You need to know

WHAT TO BE AWARE OF WHEN SIGNING A BANK CONFIRMATION?

What is a bank confirmation? Bank confirmation is the audit procedure. It allows to test the existence, accuracy and the ownership of banks account and bank balance of entity.  When needing a bank confirmation? Entrepreneurs need the confirmation during the interim audit rather than at the completion stage. The auditors review the bank balance and select some important accounts to be confirmed. …

HOW TO GET YOUR BANK OF CHINA MONTHLY E-STATEMENTS

2021-05-27

Bank of China started not mailing out the monthly statements. The act is in response to environmental protection and the sustainable trend of green banking. Hence, your paper consolidated statements will be converted to e-statements effective 1st August 2021. While you are running your business, the monthly bank statements is one essential documents that you MUST have.  In order to know …

HOW TO CHECK MY COMPANY FINANCIAL STATUS FROM XERO?

Company Financial Status is similar to physical health of a person. Your physical health is crucial to living a happy and successful life. So applies the same concept to your company. Company Financial Status refers to the state and condition of your company finances. There are four main financial statements to look at when evaluating your company’s status. Balance sheets that shows …

CAN I CLAIM OVERSEAS INSURANCE FOR A HONG KONG EMPLOYEE?

QUESTION 1: My company in the UK paid a medical plan for a Hong Kong Employee, does it help to claim deductions on tax purpose under a Hong Kong Limited Company? ANSWER 1: No, insurance plan in the UK is not a deductible expense under Hong Kong Profit Tax. Firstly, the expense is not paying for trading purposes. Secondly, it …

BUDGET 2021-2022 – PROPERTY RATES CONCESSION

2021-04-30

Budget 2021-2022 announced to provide rates waiver for both domestic property and non-domestic property. Each domestic property for all 4 quarters of 2021-22. Subject to a ceiling of HKD 1,500 per quarter in the first 2 quarters and HKD 1,000 per quarter in remaining 2 quarter. While each non-domestic property, subject to a ceiling of HKD5,000 in the first 2 …

HOW TO CALCULATE SALARY TAX IN HONG KONG

In order to attract global investment and expat genius to Hong Kong. Hong Kong not only offers an attractive tax regime for corporation and entrepreneurs.  Moreover, it also has a competitive low taxation scheme for personal income tax on Hong Kong Salary tax. Correspondingly, salaries Tax referred to Personal Income Tax as well. Firstly, what is assessment year? Hong Kong …

BANK OF CHINA – IGTB PLATFORM UPGRADE TO PAPERLESS

2021-04-24

IGTB platform upgrade and go Paperless Era Bank of China recently announced that they are upgrading their online commercial accounts. It mentioned IGTB online account users are not going to receive any paper customer advice soon. Bank of China will start not mailing out their monthly statements from 3rd May 2021. The act is in response to environmental protection and …

HOW TO DEAL WITH YOUR FIRST AUDIT IN HONG KONG?

No matter what stage of your business is currently at, tax filing, account and auditing are the major aspects you have to pay attention. You can’t underestimate the outcome if you fail to report on time. Therefore, it is very important to decide when is your financial year end as your first audit. When do you need to submit your …

What does it say on my smart Hong Kong Identity Card?

2021-04-24

Since 26 November 2018, a new form of smart Hong Kong Identity Card will be issued to replace the existing smart identity card. The new version of identity card has improved in its durability, security features as well as the chip technology and protection of personal data. Inspection of Proof of Identity. All Hong Kong residents aged 11 or above needed …

HOW TO GET PAYPAL STATEMENT FOR ACCOUNTING RECORDS

PayPal offers a faster, more secure way to pay online. It serves as an electronic alternative to traditional banks. Many e-commerce providers uses Paypal as one of the payment solutions.  In order to ensure each transaction details are booked properly for your accounting and auditing, you are also required to download the Paypal statement each month.   Why you need to …