Do you dread completing your sales tax returns every month? Are you unsure where to find the information you need? If you use Xero, you can save yourself the headache. You can use Xero’s sales tax reports to quickly and easily complete your tax returns. All that’s left after that is making sure you file them before the deadline.
With so many compatible integrations, Xero can help with deadlines too. Continue reading to learn how to complete your sales tax returns with Xero reports and get them filed before the deadline.
Which sales tax returns can I complete using Xero reports?
The Xero sales tax report provides a quick snapshot of the GST collected and paid. On the same report, you can easily see how much PST you’ve collected during the period as well. While this is convenient, because GST and PST returns often follow different reporting periods, you’ll need to pay careful attention to the dates on your reports when completing the return to send to the government.
GST and HST
Common reporting periods for GST and HST are monthly and quarterly. You can easily update the dates of your sales tax reports by selecting the correct dates from within the sales tax report dashboard. When completing your GST/HST return, make sure you double-check the dates on the Xero report, before transferring the figures to your GST/HST return.
Reporting periods for PST are also monthly and quarterly with monthly being more common. Unless your GST/HST and your PST returns are the same reporting periods, the dates on the PST return don’t always match up with the GST/HST reporting periods. Again, it’s important to check your dates when filling out your PST return from the Xero sales tax report.
Never miss a deadline with the InView app integration
Another key when completing your sales tax returns is making sure you submit them to the CRA (for GST/HST) and your provincial sales tax authority (for PST) by the filing deadline. Failure to do this could result in interest or penalties being charged to your account.
Sales tax returns are generally due one month after the reporting period. For example, if your GST/HST reporting period is January 1 – March 31, your return would be due on April 30. The deadline is noted on your form, so make sure you double-check it to avoid additional charges.
Many programs integrate with Xero to improve efficiency even further. One of those integrations is InView. With InView, you can manage invoices straight from your calendar. You can also add a calendar to your Xero dashboard and have time-sensitive alerts sent to your email, so you never miss a deadline.
At Virtual Heights Accounting, we can show you how to transfer your sales tax numbers from the Xero sales tax report to the return you need to file with the government. We can also help you connect InView with Xero to manage your deadlines. Get in touch to learn more.