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. 

All of today's large businesses were once small ones. Starting out it's extremely common for companies to be run from the home of the founder, but eventually, if your business is successful enough, it will come time to move off the dining room table and out into the real world. Knowing when to make this important strategic decision can be the difference between a company growing and stagnating. Every business owner should therefore have a plan for what they want to do when the business gets big enough, and have an eye out for the right time to enact that plan.

But just when is that? How do you know that it's time for your burgeoning company to get its own space and how do you make sure that when you move it's definitely going to be something that benefits the company and yourself? These are the tell-tale signs you need to look for.

New rules have been established around the treatment of corporate assessed losses, and these are already in effect, limiting the amount of previous assessed losses that can be offset against a company’s annual income tax liability in future financial years. The change follows the reduction in the corporate tax rate from 28% to 27% and is intended to minimise the impact of this tax rate reduction on overall revenue collection.

In this article, we find out how the new rules for corporate assessed losses are linked to the corporate tax rate reduction, discover what these new rules entail, and provide some practical examples to illustrate the financial impact on companies’ tax liabilities at the end of this and future financial years.

• 06 May Monthly Pay-As-You-Earn (PAYE) submissions and payments
  
  
• 25 May Value-Added Tax (VAT) manual submissions and payments
  
  
• 30 May Excise Duty payments
  
  
• 31 May Value-Added Tax (VAT) electronic submissions and payments & CIT Provisional payments where applicable.