02 Mar Make Your Tax Year-End Pain-Free in 2023
There’s a three-letter word that makes many SME business leaders nervous, tax. With the ever-changing legislation, your HR team needs to stay compliant and on top of things to reduce the impact on your business’s tax year-end. Many small businesses struggle to grasp the complexities of payroll taxes. Even more, businesses find it hard to explain tax calculations to their employees. In this guide, we discuss how to make your tax year-end pain-free in 2023.
Time and resources are a challenge for many small businesses. Your HR team needs to spend time double-checking PAYE, medical aid contributions, UIF, and pension fund figures. This leaves less time to spend focusing on employee tax incentives and skills development levies that help reduce hiring costs through reduced PAYE contributions.
Table Of Contents
SMEs Outsource their Payroll Function
Many small business leaders choose to hand their payroll over to professionals. This may not even be an option for growing businesses that are cash-conscious.
The benefits of having an in-house payroll specialist:
- Keeps employee records up to date
- Submits tax remits
- Files tax returns
- Process payroll in line with legislation
- Quickly identify discrepancies
Empowering Your Team with HR Self-Service Tools
Save your HR team some time by eliminating the need to check and double-check employee information by empowering your team to do it themselves through HR self-service tools. This is the most transparent way to ensure all personnel data stays accurate.
With a cloud solution, you can also enable your team to check their personal info, submit leave requests, and track timesheets from anywhere. This will save time for your HR team so they can focus on more compelling tasks. Topping this up with the automation of manual repetitive tasks will reduce human errors prone to manual data entry.