Toronto Accounting Firm Hogg Shain & Scheck Assists New Business Owners with Their First Quarterly HST Report
Toronto chartered accountants Hogg Shain & Scheck will be helping many small business owners properly file their GST/HST reports, to alleviate the confusion and potential mistakes in paperwork owners face.
Online, July 30, 2013 (Newswire.com) - The end of this month is the due date for filing and remitting the Harmonized Sales Tax (HST) in Ontario for the prior quarterly reporting period, April 1st to June 30th. Through their tax services in Toronto, the chartered accountants at Hogg Shain & Scheck Professional Corporation (www.hss-ca.com) will be helping many new business owners with the often frustrating process of filing and remitting their Harmonized Sales Tax (HST) in Ontario.
The Goods and Services Tax (GST) is a tax that is applied to most supplies of goods and services made in Canada. The HST is a sales tax by which the provincial sales tax and GST are harmonized into one, and was adopted by the province of Ontario. Those owning and operating new small businesses in Ontario will likely need to deal with the HST, and new small business owners will find themselves lost in the HST reporting process.
The rules for registering for GST/HST are well defined, but many business owners still register for GST/HST without needing to do so. This means extra paperwork as well as unnecessarily applying the tax (13%), which could hurt the business.
The GST/HST can often be confusing to implement for new business owners. It is essential to understand the criteria for charging GST/HST before doing so. Many small businesses find difficulty in trying to determine this by themselves. Generally, if a business' gross sales are over $30,000 in a fiscal year, it must charge GST/HST.
The report due at the end of this month will not be an easy step for new business owners who don't have a knack for paperwork or for those who are new to the process. One of the potentially confusing parts of reporting and remitting quarterly HST is calculating the HST that has to be remitted. Business owners must:
* Calculate the GST/HST they've collected
* Calculate the Input Tax Credits that they may claim
* Calculate the net tax
This month, through their reliable accounting services in Toronto, Hogg Shain & Scheck will be helping many small business owners properly file their GST/HST reports. In addition to expertly filing taxes, the Hogg Shain & Scheck team are experienced in compensation planning, reorganizations, and minimizing their clients' tax burden.
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