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Payroll Services

Our Services

Payroll Services We Offer

At Ready Accounting, we understand that managing payroll can be a complex and time-consuming task for businesses. Our outsourced payroll services are designed to streamline this process, ensuring compliance with South African regulations while allowing you to focus on your core business activities. What sets us apart is our deep understanding of local requirements and our commitment to personalized service. We cater to businesses of all sizes, providing tailored solutions that fit your specific needs.

Outsourced Payroll Services South Africa

Understanding Payroll and Its Components

Payroll involves the process of compensating employees for their work.
This includes calculating salaries and wages, withholding deductions, and ensuring timely payments.

Key components of payroll include:

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Employee Earnings

Gross wages, salaries, bonuses, and commissions.

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Deductions

Statutory and voluntary deductions such as PAYE, UIF, and SDL.

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Company Contributions

Contributions made by the employer towards employee benefits like pension funds and medical aid.

Efficient Payroll Management for Your Team’s Peace of Mind

Deductions Explained

  1. PAYE (Pay-As-You-Earn): This is the income tax withheld from an employee’s salary and paid directly to SARS. It is a progressive tax based on earnings.

  2. UIF (Unemployment Insurance Fund): Both employers and employees contribute to the UIF, which provides short-term relief to workers when they become unemployed or are unable to work.

  3. SDL (Skills Development Levy): Employers pay this levy to fund skills development programs. It is calculated as a percentage of the payroll.

Company Contributions

Employers may contribute to various employee benefits, which can include:

  • Pension Fund Contributions: Employers contribute to employee pension funds, which provide retirement benefits.

  • Medical Aid Contributions: Some companies also contribute to employees’ medical aid schemes.

  • Other Benefits: Contributions to group life insurance, disability benefits, and other employee welfare programs.

Essential Registrations for Companies

For compliance with South African labour and tax laws, companies must be registered for several items:

  • PAYE: Required for deducting and remitting income tax from employees’ salaries.

  • SDL: Necessary for contributing to the skills development of employees.

  • UIF: Mandatory for all employers to cover employees in case of unemployment or inability to work.

  • COIDA (Compensation for Occupational Injuries and Diseases Act): Employers must register to cover employees against workplace injuries and occupational diseases.

Compliance and Submission Deadlines

Timely submission of various returns is crucial to avoid penalties:

  • EMP201: Monthly payroll tax returns, due by the 7th of each month.

  • EMP501: Bi-annual reconciliation of PAYE, UIF, and SDL, due at the end of October and May.

  • COIDA Return of Earnings: Annual return due by the end of May each year.

What is Included in Our Payroll Service

At Ready Accounting, our comprehensive payroll services include:

  • Bi-weekly or Monthly Payslips: Accurate and timely generation of payslips for your employees.

  • Leave Management: Tracking and managing employee leave balances and entitlements.

  • Monthly EMP201 Submissions: Ensuring compliance with SARS for monthly payroll taxes.

  • Bi-annual EMP501 Submissions: Preparing and submitting reconciliations twice a year.

  • UIF Returns: Managing and submitting UIF contributions and declarations.

  • COIDA Return of Earnings: Completing and submitting the annual COIDA return.

By partnering with Ready Accounting for your payroll needs, you can ensure accurate, timely, and compliant payroll management, freeing up your time to focus on growing your business. Contact us today to learn more about how we can assist you.

FAQ

Outsourcing payroll can save time, reduce errors, and ensure compliance with ever-changing tax laws. It allows you to focus on core business activities while experts handle the complexities of payroll management.

You will need to provide employee details, salary information, company registration details, and any specific requirements for deductions and contributions.

At Ready Accounting, we use state-of-the-art security measures to protect your data, including encryption and secure data storage practices.

Yes, our payroll services are highly customizable to meet the unique needs of your business, regardless of its size or industry.

We can provide payroll reports as per your requirements, whether bi-weekly, monthly, or at any other interval that suits your business needs.