In light of the ever changing legislation pertaining to labour and taxation, compliance has become a headache for many a business man. Cineto Chartered Accountants will take the sting out of compliance by administering your payroll needs, and at the same time ensuring that you adhere to all relevant legislation imposed by SARS and Department of Labour (DOL), thus avoiding unnecessary risk of fines and penalties.
Our Payroll Services Include:
Registration As Employer With SARS
According to the law, an employer must register for employees’ tax within 21 days where any remuneration is paid to an employee who is liable for normal Income Tax. A taxpayer becomes liable for normal income tax when remuneration received is in excess of R70,700 (taxpayers younger than 65 years).
Registration As Employer With Department Of Labour And Declarations
Where a business has employees all earning remuneration below the annual tax threshold of R70,700, the business will only be liable for UIF. Registration with the Department of Labour is compulsory unless the business is run as a Sole Proprietor.
Form UI-8 is to be completed for application and monthly declarations made on form UI-19 to be submitted and paid before the 7thof each month.
Registration As Employer With Compensation Commission And Annual Return Of Earnings
According to labour law, any business that employs an employee must register with the Compensation Commission. This institution is put in place to protect employees and employers in the event of any injury/disease/death that might occur in the line of duty.
Application to the Compensation fund is made on form W.As 2, after which a return of earning s form (W.As 8 ) must be submitted annually before 31 March. Assessment fees are based on the amount of earnings paid to employees and the risk category the business falls in.
Calculation, Completion And Submission Of EMP 201 Returns
Employee taxes, being PAYE, UIF and SDL is payable on a monthly basis before the 7th of each month. We will administer all your payroll calculations and submissions for you.
Bi-annual EMP 501 Reconciliations And Tax Certificates
All EMP 201 submission made is reconciled on a bi-annual basis in the form of an EMP 501 reconcilation and is merely a reconciliation between actual Payroll taxes declared and payments made to SARS. This in turn is reconciled back to employee IRP 5 certificates, which is issued annually.