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What's News |
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[ 2023-4-28 ]
How much tax will you have to pay this year?
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This year, tax payment will definitely be higher than last year. Not only the economy has return to normal, income has increased; but also the tax relief has reduced from 10,000 dollars to only 6,000 this year.
The Hong Kong Inland Revenue Department is going to issue the personal tax return for 2022/23 in early May, and tax filing must be completed within a specified time. Therefore, now is the time to prepare a tax plan, and reduce your tax burden in a legal way.
Our company has compiled an excel sheet, which is a simplified version of the 2022/23 salary tax payable calculation table, which can assist in calcuate your tax payable this year. You only need to fill in your relevant figures in the yellow boxes to calculate your tax payable result.The Excel calculation sheet can be found on our website (www.easiview.com.hk) under "what's news", click the link to download. Or you can contact our colleagues to provide.
If you think the calculation table is helpful, please forward it to your friends, and everyone who may needed.
Please note that this is just a simple version of the calculation table, and the calculation results are for reference only. For some complicated situations (such as other allowances or expenses, etc.), the calculation table may not be relavent. For an accurate calculation of the tax liability payable, please seek professional advice.
If you have any questions about the above calculation table, or if you have a more complicated situation, or want to make a tax plan, please contact our company.
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[ 2023-4-21 ]
Stand in the wind, fly in the wind
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The International Assets and Risks Management Association (iARMA) and CCKT jointly organized the first business meeting in 2023, which was held on the evening of April 20.
The theme of the evening was: "Stand in the wind, fly in the wind". The purpose of the meeting is to discuss with the participants where the current business opportunities are.
That night, everyone identified the two major opportunities: family trusts (family offices) and Hong Kong immigration. Mr. Stanley LEUNG, a former official of the Hong Kong Immigration Bureau, and CCKT were invited to explain Hong Kong immigration policy and family trust respectively. At the same time, Mr. Stanley WU (Uncle Stanley), a charity expert, explained how to expand Chinese and Hong Kong contacts through charity work; the content is full of inspiration performance and practicality.
Accountant So Kwok Wing is the president of the International Asset and Risk Management Association, which aims to promote asset risk management and family trusts. For information about iARMA's founding purpose and past activities, please refer to the website:
https://iarmahk.org/
iARMA welcomes friends from all business circles, who agree with our purpose, who are engaged in or intend to promote asset risk management, are welcome to join.
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[ 2023-4-14 ]
Learn new thinking, meet new opportunities
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Since the customs clearance with China, many Chinese provinces, cities, and local governments have sent officials to Hong Kong to visit various chambers of commerce or hold investment promotion conferences to promote the local investment promotion environment and government support policies, etc., which is very lively.
Accountant So Kwok Wing was also invited to attend a number of investment promotion activities. In the past two weeks, two local governments that have close ties with Hong Kong have also held investment promotion activities in Hong Kong, including: Zhongshan Municipal Government Global Investment Promotion Conference and Shenzhen Luohu District Business Environment Exchange Conference.
These two places are very familiar to us, in the past few years, the business environment has been actively improved, many commercial facilities and supporting facilities have been established, and the government has also given many preferential policies and support programs, which are very attractive .
Their determination, innovative thinking and enthusiasm in competing for talents, capital and business have been fully demonstrated, which is impressive, compares us to Hong Kong. We Hong Kong people really need to work hard and step up again, abandon the "lay back" thinking, earnestly learn from them, and regain the "Lion Rock Spirit" , so as to have the opportunity to continue to gain a foothold on the world economic stage.
The services provided by our company, including accounting, auditing, tax planning, tax reporting, company establishment, company secretarial services, financial services, family trust services, business consulting, etc., are all with professionalism . To provide the best business support for companies operating in Hong Kong and help them grow rapidly.
Customers and friends who are interested in expanding business, welcome to join hands with us and work together for Hong Kong and our business.
