HOW TO DEAL WITH YOUR FIRST AUDIT IN HONG KONG?

ACCOUNTING & AUDITING

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.

When do you need to submit 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. 

What documents you have to get ready?

  1. Invoice – copy of all issued sales invoices
  2. Expenses – copy of expenses and bills
  3. bank statements – copy of company bank statements and corporate / business credit card statements
  4. Contracts signed – including sales /purchase / service agreements and tenancy agreements
  5. Employee details- employment contracts, HKID or passport, residential address

For further information, please contact us. 

You may want to read: CHECKLIST FOR ACCOUNTING AND AUDITING IN HONG KONG

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