Accounting Services in Hong KongTommy2021-06-14T02:34:02+00:00
Accounting practices in Hong Kong: Things you need to know
Accounting services is one of the key step in setting up a company in Hong Kong. It can help you to do more than just meeting any tax and reporting requirements, but also to get your business on track to achieve your desired and measurable goals.
The answer to your business outsource accounting questions
Foreign to accounting and its terms? Here is your essential questions to the important terms you should know the most commonly regarding accounting.
Is accounting software better than a professional accountant in accomplishing an accounting service?Tiwi2021-06-10T09:07:31+00:00
It depends on your knowledge to interpret the data from the accounting software into important decisions for your company. Otherwise, it will just be data that you don’t know how to use. A professional accountant on the other hand can advise you about your company structure and the necessary decisions for a more profitable operation. They also advise on financial statement controls and accounting procedures.
Does Hong Kong have mandatory dates for the year-end for compliance of accounting services?Tiwi2021-06-10T09:07:43+00:00
Statutory audit involves the filling of financial statements of incorporated Hong Kong limited companies annually through a third-party qualified Certified Public Accountant (CPA) as required by the Companies Ordinance of Hong Kong.
What happen when a company fails to comply with Hong Kong accounting Standards?Tiwi2021-06-10T13:20:52+00:00
Noncompliance to the mandatory statutory accounting compliance requirements is a crime that attracts a fine, a jail term, or both. It is therefore wise for company to comply to Hong Kong accounting standards to reduce compliance and audit associated costs. Your accounts will be reassessed, and the cost accrued to you. Thereafter you will be prosecuted and charged accordingly.
How can I calculate tax avoidance?Tiwi2021-06-10T09:08:18+00:00
Tax avoidance is computed by dividing the total expenses by the accounting earnings before tax. Tax avoidance is thus a reflection of the aggregate proportion of accounting income payable relative to the accounting earnings.
Do I need to file my taxes for an online business?Tiwi2021-06-10T09:07:06+00:00
The answer is yes. All businesses in Hong Kong should strive to file their taxes and in time to avoid penalties or being jailed for tax evasion. PHP will still come to your help if you are not familiar with the Hong Kong tax laws and requirements. Please consult with us further on the accounting information as it varies from one business to the next.
How are Dormant Companies Taxed?Tiwi2021-06-10T09:07:12+00:00
Dormant companies are not taxed because during the period for which they are dormant, they do not carry out any accounting transactions that can be taxed. A dormant company may only be taxed after it has become active.
Common Services Offer
Cash flow and working capital analysis
To help small and medium enterprises (SMEs) identify, assess, and address gaps in the management of their working capital and cash flow.
Accounts consolidation services
To allow a company’s shareholders or management understand the current financial status of the company. This is done by providing them with consolidated financial statements.