I have a small HK registered trading company that had very few transactions in 2017. My company secretary quoted me HKD $15k for accounting, audit, tax representative, tax return filing, and offshore claim for the Jan 1 - Dec 31 2017 financial year.
This is almost as much as I paid for the first 18 month financial period from mid 2015 - Dec 31, 2016, with 20 times more transactions.I'm trying to figure out a way to get the cost down, but the secretary is not being helpful in this regard. I asked if there is anything I can prepare myself to save cost and I was told there is nothing I can do.
Here are my questions.
1. I read some other threads here and hiring a freelancer/moonlighter seems like a good option. In those other threads, the recommendations are usually sent by PM. Could someone send me a PM with a recommendation?
2. According to my research, the profits tax return is due by May 2 if you prepare it yourself but there is an automatic extension to August 15 if you are "represented". As it is already July and I didn't apply for an extension, I don't think it's possible to do it myself this year. Would the same deadline of August 15 apply if I hire a freelancer/moonlighter to do it? Or does this only apply if my company secretary or another accounting firm does it?
3. What exactly is involved with the "offshore profits claim"? The HKD $15k quotation from my secretary is including HKD $5k just for the offshore profits claim. As far as I tell, there is no actual claim form for this. It's just a simple matter of ticking the right box on the profits tax return and attaching 1 page showing much much of the revenue and expenses were offshore. Why is it so expensive to make this claim? In my case, it would cost around the same to just pay the tax.
4. Anything else I should know about if I hiring someone outside of my company secretary to do the profits tax return and audit? Do I need to get the original profits tax return from IRD that is held in their office?
I realize that I should have looked into this much earlier this year. I appreciate any advice that can be offered.