Accounting
Major Tax Types and Filing Requirements in Hong Kong
Hassle-Free Tax Time
Setting up a business is not easy and there is a wide range of matters that must be dealt with, especially financials and other legal obligations, which can be burdensome for business owners. As businesses grow, especially small and medium-sized ones, the need for accounting services becomes more complex. For those unfamiliar with accounting, these tasks can add extra stress. If mistakes are made, you may even face the risk of losing money.
In such a situation, it would be wise to choose a professional accounting firm to handle your company's finances.M & N Business provides SME accounting services to help your company properly monitor and execute financial transactions, ensure everything is in compliance, and effectively save time and money. Whether it's organizing accounts, filing tax returns, or all aspects of company accounting, our professional services provide comprehensive support.
In addition, we understand that every business has different financial needs, so we offer tailor-made accounting service fee plans based on the nature of your business to ensure that you get the most cost-effective service without worrying about excessive fees.
What are SME Business Accounting Services?
Business accounting services are the process of recording and analyzing financials. At M & N Business, we specialize in providing comprehensive accounting services to small and medium-sized businesses to help companies increase profits, reduce unnecessary expenses, and effectively collect outstanding payments. Our goal is to save time and reduce the stress of financial management and bookkeeping for SMEs through professional accounting support.
Our accounting services team consists of experienced professionals and utilizes the latest accounting systems to ensure your financial statements are accurate. We will provide your company with accurate accounting records and manage all incoming and outgoing payments, allowing you to have a clear picture of your company's financial position and easily monitor business development.
Benefits of Accounting Services
Why recommend Accounting Services? The following are the accounting services 4 Benefits
1. Save time
Some SMEs may not have enough time and expertise to handle their company's accounting matters and tend to overlook financial details, which not only wastes a lot of time, but may also lead to errors. The use of professional accounting services can effectively reduce the internal burden of the company, minimize the risk of errors and save the time required for audits.
2. Increase in profits
Professional accounting services for SMEs help to identify hidden problems in operations early and suggest feasible solutions. This will save unnecessary expenses and utilize the funds for more valuable investments. With more resources, this can help bring more profits to the company.
3. Risk reduction
By choosing a reliable accounting firm to handle your financial affairs, you can reduce the risks involved in financial management by handing over the relevant responsibilities to a team of professionals. Choosing a professional accounting firm ensures the accuracy of the accounting process and effectively prevents employees from misappropriating company assets. Professional accounting services not only ensure the completeness and accuracy of financial information, but also help businesses avoid mistakes in important agendas such as tax audits.
4. Low-cost, high-tech technology
With the development of technology, many advanced accounting software can assist in handling financial and accounting matters. We use advanced accounting software to organize and record financial data and provide professional accounting services to businesses. For a monthly accounting service fee, you can enjoy the latest software and professional services, which help to greatly reduce your company's administrative costs and systematize your business operations.
Every company needs to prepare for tax season.
M & N Accounting provides one-stop accounting services, including accounting, bookkeeping, tax preparation and other professional services. We understand the frustrations that employers may face every time they file a tax return:
We understand that each tax year , The Boss's Bitter Brain ：
- What should I do if I lose my receipt?
- How are revenues and expenditures accurately calculated?
- Do you have to pay a lot of tax every year?
M & N will take care of all the details for you, helping you to be well prepared so that you don't have to worry about managing your business.
Accounting Service Charges and Transparent Pricing
Our fees for company accounting services are fair and transparent, with flexible adjustments based on different service needs. Whether you need comprehensive financial reporting, account collation or regular financial audits, we offer personalized service solutions for your company to ensure that each service meets your business needs and budget.
As a professional accounting firm, we understand that the needs of each business are different, so our service scope and fee structure can be adjusted according to the specific situation of the business, thus helping SMEs to maximize financial efficiency and reduce operating costs.
