Save your valuable time and money by outsourcing your company’s payroll services to PRS Management CC accounting firm based in Roodepoort Gauteng. Why you may ask?
Employees’ Tax refers to the tax required to be deducted or withheld by an employer from remuneration paid or payable to an employee. The amounts so deducted or withheld must be paid by the employer to SARS on a monthly basis. The process of the employer deducting tax from remuneration as it is earned by an employee is referred to as Pay-As-You-Earn (PAYE). An employer who is to registered or required to register with SARS for PAYE and/or Skills Development Levy (SDL) purposes, is also required to register with SARS for the payment of Unemployment Insurance Fund (UIF) contributions to SARS.
In terms of the Income Tax Act No.58 of 1962, employers are required to:
1. Deduct the correct amount of tax from employees’ remuneration.
2. Pay this amount to SARS monthly, ensuring SARS receives a Monthly Employer Declaration (EMP201).
3. Reconcile these deductions and payments with the completion of the interim and annual Employer Reconciliation Declarations.
During the reconciliation periods, employers are required to submit an Employer Reconciliation Declaration (EMP501) confirming or correcting the PAYE, SDL and UIF declarations per EMP201’s submitted, the payments made and the tax values of the Employee Tax Certificates [IRP5/IT3(a)].
We at PRS Management CC will manage your full payroll administration by preparing weekly / monthly payslips on Pastel Payroll and electronic payment of salaries as well as the issuing of annual IRP5/IT3 certificates. We will then also manage all electronic filing and payment of statutory returns (EMP201 & EMP501) required by SARS.