I would like to strongly suggest that you spend some time in the next few days doing a quick health check on your payroll. A check in time saves hours and hours of heartache.
So what needs to be checked? Here is my list:
- All returns balance. Do my March to August returns balance? Is the payroll amount due (as per the EMP 201 return) the same as the amount paid, the same as the information on my SARS profile? You need to check month by month. If yes, move on. If no, you need to know and understand the difference and how to resolve this.
- Sync your Easyfile to make sure your tax profile is clean. Please check that your SARS statement of account shows you do not owe any money. While you are doing this, it may be a good idea to check for IT88 certificates that have been issued against your staff.
- Your leave records are right. A good time to check that all the leave taken has been recorded and the leave records are up to date. If you are using a manual system, check to make sure you have the forms signed and correctly filed.
- Reimbursed travel. Check to make sure the employees have not exceeded the 8000 km limit and the rate being paid does not exceed R3.29 per km.
- Personal information. Let’s see if we can get all the outstanding information required by SARS.
- Tax numbers
- Missing ID numbers
- Medical aid dependants
- UIF reports have been mailed to the Dept. of Labour. Every month, your UIF data needs to be e mailed to the department of labour so that they can update their records. Check to see if these have been mailed. If they have not been, you run the risk of an employee approaching the department for a claim and there is no record of them.
By doing these simple checks, you will have earned yourself a peaceful night’s sleep.
This article is a general information sheet and 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 financial adviser for specific and detailed advice. Errors and omissions excepted. (E&OE)