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[ 2023-4-6 ]
New requirements for profits tax return
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New requirements for profits tax return
The new tax year has started again, and many clients have received the "green bomb" - profits tax return this week. There are many changes in the profits tax declaration this year, but the tax office has not issued a notice, so everyone should pay attention to avoid stepping on landmines by mistake, resulting in late reporting, omissions, fines or even tax investigations. For example:
1. Unlike the past, no matter how much the company's turnover is, it is necessary to attach an accounting account to the tax return:
(a) For a limited company, audited accounts are required. The previous requirement of IRD was that if the annual turnover is less than 2 million, there is no need to submit audited accounts. But from this year, all companies, including those that do not operate, need to be audited before they can file taxes;
(b) In the case of sole proprietorship and partnership companies (commonly known as unlimited companies), accounts must be submitted with Tax Return. Accounts include profit and loss statement and balance sheet, which is different from the previous years that only need to submit profit and loss statement, which means that unlimited companies must also provide comprehensive accounting records, and the requirements are strengthened.
2. According to the practice of IRD, companies with tax losses only issue Tax Returns every three years, but please note:
(a) This is just customary and not necessarily issued after three years;
(b) The IRD will also issue Tax Returns from time to time for the company to fill out;
(c) If the company is profitable but has not received a Tax Return, it must report to the IRD within four months after the end of the fiscal year.
So please always pay attention to whether you have received the Tax Return from the IRD. If you receive it, you must deal with it immediately; if you have not received it, you must pay attention to point (c) above.
In order to effectively manage tax burdens, tax planning must be done in advance, comprehensive accounting book keeping and records must be prepared, and then Tax Returns should be made on time to minimize delays and omissions.
Our company can provide comprehensive taxation services, including: preparation of accounting, auditing, tax reporting and tax planning, etc. For details, please contact our company.
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[ 2023-3-31 ]
Active market is back
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Since social distancing and the internal and external customs is clear, Hong Kong's economy has quickly "returned to normal".
Early bird catches the worm. The "early bird" always gets the worm.
Last week, Accountant So Kwok Wing gave a lecture for a large-scale insurance company in Hong Kong. The topic of his lecture was "Basic Cognition of Non-Hong Kong Asset Inheritance". More than 400 friends from the insurance industry who "woke up early" participated in the event, which was rare in the past few years.
Accountant So Kwok Wing explained the method of inheritance of non-Hong Kong assets, and pointed out four important arrangements in the plan. An example is given to illustrate the procedures, problems and complexities of inheritance of non-Hong Kong assets. The participants were very interested in the topic and actively asked questions, reflecting that their customers have come back again, asking them various inquiries, full of business opportunities.
Our company can assist clients in handling asset inheritance, including formulating inheritance plans in advance, establishing structures, tax planning, establishing trusts, and implementing transfers.
Dear friends, if you have any needs or questions about succession planning or trust, please contact our company.
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[ 2023-3-24 ]
Hong Kong, create extraordinary
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Hong Kong is only 1,100 square kilometers, not even a sesame seed on the map; with a population of over 7 million, it is only the size of a city, but it has repeatedly created extraordinary achievements.
Hong Kong has World-class business tycoons and world-class athletes. Recently, the entertainment industry has also created extraordinary things for. Ms. Michelle Yeoh won the Golden Globe Award for Best Actress. She said that Hong Kong is the place where she can succeed.
There are two characteristics to success internationally in Hong Kong:
1. They use Hong Kong as a springboard to start,
2. They are all "entrepreneurs", starting from a small scale, starting from a one-person company, self-study.
But of course success does not depend on the strength of one person alone. Athletes need good coaches and venues, performers need good directors and facilities, and businessmen need good professional support.
Our business purpose is to provide various business services and support for small and medium-sized enterprises in China and Hong Kong, so that customers can focus on their business and accelerate their development and success. Our aim is to "grow together with customers and share results".
No matter whether you have already jumped on the high platform, you only need to turn around, or you have just arrived at the competition field and started to start. Through our services, including: company establishment (Hong Kong, China and various offshore companies), accounting, auditing, tax planning, trademark registration, business consulting, pre-listing counseling, etc., we can help you grow quickly and complete the final turn around , stand out.
Looking forward to Hong Kong and our customers, we will win the "Golden Globe" for business in the near future.
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[ 2023-3-17 ]
Reconnection between China and Hong Kong
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Since February 6, China and Hong Kong have resumed clearance, and Hong Kong's economic vitality has immediately revived.
Many friends from China have quickly returned to Hong Kong, contacted us, restarted previous business and work, or started new business.
As Hong Kong people, we are certainly not far behind, and have arranged various business inspections, business visits and looking for more opportunities in China. Returning to this place where I have been away for three years, I can see that the development of the country has never stopped in the past three years, and has made great progress in terms of construction and innovation. Hong Kong really has to pick up the pace.
