Payroll Outsourcing
As far as payroll outsourcing goes, we have a complete payroll service that we offer to our client base. We will ensure that the processing of salaries as well as wages goes as smooth as butter. This also includes the emailing of payslips, as well as completing the statutory returns for SARS themselves. We will also do your IRP5’s at the official tax year-end. We strongly believe that our service of payroll outsourcing is perfect for any company that is not fortunate enough to employ their own HR department. Contact Rae and Associates for further information.
IRP5 explained
What is an IRP5? It is the official tax certificate that is employed in order to accurately record any employee’s taxable earnings as well as deductions and any tax that has in turn been deducted from their income. As the law states it, you will need to provide your IRP5 to any employee that has decided to leave the company, this must occur within 14 days of their leaving. The IRP5 would normally be written by hand, in a manual format and this manual IRP5 should also be stored inside your accounting software that you make use of for payrolls; this in turn is placed with the dismissed employees IRP5 forms.
At the end of the taxable year, the rest of the IRP5’s will once again be produced, as well as all other active employee’s IRP5’s. The IRP5 must have a totally unique reference number, this is to ensure privacy. This unique reference number must be written down on the manual IRP5; therefore you must ensure that you write it down correctly as it must be noted on the computer systems that house your payroll software. If this is not done correctly, then the employee themselves will experience difficulty when they attempt to submit their manual IRP5 with yearly tax return – the employee’s manual reference number and SARS submitted reference number must match.
As usual, the dedicated team at Rae and Associates is ever ready to supply you with a payroll service that will correctly meet the needs of your specific business.