Bookkeeping / Accounting Services
Keeping Business Records
According to section 3 of the Inland Revenue Ordinance51CThe provision:
- Every person carrying on a trade, profession or business in Hong Kong shall keep sufficient records, in English or Chinese, of his income and expenditure to enable his assessable profits to be readily ascertained
- Records shall be kept for at least7年
- Failure to comply with the requirements of the Inland Revenue Ordinance without reasonable excuse is liable to a maximum penalty of $100,000 per year.HK$100,000
- Records listed in the Inland Revenue Ordinance
M&N accounting services include
- Books of accounts to record income and payments
- Vouchers, Bank Statements, Invoices
- Receipt of asset and liability records, etc.
Accounting from $1000
Accounting year-end: $ face-to-face meeting
M&N tax services include
- Organize accounting books
- Preparation and submission of financial reports
- Calculating taxes and filing various tax returns, etc.
Why do so many entrepreneurs choose M&N Business Services?
- Hong Kong licensed organizations:M&N Business Services Limited is a licensed secretarial company recognized by the Hong Kong Government for its reliable services.
- One-stop comprehensive program:從Company Formation, Secretarial Services, Accounting & Tax Preparation to Virtual OfficeWe have everything you need, so you don't have to travel around.
- Experienced team:Over the years, we have assisted numerous SMEs and start-ups to register successfully and are able to deal with a wide range of complex situations.
- Charges are transparent and straightforward:All service plans are clearly priced, with no hidden charges, so you can rest assured that you're in good hands.
Accounting Services
Company Formation Services
Company Secretary
Tax Services
Virtual Office
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Frequently Asked Questions
In Hong Kong, the financial year is usually measured in terms of the number of years in a year.3月31day or12月31If your company is in its first year of tax basis, the maximum taxable period will be18Months.Failure to file a tax return before the expiration of the specified period is an offense and is subject to penalties. The options available for the first financial statement of a newly incorporated company are18In the financial year, the rate of return is set at one month for each month of the financial year thereafter.12months of the fiscal year, and the date of the selected fiscal year cannot be more than18Months.
You should complete your company's accounts and have them audited by a certified public accountant as soon as possible before you receive your tax return. Please contact us if you need to do so.
Please provide the following documents to prepare your accounting statement:
- Audit report for the previous year (if any)
- Monthly Bank Statement
- Invoices for sale of goods or income
- Purchase and processing fee invoices or receipts
- Invoices or receipts for expenses incurred
- Invoices or receipts for the purchase or sale of fixed assets wait a minute!⋯
It is necessary, as companies are formed for profit-making purposes, even if Hong Kong only plays the role of a collection and payment agent, it is still necessary to do the accounts, Audit the entire collection and payment process by doing the accounting presentation, and then determine the actual amount of the Hong Kong company as the case may be. Revenue.
If your company is unable to complete the corporate accounting audit on time, resulting in you being unable to complete your profits tax return, or if there are errors in your tax returnIf you fail to pay your taxes and penalties, you may be subject to a court summons. If you fail to pay your taxes and penalties you may receive a summons from the court.
M & N It is a professional accounting firm that provides you with one-stop handling of your company's financial arrangements. If you would like to know more about accounting firm fees, please feel free to contact us for enquiries.
References
Consequences of not paying tax on time
Under section 71(1) of the Inland Revenue Ordinance (Cap. 112), tax imposed in accordance with the provisions of the Inland Revenue Ordinance shall be paid in the manner directed in a notice of assessment and on or before the date specified in the notice. If the tax is not so paid, it shall be deemed to be in arrears.
If the taxpayer has not paid the first installment of tax after the date specified in the notice of assessment, the second installment will be deemed to be due immediately. The total amount of tax payable in the Notice of Assessment not yet paid will be regarded as tax in arrears and will be subject to immediate recovery by the Inland Revenue Department (IRD).
The Commissioner of Inland Revenue (CIR) may immediately take statutory recovery actions (including imposing a 5% surcharge, issuing recovery notices to third parties and taking legal actions, etc.) under Part XII of the Inland Revenue Ordinance (IRO) to recover the tax in arrears.
Source: Inland Revenue Department