No matter what stage of your business is currently at, tax filing, account and auditing are the major aspects you have to pay attention. You can’t underestimate the outcome if you fail to report on time. Therefore, it is very important to decide when is your financial year end as your first audit.
If you have formed a HK company, you will receive your first Profit Tax Return around 18 months after the date of your incorporation. So, you need to well prepare for your accounting records. And then submit your first audit report together with the completed tax return to IRD within 3 months submission period. Thereafter, you will receive your Profit Tax Return once a year. Hence, you have to prepare your accounting records and audit report every year.
For further information, please contact us.
You may want to read: CHECKLIST FOR ACCOUNTING AND AUDITING IN HONG KONG