The South African Revenue Service (SARS) has made strides to improve the country’s taxation systems, introducing a range of new forms and regulations as well as establishing a working e-Filing system that facilitates the quick and effective submission of relevant documentation. With these changes, there is a wealth of information business owners need to clue themselves up on and, one such area of attention is the EMP201 form. Why is the inclusion of this form beneficial to employers and how does a business owner leverage it to their advantage? In this article, we will provide a more detailed understanding of the EMP201 employer declaration form and how you can align your taxation efforts with it.
What is the EMP201 Form?
The primary formation of the EMP201 was to allow business owners to make changes and adjustments to documentation submitted for former operational years. The monthly declaration allows employers to reconcile misinformation, and, in terms of the Income Tax Act 58 of 1962, employers are required to;
Declare such amounts paid to SARS on a Monthly Employer Declaration form (EMP201 form)
New Changes to the EMP201 Form
SARS has made several changes to the EMP201 form to make it more conducive to modern business. The form used to serve as a payment and liability declaration, however, now it is a total payment declaration that includes employee allocations such as PAYE, SDL and UIF. The inclusion of a specific Payment Reference Number is used to link the payments to the payment allocations, streamlining the submission and revision process. As we have already mentioned, the main purpose of the new EMP201 form is to allow employers to make changes to previously submitted declarations as well as reallocate credits from current or prior years to PAYE, SDL and/or UIF. In order to process the new EMP201 form, employers can utilize their e-Filing system or contact a trusted and reputable accounting service such as MBS who have specialists on hand to make submissions easier.
The introduction of the new EMP201 form also allows SARS to provide a comprehensive report on all employer taxes, and benefits the governing body as it provides a clear view of any under- or over-payments that they then can notify an employer about. Employers, as a result, are given a fair opportunity to amend errors or process missing information.
Submitting an EMP201 Form
Typically, an EMP201 form can be easily submitted through the SARS e-Filing system. Alas, many employers and business owners have a wealth of tasks to focus on each day and often cannot make the appropriate time to complete and submit these forms. This is where quality third-party companies like MBS come in to assist. Affordable and reliable processing of one’s EMP201 forms are a part of the company’s comprehensive service plans, and can be taken advantage of for quick and effective e-Filing.
Those that wish to submit the EMP201 form themselves must input accurate and complete sets of information as falsifying documents can have severe legal outcomes. In order to access the form, employers must follow the links on the e-Filing system to the document and fill in details pertaining to;
Employment Tax Incentive (ETI)
Voluntary Disclosure Programme
Tax Practitioner Details (if applicable)
The e-Filing system then allows employers to submit the form and pay the allocations all online. This process can also be done in person at one’s nearest SARS branch, however, the reliability of the e-Filing system makes it much more efficient. Even more so, the assistance of MBS’ services can facilitate the efficient and effective submission of an employer’s relevant and accurate EMP201 form.
The changes to the EMP201 form benefit both employer and SARS, helping to facilitate a more streamlined process that ensures all companies adhere to modern market legislation. The forms allow employers to amend their previous declarations with the intent of tightening up the country’s taxation systems. Furthermore, the form gives employers a more accurate idea of their under- or over-payments. These benefits can be enjoyed by employers through the submission of the form on their e-Filing system or done with the help of a third-party company.
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