Taxation Services
Knowledge on taxation is not widely comprehended by the general public. Errors may sometimes lead to over-paid on tax or even being prosecuted and penalized after wrestling with tax authority in a costly legal suit. Hence, tax reporting of a company should be treated as a serious issue in this regard. It would be more appropriate and secure to be handled by professional accountant.
In general, forms of tax reporting can be divided into three categories including sole-proprietor, partnership and limited company.
Sole-proprietor (unlimited company)
Form will be sent to individual owner. It should be declared and accompanied with salaries tax and property tax. If yearly turnover exceeds HK$500,000.-, profit and loss statement, balance sheet and tax computation together with the form should be lodged to Inland Revenue Department (IRD).
Partnership (unlimited company)
Form will be sent to the company. Same set of documents applied to sole-proprietor should be lodged to IRD together with the form if yearly turnover exceeds HK$500,000.
Limited Company
A limited company will receive the first tax return form after eighteen months in operation. Together with the form, the company should also lodge a financial report that is audited by professional accountant as a basis of tax assessment by the IRD. Hence, annual audit should be conducted before the tax reporting is made for limited company.
Rates
Tax reporting for sole-proprietor: HK$500 up
Tax reporting for partnership: HK$1,000 up
Tax reporting for limited company: HK$2,000 up
(Remarks: quotation will be varied according to quantity and complexity of each assignment)