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Although Payroll seems simple, a list of whom needs to be paid, when they need to be paid, and how much, can be quite
complex. As an employer, you need to take into account varying UIF / SDL contributions and PAYE calculations for every
Employee. You also need to adhere to Employer Compliance.
Free Consultation with a Compliance Specialist to assess exactly what you need.
Full-Scale Compliance Services for all industries, as well as Monthly Tax, Accounting and Payroll Packages.
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through our free start-up videos and paid business coaching.
Secure Online Tracking System for all your Company Compliance (free).
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The term payroll originates from the 1800s when employers would use a simple paper roll to list the employees, they needed to pay monthly wages to. Today, the term is used when referring to the procedures a company follows to ensure a worker has been fully enumerated.
This includes various processes that all relate to remuneration: the collection of specific employee data, the calculation of wages, and the deduction of PAYE tax with special regard to any tax-deductible payment employees have, for example, medical aid contributions.
Usually, if you have employees, payroll is compulsory and make things easier and structured. While it may seem like a relatively simple task, you may be surprised how difficult this process becomes once your business takes off.
Yes, payroll helps you innumerate your employees accurately and on time, but it also helps you ensure that your business is compliant with employer requirements. If you do not do your business’s Payroll, or if you do it inaccurately, your business may face compliance or tax issues in the future.
Yes, it is possible. However, we advise that you get formal training before attempting to do so.
PAYE is an acronym for pay-as-you-earn. Deducting and paying PAYE Tax to SARS is part of the Payroll process.
PAYE tax is a form of income tax which an employer pays on behalf of its employees. This is why an employee only receives his or her income after PAYE taxes have been deducted. The employer withholds this tax and pays it directly to SARS.
According to South African law, all trading companies should be registered for PAYE tax. So yes, it’s compulsory. It’s important to make sure you are registered.
UIF is short for the Unemployment Insurance Fund. This fund was initiated by the Government in the 1940s. The goal of the fund is to help individuals who lose their jobs, those who require maternity leave or those who are unable to work for specific reasons, for example, illness. This Fund is designed to alleviate the financial stress when losing your income source.
UIF contributions are made both by employers and employees in equal parts. The amount is determined as a percentage of the employee’s income – the percentage is usually relatively low.
To legally trade in South Africa, an employer has to register with the UIF and usually most employees, even contracted employees, qualify for UIF. Employers must be compliant with the UIF.
SDL is another acronym from SARS which refers to Skills Development Levy. This levy is imposed to encourage continuous learning and the continuous development of employees. This levy is determined by the amount paid to the employee as their salary.
It is usually calculated at 1% of total wages (taking into account overtime payments, leave pay, bonuses, commissions and lump sum payments) and it is payable by employers.
SDL is compulsory when the total amount of all salaries paid by your company to its employees amounts to more than R500 000 over 12 months. If this isn’t the case, it usually isn’t compulsory.
We would recommend having a look at our Monthly Accounting Services should you need assistance with the above.