Just another WordPress site
Managing the financial aspect of a trading business requires diligence and organization, particularly when it comes to monthly bookkeeping. Accurate record-keeping is not just about maintaining good practices. However, it’s crucial to ensure your accounting records are ready for audits at year-end. Here’s an overview of the essential documentation to streamline your monthly bookkeeping process. …
Continue reading “ESSENTIAL DOCUMENTATION FOR MONTHLY BOOKKEEPING”
You may have a vivid picture of an accountant or bookkeeper in your minds. It is an old, grumpy and constantly nagging person that adds and subtracts all day long. Or a person is excellent with numbers and papers. However, you can use a mobile apps to handle your monthly accounting work. What are the …
Continue reading “USING APPS TO HANDLE MONTHLY ACCOUNTING WORK”
Starting July 23, 2025, Xero will no longer allow users to create new pay runs in Global Pay Run. While you can still access and review past payroll records, processing new pay runs will no longer be possible. The feature will be fully retired in April 2026, so planning your transition to an alternative payroll solution is …
In the context of business operations, the term “offshore” often signifies advantages such as tax reductions; however, in Hong Kong, understanding offshore tax reporting is essential. The city operates under a territorial tax regime, meaning that only profits generated from Hong Kong sources are subject to Profits Tax. Thus, if you run a business in …
Xero, a leading cloud-based accounting software, is increasingly recognized for its robust features tailored specifically for e-commerce enterprises. Here’s a closer look at the key functionalities that make Xero an outstanding choice for online retailers. Seamless Integration with E-Commerce Platforms Xero integrates smoothly with platforms like Shopify, WooCommerce, BigCommerce, and Magento. This allows automatic syncing …
Continue reading “WHY XERO IS IDEAL FOR E-COMMERCE BUSINESSES”
China has been the forerunner in e-commerce over the past decade. So, the emergence of China’s e-commerce market inaugurated a new era in the country’s economy. Centre O is going to illustrate the online growth figures. 1. Total E-Commerce Market Size According to data from 2019 China Internet Network Information centre, the total e-commerce market …
所有香港公司必须每年向税务局 (IRD) 提交利得税申报表 (PTR) 和经审计的财务报表，以报告其应评税利润。而2024年11月15號是今年最後一批遞交的截止日期。 税务局通常在每年 4 月的第一个工作日发布 PTR，纳税人应及时填写并提交这些表格。 税务局[…]
The Profit Tax Return Form is known as the “Profit Tax Return – Corporations (BIR51)”. BIR51 is used by corporations, including limited companies and other corporate entities. The purposes are to report their assessable profits and calculate the amount of profit tax payable to the Hong Kong Inland Revenue Department (IRD). What information do you …
Continue reading “WHAT IS THE PROFIT TAX RETURN (BIR51) FORM IN HONG KONG?”
The territorial principle is the fundamental to the taxation of profit tax in Hong Kong. Thus, the profits which arise in or are derived from Hong Kong are liable to profits tax. Otherwise, you can claim of tax exemption on the ground of “Income not sourced in Hong Kong”. That is, may be treated as …
Continue reading “HONG KONG LIMITED OFFSHORE TAX EXEMPTION CLAIM”
Tax Payable You may have heard Provisional Tax during the tax filing process but didn’t know much about it. After the tax assessment, the taxpayer needs to pay two instalments. Sometimes it is only when the tax is paid that it is discovered that the tax is more than the original tax payable. In fact, …