Accounting and Audit arrangement

provides customer preparation of financial statements, audit arrangement and submission of Profits Tax Returns.

In general, a newly registered business will receive its first profits tax return some 18 months after the date of commencement of business or the date of incorporation.
According to Hong Kong Companies Ordinance Sec. 122, the annual financial statements of Hong Kong limited company should be audited by Hong Kong Certified Public Accountants (Practising), for the purpose of presenting for shareholders’ review in annual general meeting (AGM).
Moreover, Hong Kong Inland Revenue Department requires the Hong Kong Limited Company to submit the Profits Tax Return with the audited financial statements for the purpose of tax assessment.

(Sources: Inland Revenue Department)

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  • The Basic period is either
    • The year ended 31 March during the relevant year;
    • Where the annual accounts are made up to any date other than 31 March, the year ended on that day in the relevant year.

  • Profits Tax Rate
    • 2018/19 onwards:
    1. Corporations
      • 8.25% on assessable profits up to $2,000,000; and 16.5% on any part of assessable profits over $2,000,000
    2. Unincorporated Businesses
      • 7.5% on assessable profits up to $2,000,000; and 15% on any part of assessable profits over $2,000,000

  • Normal Filing Time
    • Generally, profits tax return should be filed within 1 month from the date of issue. The compliance date of submission is specified on page 1 of the profits tax return.

Normally, IRD will send BIR56A and IR56B (Employer's Return) to employers on the first working day of April each year.

A “NIL” return of BIR56A is still required even if you have no employees or pensioners chargeable to Salaries Tax.

In additional, we provide the service for filing of Employer's return.