If you have a company with employees, then you will be required to submit an EMP501 reconciliation form. It is extremely important that you do this submission correctly, and do not miss the due date on this submission. In this article, we will cover the EMP501 submission dates as well as what to keep in mind when performing this submission.
The Importance of Your EMP501 Submission
An EMP501 is a reconciliation of what has occurred in the last tax-paying year. Therefore, all employers are required to submit their payroll information to SARS (The South African Revenue Service). This is done by submitting an EMP501, which is a report of employee earnings throughout the year. This submission will include the reconciliation of all payroll tax liabilities such as PAYE, SDL, and UIF. These liabilities should be deducted from the employee’s salary, declared, and paid on a monthly basis throughout the year while performing the payroll process. The form utilised to do this monthly declaration is the EMP201.
When Should EMP501 Be Submitted?
The EMP501 reconciliation must be performed twice per financial year. The annual reconciliation submission period for 2023 is from 1 March to 28/29 February. The interim period which needs to be completed and reconciled for the six months period takes place between 1 March and 31 August. If you need to submit a Tax Certificate Cancellation Declaration (EMP601), it should also be done during this period.
Make Sure to Include these Values on Your Form
In order to successfully submit your EMP501 reconciliation form you will need to fill in these values; otherwise, your form will be rejected and you will be in danger of missing the deadline.
- Employee Information: The employee’s full name and surname, ID or passport number, tax reference number, physical residential address, and bank account details.
- Employment Information: One should include the date of employment within the current financial year as well as the interim and annual remuneration details received during the current financial year.
How PaySpace Can Help You Stick to the EMP501 Submission Dates
At PaySpace we are committed to and focused on making sure that you are prepared for your EMP1501 reconciliation submission season. This is why we have created a variety of options to assist you with your submissions.
- Virtual Consultation: We can offer you a one-on-one virtual consultation in which we will handle the entire process on your behalf. The price for this service will vary depending on the number of employees your company has. All you will need to do is provide us with a breakdown that includes your PAYE, SDL, and UIF payment for the financial year. You can book a consultation here.
- Education: If you are planning on performing your reconciliation submission yourself but are fuzzy on the details and legislation surrounding the process, you can attend our workshops and seminars. Two of the most important seminars include the Annual Payroll Tax Changes Seminar and our Tax Workshop.
- Follow a Submission Guide: Perhaps you are confident and seasoned in the EMP501 submission process. In this case, it doesn’t hurt to follow a submission guide, to ensure you do not miss anything! You can decide to follow the guides provided by SARS or keep an eye out for the PaySpace complete submission guide, coming soon.
If you have any other questions pertaining to payroll and the EMP501 submission dates, or are interested in making use of a comprehensive, cloud-native payroll software system, then feel free to contact the experts at PaySpace.