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Hong Kong Accounting - Audit & Tax Process
Hong Kong transfers and tax details occur regularly in the business environment, and we are positioned to help you expedite these processes quickly. In Hong Kong will make sure that all the proper documentation is met and confirm that you are up to date on any requirements as mandated by law. No matter where you are in the world, we can do a business transfer without you needing to make any special trips to Hong Kong.
In Hong Kong is also qualified to help you with the tax details associated with the transfer of a business. We will break down these processes below so you are well informed and feel confident about your pending Hong Kong transfer and tax circumstances.
Hong Kong Accounting, Auditing and Tax Filing - In Hong Kong
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Hong Kong Tax and Audit Solutions
Understanding Hong Kong's tax structure will help you maximize your business dealings in the jurisdiction. When you’re not fully aware of these business details, it can invite plenty of complications and expenses that are easily avoided. Here is what is required of your company when it comes to Hong Kong tax and audit structures.
Profit Tax Filing in Hong Kong
Hong Kong is known for its simple tax filing systems that makes it incredibly business-friendly city in the global economy. While Hong Kong is a part of China, it operates separately from its governing country in the business world. Hong Kong operates on a flat-rate tax principle, which is referred to often as a ‘Profits Tax.’ Hong Kong also has a number of tax incentives that makes the city incredibly competitive in the world market. A business that meets the criteria below is responsible for paying Profit Taxes.
• The entity carries a trade, profession or business in Hong Kong.
• The business, trade or profession assumes profits of some kind.
• The profits assumed were acquired in Hong Kong.
While the tax structure is simple, there are requirements and deadlines that need to be met in order to remain compliant with your Hong Kong business. Having an experienced accountant in Hong Kong handle this for you, can eliminate the organization needed to do this successfully. You can also avoid dealing with the unfamiliarity with Hong Kong Tax and audit structures by working with a certified accounts management team or CPA. * Do note, if you are doing business outside of Hong Kong, these profits are not taxed.
Profits taxes are due according to your filing paperwork. Again, your Hong Kong based secretary can help you with these details. Not filing for Profit Tax in the appropriate time could result in paying higher taxes, penalty payments or even prosecution.
Tax Auditing in Hong Kong
The best way to handle tax auditing in Hong Kong is by using a certified professional accountant who is qualified to perform an audit of your business. CPAs understand how to work with the Inland Revenue Department, not just for tax purposes, but also for audits.
You will need to keep impeccable records on your business accounts in Hong Kong. This management would include profit and loss on accounts, balance sheets, and general ledger business documentation. In Hong Kong suggests using our services to help you with this process as trying to catch up at a later date, or recall previous business transactions, can be next to impossible. If you have very few business transactions, you may be able to take on this task yourself with the help of a CPA. In general, however, the more transactions you have the more complicated tax filing or auditing will be.
If you are an organized business owner and keep your transaction records current, you can hand this documentation to your CPA or someone who understands how to manage these accounts in Hong Kong.
If you have little to no experience in accounting, we suggest working with our team to help secure the proper professionals to manage your Hong Kong based transfers, tax filings or audit situations. When you hire a professional for these jobs you will avoid delays, especially when trying to file your profits tax and meet the deadlines. Having an ongoing relationship with an accounts management team like In Hong Kong, will allow you to spend more time on making your business successful, rather than dealing with tax and financial headaches.
The Reporting of Corporate Structure Changes
Your company will evolve and grow, and chances are there will be changes in the corporate structure of your Hong Kong business. These changes can be small like new directors, shareholders or the business address. Other changes might be larger in scale such as new ownership or shifts in tax structures. In Hong Kong can support you by reporting these changes to the appropriate organizations, such as the Inland Revenue Department.