It’s not a surprise that around this time of year, you will find Accountants, Tax practitioners and Payroll personnel running around trying to ensure that the data required for the Annual employer declaration is ready for submission to SARS.
The 2019 Employer Annual Reconciliation commenced on 17 April 2019 and employers have until 31 May 2019 to submit their Annual Reconciliation Declarations (EMP501) for the period 1 March 2018 to 28 February 2019. The reconciliation is in respect of the Monthly Employer Declarations (EMP201) that have been submitted during the year, payments made, Employee Income Tax Certificates (IRP5/IT3 (a)) and Employment Tax Incentives (where applicable), and is designed to match declarations of Income Tax collected on behalf of SARS with monies paid across to SARS. Employers are required to submit their reconciliation declaration to SARS twice a year. The interim reconciliation is for the six-month period 1 March to 31 August 2018 and was submitted during September and October 2018. The final annual reconciliation is for the full tax year 1 March 2018 to 28 February 2019 and must be submitted during April and May 2019.
MMS clients – We do it for you
By 31 May 2019 we will have reconciled your payroll and submitted the required files to SARS. We will ensure that the payroll data from 1 March 2018 to 28 February 2019 reconciles with the figures submitted on your monthly EMP201 returns to SARS and that these amounts agrees with the amounts that were paid.
I am not an MMS client but need help
Of course, we will help you! All we need is your payroll records from 1 March 2018 to 28 February 2019, your submissions to SARS and a record of payments made.
Make sure to not miss the submission deadline!
Should you have any questions, talk to us as soon as possible!