About Tax Return

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  1. #1

    Question About Tax Return

    I heard that you should submit the bank statement, your finacial statements, audit report and the tax return to the IRD of HK.(Is there anything I miss in this list? Should I also submit all my receipts and the journal which contain all the transaction details in my business?)

    Should I submit the bank statement as it is or I have to somehow connect each transaction on my bank statement to my journal entry?

    What should I do exactly?

    PS: I'm applying for a business account now. Everything I've purchased for my company is through my personal account, and it's like a mess. (Am I even allowed to pay and be paid through my personal account?)


  2. #2

    Join Date
    May 2008
    Posts
    1,707

    you should be asking the IRD not a blog
    Get yourself an accountant company


  3. #3

    Join Date
    Dec 2002
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    θ–„ζ‰Άζž—
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    If you have a limited company, your auditor / company secretary will prepare the audit report (and tax returns + other forms) - which is all that needs to get submitted to the IRD.

    As far as I can tell, this is the same for a sole proprietor company. But worth checking on how the returns are submitted, I have no clue.

    You have to keep records for 7 years - i.e. all your receipts, books etc. As IRD can go back and investigate or "audit" your returns.

    Regardless if you have a sole prop or a ltd company, you should move as quickly as possible to separate accounts. Infact, I don't see how your clients will pay you on your personal name when you're doing business as a LTD company.

    As dynamco says, you need to find yourself a company secretary first - usually people will go with the company that set their company up for them.