STEP 4 OF ACCOUNTING PROCESSES IN HK: INCOME STATEMENT AND BALANCE SHEET

Marketing ACCOUNTING & AUDITING

Step 4: Income Statement and Balance Sheet The final step is creating the financial statements. The two most important are the balance sheet and income statement. The income statement shows how the business earned and spent its money over the period. Typically, the income statement will show income received then deduct product costs (see step 1), yielding gross profit. Gross …

STEP 3 OF ACCOUNTING PROCESSES IN HK: SEND IN YOUR OUTSTANDING INFORMATION

Marketing ACCOUNTING & AUDITING

Step 3: Send in Your Outstanding Information As is often the case, while completing the vouchers some information is missing. This could mean the accountant cannot figure out how an invoice is paid, credit card statements are missing, some receipts are illegible, or even the receipts are in another language. When this happens, the accountant will re-check and reach out …

STEP 2 of ACCOUNTING PROCESSES IN HK: CREATING VOUCHERS

Marketing ACCOUNTING & AUDITING

Step 2: Creating Vouchers Now that all your invoices and receipts are sorted (See Step 1), the accountant must create vouchers. A voucher is made for the income earned each month, and the different expenses incurred each month. In accounting, earned income and incurred expense does not necessarily mean money was collected or spent. Earned income means a product or …

Our annual service fee of Accounting, Auditing and Tax filing

Marketing ACCOUNTING & AUDITING

The quotation for accounting and auditing will depends on the following factors: 1.the number of transactions per financial year 2.the turnover per financial year 3.the business nature and location of the business operations 4.whether the company has any investments or subsidiaries For more information about our annual service fee, kindly contact us at sales@centreo.hk or call us directly at 3124 …

Is my income liable to profit tax in Hong Kong?

Centre O ACCOUNTING & AUDITING

The territorial concept of taxation in Hong Kong recognises that a Hong Kong business may generate profits from different geographical sources. Only profits sourced in Hong Kong may be subject to profits tax (15% on assessable profit). Profits sourced outside Hong Kong are possibly not taxable. However the distinction between onshore and offshore profits is often an issue disputable between …