All employers can start to submit their PAYE recon from 1 April 2019. This recon will cover the whole financial year, from 1 March 2018 to 28 February 2019. The deadline for submission is 31 May 2019.
It is very important to keep accurate records of the monthly wages and salaries paid. Also to keep records of the employees’ personal details, such as address and banking details. All this information will have to be completed on the IRP5.
After the PAYE recon is completed, it is submitted to SARS. And a copy of the IRP5 must be provided to every employee.
The purpose of the PAYE recon is to compare the monthly returns with the income declared to every employee. And thus to calculate whether enough PAYE was paid to SARS on a monthly basis.
If you have used payroll software throughout the year, the process to submit the recon is much quicker. If not, the whole process has to be done manually. And the detail for every employee will have to be completed. This will slightly have an effect on the cost.
Contact us now to assist with submitting your recon.