SARS IRP5 calculations, submissions and reconciliations can prove a taxing task, if you’ll pardon the pun. Attempting this on your own, not only takes up too much of your precious time, but can also result in all sorts of tax-related complications that your business can do without.
The Income Tax Act No.58 of 1962 states, among other things, that employers need to:
Deduct the correct amount of tax from employees
Pay those amounts over to SARS monthly
Reconcile deductions and payments, and
Issue tax certificates to employees.
The Shared Services Company can complete this job professionally for your company, through:
• Ensuring all processing for the tax year has been completed
• Ensuring that all basic company information is updated
• Verifying all existing personal data for employees
• Checking the accuracy of the IRP5 codes, for both income and deductions
• Ensuring the correct split of earnings has been made to calculate the retirement fund income and non-retirement fund income
• Validating calculations of the medical aid tax credit
• Reconciling the tax paid to SARS
• Preparing an IRP5 test run
• Ensuring that the company is registered for IRP5 submission on E-filing
• Submitting the electronic information to • SARS via e-Filing.
Full Payroll Services
Payroll is one of the most crucial functions of any business. It not only affects employee morale, but also reflects a company’s financial stability and reputation. Since employees depend greatly on their salaries, errors or untimely payment can create a lack of trust.
The Shared Services Company offers the perfect, custom-made payroll solution for your company, freeing you up from time spent on payroll functions to rather focus on your business.
This service includes:
• Registration with relevant authorities e.g. • PAYE, UIF etc.
• Processing of payslips for employees
• Employee and third-party payments
• Third-party payment reconciliations
• Bargaining councils
• Medical Aids
• Pension & Provident Funds
• Leave Management
• Submission of returns to SARS
• Returns and payments for PAYE, UIF etc.
• Pre-warning of company filing deadlines
• End of year returns to COIDA
• Submissions to the Department of Labour.