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Have you started your tax year end preparation?

February is one of the shortest months in terms of payroll, and before you know it, we will be in the tax year-end season. As  Sage business cloud payroll users, we want to remind you to start preparing now so that you have a smooth transition during tax year-end.  To get started take note of the tips below:

  • Check if you have any employee validations: This is mandatory information that is missing on payroll and needs to be captured.
  • Terminate employees who need to be terminated and reinstate employees who should be reinstated, remember once you roll over into March 2024, you won't be able to terminate or reinstate any employees
  • Run your UIF Declaration for February 2024 before rolling over into the new financial year 
  • Additionally, compare your year-to-date report to your EMP501 report submitted to SARS, this will help you check if you've submitted to SARS is of the same value as the figures you've already processed on payroll for the year.
  • If you're using EasyFile, click here to learn how to download it. If you encounter any technical difficulties with EasyFile, please contact SARS for assistance.

HINTA new update will be implemented for the incorporation of the new tax table on the payroll only after the budget speech has been addressed.

Don't be late: Start preparing now!

Sharon: AME Country Lead