Accounting and Taxation Service

Accounting and Bookkeeping Services

Section 51C of the Inland Revenue Ordinance requires every person carrying on a trade, profession or business in Hong Kong to keep sufficient records in the English or Chinese language of his income and expenditure to enable the assessable profits to be readily ascertained.

Such records shall be retained for a period of not less than 7 years.
Failure to comply with the requirements of the Ordinance without reasonable excuse may be liable to a maximum fine of HK$100,000.

The records prescribed in the Ordinance include :-
（１）Books of accounts recording receipts and payments, or income and expenditure;
（２）Vouchers, bank statements, invoices, receipts;
（３）Records of the assets and liabilities of the person in relation to that trade, profession or business;
（４）Records of all entries from day to day of all sums of money received and expended in relation to that trade, profession or business;
（５）Where that trade, profession or business involves dealing in goods –

1. A record of all goods purchased, and all goods sold in the carrying on of that trade, profession or business showing the goods, and the sellers and buyers in sufficient detail to enable the Commissioner to readily verify the quantities and values of the goods and the identities of the sellers and buyers, and all invoices relating thereto; and
2. Statements of trading stock held by the person at the end of the accounting period and all records of stocktakings from which any such statement of trading stock has been prepared; and

（６）where that trade, profession or business involves the provision of services, records of the services provided in sufficient detail to enable the Commissioner to readily verify the entries.

Apart from fulfilling statutory requirements, keeping a good book of accounts and compiling regularly financial management report are essential to the success of a business. You may not have enough budget for hiring, a large amount of transactions to occupy, or the accounting knowledge or time to supervise, full-time accounts staff. Outsourcing your bookkeeping and accounting tasks to us would be the best solutions for you.

We provide accounting services on a monthly, quarterly and yearly basis to clients in order to assist to solve various problems arising from the compliance requirements in relation to the Hong Kong Accounting Standards, taxation system and Companies Ordinance.

Our services detail as below:-

• Managing accounting materials, systematic filing and bookkeeping
• Preparing general ledgers, cash and bank books, accounts receivable and accounts payable
• Preparing annual financial statements include Balance Sheet and Income Statememt

Our accounting service fee starts from HK$1,000.
Please feel free to contact us for free initial consultation and quotation.

Taxation Services

Our professional accountants are specialised and experienced in the taxation system of Hong Kong. We are professionals in assisting clients to minimise their tax obligations by tax planning in advance.

There are three main categories of tax in Hong Kong, including Profits Tax, Salaries Tax and Property Tax.

Profits Tax

Sole Proprietorship / Partnership
Standard rate is 15% (tax rate for first HK$2,000,000 assessable income is only 7.5%, subjected to certain conditions)

Limited Company
Standard rate is 16.5% (tax rate for first HK$2,000,000 assessable income is only 8.25%, subjected to certain conditions)

Time limit for filing:
Taxpayers are required to complete and send the tax return back to the Inland Revenue Department (IRD) within 1 month from the date of issue of the return. For a newly registered business, within 3 months from the date of issue of the return.

Salaries Tax

Salaries Tax payable is calculated at progressive rates on your net chargeable income or at standard rate on your net income, whichever is lower.

Standard rate is 15%
Calculated at progressive rates: first HK$50,000 subjected to 2%; second HK$50,000 subjected to 6%; third HK$50,000 subjected to 10%; fourth HK$50,00 subjected to 14%; all reminder salary income subjected to 17%

If you and/or your spouse had income chargeable to property tax and/or profits tax, we can help you to indicate whether it is to your advantage to elect for personal assessment.

Time limit for filing:
Taxpayers are required to complete and send the tax return back to the Inland Revenue Department (IRD) within 1 month from the date of issue of the return. An extension of 1 month will be given automatically if the return is filed electronically or if a tax representative (say our firm) is appointed to handle the tax return filing.

Property Tax

Standard rate is 15%

Time limit for filing:
Taxpayers are required to complete and send the tax return back to the Inland Revenue Department (IRD) within 1 month from the date of issue of the return. An extension of 2 weeks will be given automatically if the return is filed electronically

Employers’ Return

Normally, Inland Revenue Department (IRD) will issue the Employer’s Returns of Remuneration and Pensions (Form BIR56A) to employers on the first working day of April each year. Employers are required to complete and return the form to the Department within one month together with the Form IR56B for the relevant employees.

Time limit for filing:
Employers are required to complete and send the tax return back to the Inland Revenue Department (IRD) within 1 month from the date of issue of the return.

Tax Return Filing Services:

Limited Company and Unlimited Company (Sole Proprietorship / Partnership)

• Acting as Tax Representative
• Filing of Profits Tax Return
• Filing of Employer’s Return
• Apply for extension of tax returns filing
• Filing an Objection – dispute the assessment / against an estimated assessment
• Apply for holding over of provisional tax or payment of tax by instalments
• Assist in handling Inland Revenue Department’s enquires or tax investigation
• Provide tax planning and consultation services

Individuals

• Acting as Tax Representative
• Compleion and Filing of Tax Return – Individuals
• Apply for extension of tax returns filing
• Assist in handling Inland Revenue Department’s enquires or tax investigation
• Provide tax planning and consultation services

Services Charges: