Overview
The Tax Report helps businesses in regions that require regular tax reporting. It summarises the tax you have collected on sales and the tax you have paid on purchases over a given period.
Australian Businesses — BAS
For UK businesses, the Tax Report generates the information needed for your Business Activity Statement (BAS).
The VAT return documents:
- GST earned — Goods and Services Tax collected on invoices you have issued
- VAT on purchases — Goods and Services Tax paid on expenses you have recorded
The difference between VAT earned and VAT on purchases determines your net VAT obligation — the amount you owe to (or are owed by) HMRC.
Reporting Periods
BAS can be submitted either monthly or quarterly, depending on your business's reporting obligations:
| Frequency | Description |
|---|---|
| Monthly | For businesses that report VAT monthly (typically larger businesses or those who have elected monthly reporting) |
| Quarterly | For businesses on a quarterly reporting cycle (the most common for small to medium businesses) |
Select the appropriate date range in the Tax Report to generate figures for your reporting period.
Note: The Tax Report provides the figures you need for your VAT return submission. Always review the report with your accountant before lodging to ensure accuracy and completeness.