Financial Reporting and Taxation Services
R&B provides one-stop accounting, audit referral, and tax filling services and help your company to handle the relevant matters with ease.
All Hong Kong limited companies should keep a proper business record and prepare the annual financial statements for statutory audit. All we need is all invoices and receipts from you, our professional team will be able to provide all the monthly, quarterly and annual report financial statements and also will be able to provide a clear, accurate and timely financial statement. Also, by using our Platform, Company can access their financial data in anywhere and anytime.
Other than the above, R&B can also assist you in:
1. Setting up and maintaining accounting books and records;
2. Closing accounts on a regular basis;
3. Preparing statutory financial statements in accordance with Hong Kong and international accounting standards;
4. Reconciliation and administration of bank and cash accounts;
5. General financial or pre-IPO coordinating services.
Audit Referral Service
Pursuant to Hong Kong Company Ordinance, every limited company incorporated in Hong Kong should perform statutory audit annually and as stipulated by Hong Kong Company Ordinances (Chapter 622), should appoint an independent auditor to perform statutory audit. The report is required to be presented to shareholders for approval in Annual General Meeting. Also, the Inland Revenue Department also requests the submission of audited financial statements with Profits Tax return for the assessment purpose.
*R&B will refer experienced and independent auditors to arrange audits for the clients (Especially SMEs), and we will ensure the audit can be completed smoothly and efficiently.
Our professional tax experts will provide filing of annual profit tax return and tax advisory service including record keeping, submission of audit report and tax return, tax computation, etc.
We provide a wide range of tax compliance services, including but not limit to the services of preparing and submitting the documents listed as below:
• Tax computation
• Profits Tax Returns
• Employers' Returns (including Form 56A, 56B, 56E and 56F)
• Applying for Extension
• Objection to assessments
• Holdover of Provision Tax
• Tax planning
Relevant Rule for Record Keeping
Section 51C of the Inland Revenue Ordinance requires
Every person carrying on a trade, profession or business in Hong Kong to keep sufficient records in the English or Chinese language of his income and expenditure to enable the assessable profits to be readily ascertained.
Such records shall be retained for a period of not less than 7 years.
Failure to comply with the requirements of the Ordinance without reasonable excuse may be liable to a maximum fine of HK$100,000.
The records prescribed in the Ordinance include
Books of accounts recording receipts and payments, or income and expenditure
Vouchers, bank statements, invoices, receipts
Records of the assets and liabilities of the person in relation to that trade, profession or business etc.
Consequences of Not Paying Tax On Time
Section 71(1) of the Inland Revenue Ordinance (Cap. 112) provides that tax charged under the provisions of this Ordinance shall be paid in the manner directed in the notice of assessment on or before a date specified in such notice. Any tax not so paid shall be deemed to be in default.
If the first instalment is not paid by the date specified on the notice of assessment, the second instalment will become immediately due. The entire balance of the total tax payable in the notice of assessment remaining unpaid shall be deemed to be in default and will be immediately recoverable.
The Commissioner of Inland Revenue will initiate recovery actions, including imposition of 5% surcharge on the entire balance of the demand notice, issue of recovery notice to third party and initiation of legal action, etc., as authorized by Part XII of the Inland Revenue Ordinance for recovering the total outstanding amount.