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The PAYE reconciliation return deadline is THIS Friday!

by , 25 May 2015
To avoid being fined by SARS, make sure you file your annual PAYE reconciliation returns for the 2015 tax year (1 March 2014 to 28 February 2015) before the end of the day on Friday (29 May 2015).

Here's what you need to know to meet this upcoming deadline...

PAYE: It's your duty to pay it

As a South African employer, you must reconcile and submit your PAYE, SDL and UIF contributions for the period by the deadline, even if you have just one employee on your payroll.

Don't forget that all of your EMP201 declarations must match the monthly payments made to SARS for PAYE, SDL and UIF, Karen Schmikl explains for Hrpulse.coza. As a result, your EMP501 returns must reconcile to the copies of tax certificates sent to SARS.

Please note that SARS may fine you if your forms are late or incomplete. Also check that all of your employees have income tax reference numbers!

While it is in fact your responsibility to register for PAYE, Schmikl believes that you might face penalties if any of your staff members' income tax reference numbers don't reflect on their tax certificates.

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Here's what to do to prepare for PAYE filing season:

Download the latest version of the SARS e@syFile Employer software as soon as possible: sarsefiling.co.za.

Note: If you're using automated payroll solution that does your PAYE, UIF and SDL calculations on your behalf, the reconciliation process will be much simpler for you.

Moreover, if your payroll solution integrates with e@syFile, then the return will be easy since you won't have to do manual recapturing.  

"A good payroll solution will indicate if your returns are missing any demographic data, which could save you from having submissions rejected by SARS and possible administrative penalties. For example, all employees must have a valid address on the tax certificate. If your submission does not include the compulsory address fields on the tax certificate, the payroll system should prompt you to update the relevant information", writes Hrpulse.co.

Don't leave the process until last minute if you want to have enough time to adjust your returns if any of the numbers don't reconcile!

Schmikl also explains that even small employers can benefit from investing in a payroll system to streamline the returns process and guarantee an accurate SARS submission.

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