Checklist for Accounting and Auditing in Hong Kong

Marketing ACCOUNTING & AUDITING

If you are interested in running a business in Hong Kong, the first thing you need to know about are accounting, auditing standards, and tax filing. In order to stay away from any penalties for incorrect tax filings and any legal issues down the road. The Inland Revenue Department ( IRD)  financial year starts on April 1st and ends on …

Inland Revenue Department – Tax Audit & Investigation

Marketing ACCOUNTING & AUDITING

In combating tax evasion and avoidance, the Inland Revenue Department (IRD) of Hong Kong adopts the “Assess First, Review Later” approach as its assessment mechanism on tax returns and other supplementary information submitted by taxpayers while at the same time fully utilises advanced technology in selecting cases not subject to review and conducts automated assessment. IRD uses certain criteria for …

What to do when receiving a letter from Inland Revenue Department?

Marketing ACCOUNTING & AUDITING

Many people started worrying when they received a letter from Inland Revenue Department. Before freaking out, you should first check the file number on the upper left corner of the letter. They mostly starts from 4A, 4B, 4C.  With this file number it shows IRD opened the tax audit and investigation file regarding to your company. Inland Revenue Department Investigation focus on …

Tax Deduction for Charitable Donations in Hong Kong

Marketing ACCOUNTING & AUDITING

Donations qualified for tax-exempt charities or charitable purposes can be deducted. You can have options to claim from your net assessable income under salaries tax, assessable profits under profits tax and total income under personal assessment. Here you can get some brief idea about these deductions. Eligibility for Deduction You may claim a deduction for a donation of money to …

What to do when I receive a Profit Tax Return?

Marketing ACCOUNTING & AUDITING

Each year in April, the Inland Revenue Department will send out Profit Tax Return forms. Companies should filled out Profits Tax Return and any required supplementary forms within 1 month from the date of issue. The compliance date of submission is specified on first page of the profits tax return. It is still advised to hire a reliable tax representative …

What is Employer’s Return

Marketing ACCOUNTING & AUDITING

Company carrying on business in Hong Kong is obliged to file the Employer’s Return to Inland Revenue Department (IRD) annually for all its employees. No matter the employee rendered services in or outside Hong Kong. IRD will send the Employer’s Return (Form BIR56A) to the employers on the first working day of April each year. For newly setup companies, employers will …

Xero New Subscription Fees starting in 18 March 2020

Marketing ACCOUNTING & AUDITING

To help entrepreneurs work better, quicker and truly go paperless with their accounting, From 18 March2020, Xero  monthly subscription fees will be increased. In exchange, Xero has acquired Hubdoc to make bills and receipts to be capture easier than ever.     Monthly Plans                                     Now                            From 18 March 2020 Standard                               US$30/month                         …

Xero Getting Better with Hubdoc

Marketing ACCOUNTING & AUDITING 0 Comments

Get ready for March 2020. Xero is getting even better with Hubdoc.   Starting in 18 March 2020, you’ll be able to automate pesky admin tasks and say goodbye to manual data entries. Hubdoc is combined with Xero saving you a monthly retail price of US$20/month.   Needing help on handling your monthly accounting, expenses recording, Contact us to know more about …

Application Process of Employment Agency License

Marketing ACCOUNTING & AUDITING, COMPANY SECRETARIAL, INCORPORATION, SERVICED OFFICE 0 Comments

Obtaining an employment agency license is not as hard as you may think. Rather it is simple and straightforward as long as you have the necessary documents and follow the application steps. There is a procedure for applying for an employment agency license. Don’t worry if you are not familiar with the process as we have it all listed out …