Accounting and bookkeeping in Hong Kong from 50 €
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About the service
Every company incorporated in Hong Kong is required to maintain proper accounting and tax records. In addition, under the Hong Kong Companies Ordinance, all registered companies in Hong Kong are required to comply with statutory audits annually. Accounting is maintained in accordance with the International Financial Reporting Standards (IFRS) framework called the Hong Kong Financial Reporting Standards Framework (HKFRS).
What does accounting in Hong Kong include
- Establishment of primary accounting procedures.
- Monthly, quarterly and annual data records.
- Preparation of the balance sheet.
- Preparation of the Profit and Loss Statement.
- The financial analysis.
- Preparation of management reports.
- Reconciliation of bank statements.
- Cash transactions.
- Accounts payable management.
- Accounts receivable management.
- And others as requested by customers.
HR accounting in Hong Kong
Calculation of statutory deductions from employees’ salaries.
Payments to government funds.
The procedure for remuneration of employees.
Staff reimbursement mechanisms.
Preparation of tax forms at the end of the year for employees.
Preparation of personal tax returns.
The procedure for paying severance pay.
Preparation of payroll for employees.
Tax accounting services in Hong Kong
Preparation of tax returns.
Calculation of taxes.
Preparation of justifications for tax exemption.
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Guidelines for the storage of primary company documents
Why keep primary company documents
The Hong Kong Inland Revenue Department obliges companies to keep all primary documentation (in English or Chinese) necessary for accounting and tax accounting.
The documents must be kept for seven years from the date of implementation of the relevant documentation.
It is an offense not to have proper paperwork and is punishable by a fine of up to HK $ 100,000.
What documents do you need to keep
The primary documentation required for accounting and tax accounting includes:
- cashier’s checks;
- Bank statements;
- Cash books;
- Sales books;
- and many other.