every business liable to taxation, under the Income Tax Act, 1962, is required to register with SARS as a taxpayer.
- Filing Season – Companies, including CC’s, Co‐operatives and Body Corporates, are required to submit a Return of Income (ITR14) within 12 months from the date on which their financial year ends.
- Provisional Tax- In addition to annual returns, every company (excluding Body Corporates, Share Block Companies and Public Benefit Companies) is required to submit provisional tax returns (IRP6). The first of these returns is required to be submitted six months from the start of the year, and the second at year end, and must both contain an estimate of the total taxable income earned or to be earned for the full year. Payment of the tax must accompany the return. A third “top-up” payment may be made six months after year-end.
Complying with your tax obligations as a business should not be a problem. Please contact us so that we can help you save money by making use of SARS rebates and other provisions available to small businesses.
- Value-added Tax (VAT)
Did you know that governments worldwide have shifted taxation to VAT and other indirect taxes over recent years to stabilise their tax base.
VAT and other indirect taxes are transaction driven, complex, and can have a major impact on your profit.
Who should register for VAT?
A person can only register for VAT if they are carrying on an enterprise. A “person” is defined in the VAT Act and includes, but is not limited to, an individual, company, partnership, trust fund and a municipality.
“Enterprise” is a defined term in the VAT Act. It includes any activity carried on continuously or regularly by any person in or partly in South Africa where goods or services are supplied to another person for a consideration, whether or not for profit. Anything done to start or terminate an enterprise is also included as conducting an enterprise for VAT purposes.
It is compulsory for a person to register for VAT if the value of taxable supplies made or to be made, is in excess of R1million in any consecutive 12-month period.
An application for a compulsory VAT registration must be made within 21 business days from the date the R1 million is or will be exceeded.
Non-resident suppliers of certain electronic services are also liable for compulsory VAT registration at the end of the month in which the total value of taxable supplies exceeds R1 million. An intermediary is also allowed to register and account for VAT on behalf of supplies made by the non-resident supplier of electronic services.
A person may also choose to register voluntarily for VAT if the value of taxable supplies made or to be made is less than R1 million but has, under certain circumstances, exceeded R50 000 in the past period of 12 months.
At APS, we help small and medium size businesses owners as well as start-ups with VAT across the whole business lifecycle, from when your company is formed through to detailed structuring of transactions and assistance in terms of interactions with SARS, such as objections and audits.
Please contact us so that we can help you register for VAT and avoid non-compliance penalties from SARS.
- Accounting, Finance and Advisory
Did you know that with all the tools and expertise modern accountants have access to, it would be right that they can give you more than they are currently giving you? Accountants must go beyond just preparing annual financial statements.
Your accountant must give you insights that will help you make sound financial decisions. Helping you to lower your operating costs. Or save your business some good money by streamlining your financial processes?
If you were asked the following questions, how would you answer?
- Are you making a profit?
- What are your expenses? And how can you reduce them?
- Are you growing profitably, or are you on your way to financial troubles in a few months?
- How much money do your customers owe you?
- How much money do you owe?
- How much tax do you need to pay? (If your current accounting system isn’t actively working to save you money in this area, you’re potentially losing millions down the road).
APS is your partner in business performance improvement who you can trust to help grow your business with world-class accounting and accurate financial advice in addition to your normal financial reports.
We’re looking to help small and medium businesses as well as start-ups who want to put their accounting and tax affairs in order but are not able to afford a full-time qualified accountant. We want to become your outsourced chief financial officer.
We’d love to have a chat with you about our accounting, tax and advisory services. Our mission is to help you grow as a business.