OneStart Certified Public Accountants (Practising)is a Certified Public Accountants (CPA) of The Hong Kong Institute of Certified Public Accountants based on the "Professional Accountants Ordinance" in Hong Kong. In addition, our Certified Public Accountants are the members of CPA Australia (CPAA).

We provide one-stop and professional Accounting and Audit Services as well as tax computation.

Enquiry and Quotation

Tel: 3575 6888
Email: info@onestartoffices.com

Book Keeping

Section 51C of the Inland Revenue Ordinance requires

1. 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.
2. Such records shall be retained for a period of not less than 7 years.
3. Failure to comply with the requirements of the Ordinance without reasonable excuse may be liable to a maximum fine of HK$100,000.
4. The records prescribed in the Ordinance including:

• 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.

You just have to provide all monthly invoices and receipts to us, our professional team will be able to prepare accurate monthly, quarterly and annual financial statements, including balance sheet and income statement. This will definitely an advantage for the long-term financial planning and cost control of the company.

New Notice of《Companies Ordinance》

Starting from 2015, under the Companies Ordinance (Cap. 622) of the Laws of Hong Kong, it requires a Hong Kong Limited Company’s directors must prepare for each financial statements, otherwise, he/she will be subjected to penalty.

Source: Department of Justice

Our professional team will provide an annual income tax return based on the requirements of the Inland Revenue Department, including record keeping, arrangement of preparations and submission of financial reports, tax computation, etc.

Given the circumstances vary in each case, the fee depends on each case. Quotation will be given after preliminary assessment on the company’s situation and the scope of services required.

The basic fee may refer to the following table:

Enquiry and Quotation

The profits tax rate for the first $2 million of profits of corporations will be lowered to 8.25 per cent. Profits above that amount will continue to be subject to the tax rate of 16.5 per cent.For unincorporated businesses (i.e. partnerships and sole proprietorships), the two-tiered tax rates will correspondingly be set at 7.5 per cent and 15 per cent. The company without profits needs to pay no Profits Tax.

It is generally 31 March to 31 December of each year for the basis period of taxation according to custom. Hong Kong Company has maximum 18 months for the first year's basis period of taxation.

Generally imported/exported commodities need not pay tariff, except tobacco, liquor and petroleum. But import/export commodities must be declared at customs.

Yes. You need only to provide relevant information, and then we can process accounting, auditing and tariff declaration and other service on your behalf, at expenses to be determined by actual workload. For details, please contact us.

There are three kinds of Hong Kong taxation: Profits Tax, Salaries Tax and Property Tax. Profits Tax shall be 16.5% (2007/08:17.5%) of the taxable profits of the company; Salaries Tax shall be calculated by salary income at progressive tax rate, and paid up to 15% (2007/08:16%) of total salary income; Property Tax 15% (2007/08:16%) of the net rent income earned from owning properties after deduction of 20% standard tax relief for renovation and expenditure.

The bas is period of assessment shall be one of the following periods:
- The year ended on 31 March or 31 December commonly
- The year ended by the end of other month as permitted

Donation granted to recognizable charitable organization is permitted to be deducted, but total donation as required shall not be less than $100 and not more than 35% (2007/08:25%) of assessable profits.

Losses incurred in a taxable year can be carried forward and used to offset the profits of the company in subsequent years.

Profits Tax shall be levied according to the actual profits of the taxable year. Since the profits of one year shall be determined only after the end of year, Inland Revenue Department will levy provisional tax before the end of that year. After the profits of relevant year are assessed in the following year, the provisional tax already paid can be deducted from the Profits Tax payable of this year.

If corporate profits do not arise from Hong Kong, and the company has not set up an office in Hong Kong nor hired Hong Kong employees, then its earned profits will be exempt from Profits Tax.

Yes. Because company incorporation is profit-oriented, even if Hong Kong only performs the role of collecting and paying for others, the company shall be deemed as agency service business, and the income shall be the commission for collection and payment for others.

No. According to Hong Kong laws, every Hong Kong Company has the obligation to declare its financial condition to Inland Revenue Department, whether its business takes place in Hong Kong or not. If this Company does not have its source of income in Hong Kong, it can apply to Inland Revenue Department for exemption from taxation.

Source: Government Website

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 Fthe 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.

Sources: Inland Revenue Department