If you are deducting PAYE from your employee's salary, the business need to submit a bi-annual and annual reconciliation (EMP501). Most business owners do not have time or do not know how to submit their annual EMP501 reconciliations.

Your business can be held responsible for incorrect payroll processing which can lead to interest and penalties. Also, your employees will have to pay SARS if their PAYE were incorrectly calculated during the year.

OnAccounting can assist with your bi-annual and annual reconciliations (EMP501) and issue IRP5/IT3a certificates before individual tax season opens on the 1st July.