The job of our company is to assist customers in their business development and provide customers with various professional business support, from opening companies (Hong Kong, China, BVI or other overseas companies), opening bank accounts, preparing accounting books, auditing, tax planning, tax reporting , bank financing, government funding application, financial planning, pre-listing counseling, business consulting, etc. Our goal is to grow together with customers and share results.
We welcome all friends from China, Hong Kong, new and old. If you have business needs, please contact our company, and work together to seek common development.
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[ 2023-3-10 ]
The business registration certificate fee will be adjusted starting from April 1st 2023
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The title of the 23/24 Budget, announced at the end of February, is "Steady and leap forward, and jointly develop a new vision for prosperity." The phrase "benefiting the people's " has been said for several years, but it was not mentioned again this year. That is to say, there will be no "relief measures to benefit the people" this year, and all government fees and waivers will be "normalized", that is, returned to the original level of fees. Compared with the level of the past few years, it is a substantial increase in fees.
For example: The tax relief for profits tax and salaries tax has been reduced from HKD 20,000 in 2019/20 to HKD 10,000 in 20/21, and even further reduced to only HKD 6,000 in 23/24.
In addition, without any special announcement, the business registration fee will quietly start on April 1 this year and "return to normal" to HKD 2,150 per year, which is an increase of HKD 2,000 from the current fee of HKD 150 , an increase of 13 times. The new charges apply to business registration fees payable after April 1, including newly established companies and existing renewal companies.
Therefore, if you are planning to set up a new company, you need to complete the registration before April 1 to avoid the additional cost of $2,000. Now there are only about three weeks before April 1st. To establish a new company, we must make decisions and act as soon as possible. If you seize the last chance to set up a company in March, you can save $2,000 in fees.
If you need to set up a company, or have any questions about setting up a company, please contact our company.
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[ 2023-2-23 ]
Advantages to incorporate BVI companies
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The amendments to the Business Companies Act 2004 and the Companies Regulations of the British Virgin Islands (BVI, also known as the British Virgin Islands) came into effect on January 1, 2023.
The biggest advantage of BVI companies in the past was that ordinary people cannot check the identities of directors and beneficial owners, and the company has high confidentiality. However, after the amendment, the public will be able to obtain a list of the names of the company’s current directors through specific persons/agents based on the company’s name, reducing the level of confidentiality of BVI companies.
At the same time, starting from January 1, 2023, BVI companies need to submit an annual return to the registered agent within nine months after the end of the company's financial year.
The beneficial owner information that customers are most concerned about will not be open to the public for inspection at this stage. The identity of the shareholders will remain undisclosed, and the confidentiality function still exists.
BVI companies and other offshore companies have continued to amend regulations in recent years. If customers want to know whether the amendment will affect the overseas companies you currently hold, or whether it is suitable to incorporate offshore companies as part of your business structure, please contact us.
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[ 2023-2-14 ]
Valentine's Day: To Our Lovers
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Every festival has a meaning of existence, let us cherish, be grateful and be content with what we have.
A "lover" is someone who has feelings for both parties and is in a relaxed and happy relationship state. In addition to the relationship between men and women, it also includes the relationship between relatives, friends, and partners.
Our company works with business partners to provide customers with a variety of services, such as accounting, auditing, taxation, corporate structure, financial services, etc., to assist customers in expanding their business and creating business opportunities. Customers and partners have a deep relationship with us, everyone cooperates easily and happily, just like lovers.
Today is Valentine's Day, please say "thank you" to your lover, relatives, friends, colleagues and partners who have work and contribute for you.
We welcome more friends to become our customers, partners and "lovers". If you want to know more about our services and information, please feel free to contact us.
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[ 2023-2-3 ]
The new tax year begins again
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The new tax year begins again
The 2021/22 tax season is over, and the 2022/23 tax season is just around the corner.
Recent years, the Hong Kong Inland Revenue Department has taken a very strict attitude towards the overdue submission of tax returns. Once the deadline is passed, the fine will be received soon. For late submission of tax returns, there is a chance of being fined, receive assessed tax or even recourt summons by the tax bureau.
In fact, overdue fines are completely avoidable. As long as you make preparations in advance and prepare income and expenditure records, etc., you can process the tax return immediately after receiving the tax return and submit it on time.
