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Profits Tax for Sole Proprietors

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  1. #1

    Join Date
    Nov 2017
    Location
    Mongkok
    Posts
    2

    Profits Tax for Sole Proprietors

    Hey guys,

    A newbie both to HK and to self-employment / doing taxes myself. I've spent a lot of hours trying to get this information in the public domain, I wanted to see if any kind old-timers could point me in the right direction.

    I'm currently self-employed as a sole proprietor, it's a one man band, I do a bit of consulting. I wanted to know if Housing allowance and VHIS only applies to salaried persons or if as a sole proprietor who doesn't take a salary from the business I would also qualify for these schemes?

    Any input welcome.

    Thanks!
    Dim


  2. #2

    Join Date
    Dec 2009
    Posts
    7,411
    Quote Originally Posted by dim89
    Hey guys,

    A newbie both to HK and to self-employment / doing taxes myself. I've spent a lot of hours trying to get this information in the public domain, I wanted to see if any kind old-timers could point me in the right direction.

    I'm currently self-employed as a sole proprietor, it's a one man band, I do a bit of consulting. I wanted to know if Housing allowance and VHIS only applies to salaried persons or if as a sole proprietor who doesn't take a salary from the business I would also qualify for these schemes?

    Any input welcome.

    Thanks!
    Dim
    As a sole proprietor I assume it would be your profit that would count as income for this kind of scheme

  3. #3

    Join Date
    Nov 2017
    Location
    Mongkok
    Posts
    2
    Quote Originally Posted by justjoe86
    As a sole proprietor I assume it would be your profit that would count as income for this kind of scheme
    Thanks for your response!

    I would like to assume this to. I wanted to check if this was just my wishful thinking or if the provision is intended to include sole proprietors to benefit from these schemes too.

  4. #4

    Join Date
    Jul 2015
    Posts
    92

    No and deductions for sole proprietor is more stringent


  5. #5

    Join Date
    Jul 2015
    Posts
    92

    No not really


  6. #6

    Join Date
    Feb 2011
    Location
    Hong Kong
    Posts
    6,330

    Create a limited company if you are earning a good amount.

    shri likes this.