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Huysamen Westraad Incorporated May 2022
The Simple Solution to Hassle-Free EMP501 Final Recons

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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The 7 Signs It's Time to Move Your Business Out of The Garage  
Companies: How Will the Reduced Tax Rate and Assessed Loss Rules Affect You?  
Your Tax Deadlines for May 2022  

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.
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  Physical Address:

Manor House, Farm 3
Vineyards Office Estate 
99 Jip de Jager Drive 
Bellville, 7530 
Postal Address:

P.O. Box 1950 Bellville

Contact Details:

Tel: 021 945 1009
Fax: 021 946 4086



The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your professional adviser for specific and detailed advice.

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