Tax filing query

[Jontol]

My friend is a fitness advisor, he is making around 300K. he is keeping his book of account himself as its easy for him through bank account tracking. while he didn't know about tax filing, he sought for someone services and just filing tax return costs him $4k - professional charges. is it reasonable? can he do himself? any advice - is 4k reasonable or any guidance for filing tax by self?

[shri]

If you have to ask on his behalf, he needs an accountant.

4K is entirely reasonable and proper classification of expenses will probably save him more.

[PLamHK]

My friend is a fitness advisor, he is making around 300K.

Per year or per month?

[Crankshaft]

Per year or per month?

If it's per month then I am in the wrong profession and need to read up what exactly a fitness advisor does.

[shri]

If it's per month then I am in the wrong profession and need to read up what exactly a fitness advisor does.

Spend some time on Instagram doom scrolling through fitness and diet advice videos and you'll figure out how some of these advisors operate.

[muzzdang]

You can ask him to use Odoo or Xero to start tracking each month. If he is a sole proprietor, no audited financials are needed so the acccounts and tax return could be cheaper. PM me for a contact

[Jontol]

His partner has book keeping experience, hence no need for Xero etc. just finding way to go for income tax.

You can ask him to use Odoo or Xero to start tracking each month. If he is a sole proprietor, no audited financials are needed so the acccounts and tax return could be cheaper. PM me for a contact

[Jontol]

If you have to ask on his behalf, he needs an accountant.

4K is entirely reasonable and proper classification of expenses will probably save him more.

thank you, though this didn't help anyway.

I think FB will get better and accurate answer than sarcasm.

[Trebor]

Are you asking aboiut income tax if so It's easy enough to do it himself online through e-tax or iamsmart if he has it.

https://etax13.ird.gov.hk/ird/login/jsp/LandingPage.jsp

If not you need to clarify if he is using a limited company or a sole proprietorship. If he is recently incorporated he will receive tax return from the IRD and in all likelihood will get an exemption after the first year.

[PLamHK]

Of course, if he has just been taking cash in hand without having registered a business (which seems likely from what you've written) then there may be some other issues around that. $300K is more than can be passed off as "occasional casual earnings on the side". And we have to hope that your friend is either a Permanent Resident or on a Dependant Visa (or other visa allowing them to work freely), otherwise there are immigration issues too.

https://www.ird.gov.hk/eng/tax/bre_abr.htm