Customarily due at the end of May each year, your EMP501 final reconciliation can be a challenge! It involves not only verifying a substantial amount of information and reconciling declarations and payments made to SARS, but also issuing tax certificates to employees. Resolving issues with the reconciliations and employee tax certificates can be time-consuming and costly, and there are also penalties involved for incorrect and late submissions.
The deadline is approaching for all employers. Fortunately, there is a simple solution to ensure a hassle-free EMP501 final recon. In this article we find out what the EMP501 achieves, the solution to a hassle-free EMP501 submission, what to do if you are running out of time, and what the penalties are.
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