Balance Sheet is a snapshot of your business’s financial condition at a single point in time. It shows what you own (your assets) vs what you owe (your liabilities). The difference between the two is often used as a starting point for valuing a business. Types of Assets Current Assets Current assets have a lifespan …
Category Archives: Accounting & Auditing
WHAT IS PROFIT AND LOSS STATEMENT?
A profit and loss statement is a financial report that shows how much your business has spent and earned over a specified time. It also shows whether you’ve made a profit or a loss over that time – hence the name. A profit and loss statement might also be called a P&L or an income …
What is a Management Account within an accounting books?
Everybody has heard of a management account, many of them may see a few of management accounts in the past. So, what is a management account? Management accounts are financial reports that track various financial figures and metrics, and provide insight into the current financial health of a business. In principle they are similar to …
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WHAT TO PREPARE FOR YOUR AUDIT?
Submitting a year end audit is a company’s obligation. As an entrepreneur in Hong Kong, you have no option to avoid to prepare your audit report. Preparing a report seems to be headache. However, if you plan ahead, then the auditing is an essential tool to help you know better of your company’s financial status. …
2023 VALUE-ADDED TAX DEDUCTION in CHINA
The Ministry of Finance and the State Administration of Taxation announced on 1 Aug 2023, value-added tax (VAT) will be deducted. Thus, the government aimed to support the SME to further develop of business and to lessen the burden of individual. The act is valid till end of 2027. The announcement is as follows: Value-added …
HONG KONG: LODGEMENT OF 2022/23 PROFIT TAX RETURNS
The profits tax filing season sent with the bulk issuance of the 2023/23 profit tax returns on 3rd April 2023. Dates for filing the 2022/23 Profit Tax Returns If you would like for extension for tax filing, you have to send your application within 1 month from the date of issue. The extended due dates …
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IR56 FORMS DEADLINE EXTENDED TO 1 JUNE 2022
The Inland Revenue Department (IRD) on 1st April 2022 issued about 220,000 IR56 forms, 120,000 property tax returns and 300,000 employer’s returns for the year of assessment 2021-22. Thereafter, about 2.48 million tax returns for individuals will be issued on June 1. Don’t forget to file your IR56 forms Hong Kong Taxpayers have to file …
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CAN DONATIONS BE TAX DEDUCTIBLE IN HONG KONG?
Donations to tax-exempt charities or to Government for charitable proposes is tax deductible. The amount can deduct from your net assessable income or assessable profits. Thus, a qualified donations is tax deductible for both an individual or a company. Eligibility for Deduction You may claim a deduction for a donation of money to any approved …
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Relocation of Inland Revenue Department Offices
IRD offices is going to move to the Inland Revenue Centre in Kowloon. The arrangement is scheduled by phases from late 2022 to early 2023. However, 4 offices will remain in Wanchai Revenue Tower: What are the actual relocation dates of each Inland Revenue Department? The actual relocation dates of individual offices / sections will …
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2022 TAX RETURN FILING FOR A COMPANY AND AN INDIVIDUAL
Inland Revenue Department (IRD) of Hong Kong has published a schedule for a company and Individual Tax Return Filing for 2022. The bulk issue of Profit Tax Returns and Individual Tax Returns will be sent on 1st April and 1st June respectively. Thus, your green envelop is coming in early April and June as well. …
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