Hong Kong Unlimited Company Tax Return
Hong Kong Unlimited Company Tax Return
If you have an unlimited company, do you always wonder how to file tax return to save money and comply with the regulations? The biggest difference between an unlimited company and a limited company is that you don't need to do an audit, which saves you a lot of time and cost! However, you still need to keep all business documents for at least 7 years in case of random checks by the Inland Revenue Department.
Profits from unlimited companies will be directly recognized as the owner's personal income, so you can choose to file your tax return under Personal Income Taxation (PIT), which is a way of combining business profits with other incomes, and deducting personal allowances, MPF contributions, etc. M&N provides actuarial services to help you analyze the most effective way to file your tax return.
Let M&N help you with unlimited corporate tax returns and focus on growing your business!
Hong Kong unlimited company tax filing process
Fill out a tax return:
Sole proprietorships: report business profits in Part 5 of your personal tax return (BIR60).
Partnerships: Complete a Profits Tax Return (BIR52) to report the overall profitability of the partnership.
Why choose M&N Business to help you with your tax return?
Save Time
M & N provides a full range of corporate tax filing services, including tax consulting, bookkeeping, audit arrangement and submission of corporate profits tax returns to the Inland Revenue Department, so that companies do not need to worry about the cumbersome process of filing tax returns and complete the compliance filing efficiently.
Understanding your needs
As a professional tax filing company, we understand the pain points that companies often encounter when filing tax returns, and our team will follow through the entire tax filing process to complete the company's tax filing requirements in compliance with the statutory requirements.
Corporate tax return fees are clear
M & N provides clear and transparent tax filing fees to ensure that prices are reasonable and fair with no hidden fees.
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Frequently Asked Questions about Hong Kong Unlimited Company Tax Returns
Wrong! Unlimited companies also need to file tax returns, only the way of filing tax returns is different from limited companies. Profits from an unlimited company will be treated as the owner's personal income and need to be reported on a personal tax return (BIR60)!
No need! The biggest advantage of an unlimited company is that you don't need to do an audit, which saves you a lot of time and cost. However, you still need to keep all the business records and documents, as the Inland Revenue Department has the right to conduct random checks at any time.
Personal Income Tax is a unique advantage for unlimited company owners, as it allows you to combine your business profits with your other income (e.g. rent, investment income, etc.)! You can combine your business profits with your other incomes (e.g. rent, investment income), deduct personal allowances, MPF contributions, etc. M&N will help you figure out which method is the best.
Partnerships need to file a BIR52 form to report the overall profit, and then each partner will claim their share of the profit on their individual tax return in proportion to their share. m&n will help you with all the paperwork to ensure that the apportionment is correct.
The owner of an unlimited company is not considered as an employee, so he/she is not entitled to pay wages and does not need to file a salary tax return. Your income is the company's profit, so you can report it directly to the profits tax.
The advantage is that the loss can be used to offset your other income or take a deduction for the year! The upside is that the loss can be used to offset your other income or take a tax deduction for the next year, and M&N will show you how to use the loss to minimize your tax liability.
Unlimited companies are also subject to a two-tier profits tax system, with the first $2 million of profits taxed at 7.51 TP3T, and the excess at 151 TP3T. Unlike a limited company, the owner of an unlimited company has unlimited liabilities, but the process of filing a tax return is much simpler.
Incomplete receipts are the trouble of many bosses! It is best to start building a systematic record keeping habit immediately. If it is no longer in use, M&N can help you assess the risk and work with you to prepare reasonable explanations and supplementary documents.