Business Registration Fees for Year 2020-2021

The Hong Kong Financial Secretary proposed in his 2020-2021 budget to waive business registration fees for one year.   Starting from 1st April 2020. By the proposal, the fees payable in respect of business registration certificates and branch registration certificates. That commence on or after  1st April 2020 but before 1st April 2021. As a result, the sum …

Checklist for Accounting and Auditing in Hong Kong

If you are interested in running a business in Hong Kong, the first thing you need to know about are accounting, auditing standards, and tax filing. In order to stay away from any penalties for incorrect tax filings and any legal issues down the road. The Inland Revenue Department ( IRD)  financial year starts on …

Inland Revenue Department – Tax Audit & Investigation

In combating tax evasion and avoidance, the Inland Revenue Department (IRD) of Hong Kong adopts the “Assess First, Review Later” approach as its assessment mechanism on tax returns and other supplementary information submitted by taxpayers while at the same time fully utilises advanced technology in selecting cases not subject to review and conducts automated assessment. …

What to do when receiving a letter from Inland Revenue Department?

Many people started worrying when they received a letter from Inland Revenue Department. Before freaking out, you should first check the file number on the upper left corner of the letter. They mostly starts from 4A, 4B, 4C.  With this file number it shows IRD opened the tax audit and investigation file regarding to your company. …

Tax Deduction for Charitable Donations in Hong Kong

Donations qualified for tax-exempt charities or charitable purposes can be deducted. You can have options to claim from your net assessable income under salaries tax, assessable profits under profits tax and total income under personal assessment. Here you can get some brief idea about these deductions. Eligibility for Deduction You may claim a deduction for …

What to do when I receive a Profit Tax Return?

Each year in April, the Inland Revenue Department will send out Profit Tax Return forms. Companies should filled out Profits Tax Return and any required supplementary forms within 1 month from the date of issue. The compliance date of submission is specified on first page of the profits tax return. It is still advised to …

What is Employer’s Return

Company carrying on business in Hong Kong is obliged to file the Employer’s Return to Inland Revenue Department (IRD) annually for all its employees. No matter the employee rendered services in or outside Hong Kong. IRD will send the Employer’s Return (Form BIR56A) to the employers on the first working day of April each year. For …

Xero New Subscription Fees starting in 18 March 2020

To help entrepreneurs work better, quicker and truly go paperless with their accounting, From 18 March2020, Xero  monthly subscription fees will be increased. In exchange, Xero has acquired Hubdoc to make bills and receipts to be capture easier than ever.     Monthly Plans                                     Now                            From 18 March 2020 Standard       …

Xero Getting Better with Hubdoc

Get ready for March 2020. Xero is getting even better with Hubdoc.   Starting in 18 March 2020, you’ll be able to automate pesky admin tasks and say goodbye to manual data entries. Hubdoc is combined with Xero saving you a monthly retail price of US$20/month.   Needing help on handling your monthly accounting, expenses recording, Contact …