According to the current general practice of the tax bureau, tax returns are issued to loss-making companies every three years. However, if the company has taxable profits in any year, the company is obliged to voluntarily report to the Inland Revenue Department within four months after the year-end.
Therefore, it is recommended that the company do a good job of accounting and auditing as usual every year. Otherwise, when receiving tax return several year later, and the company have not done their accouting and auditing from the past, and may necessary to complete several years of accounting and auditing within one month. As you can imagine, with the passage time, memory fades, and audits are delayed for several years, it will be hassle to the directors and employees.
Therefore, accounting, auditing, tax declaration and other work every year are the most important and should not be underestimated.
If you have any tax-related inquiries, or want to do a good job in tax planning, please feel free to contact us.
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[ 2023-1-27 ]
Happy New Year!
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Happy New Year! New hope!
Entering the Year of the Rabbit, our colleagues wish you all:
"Tiger" comes with all the gold,
"Rabbit" raised his eyebrows angrily,
In good health ,
Business is booming.
Businessmen should look forward with a positive attitude. The outlook is always good. However, we must also take into account the actual situation; looking at the current world situation, China's development, and Hong Kong's environment, we still face many difficulties this year. Do you want to "hold steady" or "assault" this year when doing business? We must consider the situation of all parties and think carefully.
The business environment in Hong Kong has undergone great changes in recent years, and various government departments have continuously tightened the monitoring and policy implementation of enterprises, such as the implementation of company regulations, excessively strict anti-money laundering requirements, and frequent inquiries and investigations of enterprises by the tax bureau , have created obstacles to business operations. Therefore, enterprises must first do a good job of "holding" before making "assault".
Our company can assist enterprises to do various legal compliance and tax planning to avoid all kinds of unexpected surprises.
Do you guys have any plans for development this year? , you may wish to talk to our colleagues first, our company will do a good job of "holding" for you and provide effective "assault" suggestions.
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[ 2023-1-19 ]
Young Entrepreneurs
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Accountant So Kwok Wing was invited by the Innovation and Entrepreneurship Center (iDendron) of the University of Hong Kong to hold an online seminar on practical business knowledge for college students / recent graduates who intend to start a business.
Accountant So has also participated in other youth entrepreneurship training programs. It not only provides basic business knowledge training for young entrepreneurs, but also provides practical business support for young entrepreneurs, such as: establishing a company, maintaining a company, guiding operating regulations, intellectual property protection, Tax planning, etc., so that entrepreneurs do not need to spend too much energy on regulatory compliance and protection, and can concentrate their energy and time on developing their business.
Young people are the future of Hong Kong, and young entrepreneurs are the driving force of Hong Kong's future economy. Providing business training for young entrepreneurs can enable them to start businesses faster and more effectively, improve the success rate of their business, and provide impetus for Hong Kong's future economy.
If you have any questions about starting a business or running a business, please feel free to contact us.
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[ 2023-1-12 ]
Tax bureau office has relocated
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The tax office has moved
The office of the Inland Revenue Department in Wan Chai that everyone is familiar with has moved. From January 9, 2023, all external departments have been relocated to the new office in Kai Tak. If you want to go to the tax bureau to handle things, don't go to the wrong place.
Kai Tak new office? Where is Kai Tak? Is the traffic convenient?
The new Revenue Tower is located at No. 5 Concorde Road, Kowloon, it is about 10-minute walk from Kai Tak MTR Station, which is not too far, however, if the weather is bad, it is not very convenient. There are not many other transportation facilities nearby, and it is relatively less convenient than the previous office in Wanchai.
Although some jobs can now be processed or submitted online, there are still some jobs, such as opening an unlimited company, transferring shares, etc., that must be handled by the tax bureau. In addition, submitting tax returns, etc., it is also more secure to do it in person.
Our company provides comprehensive business services, including: accounting, auditing, company secretarial, tax reporting, related document processing and submission work, our company will handle it on our behalf, without the need for customers to go to the tax bureau in person, saving customers time and improving efficiency.
Today, the procedures for submitting documents are becoming more complicated and have become professional work. Professional work should be handled by professionals.
Please feel free to contact us if you have any tax issues, shareholding changes, business registration certificates, etc.
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[ 2023-1-6 ]
Back to 70 years ago?
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Back to 70 years ago?
Of course, time cannot be turned back, but words, pictures, and videos can be used to present important, valuable, and precious moments before our eyes again.
Doraemon (Japanese cartoon character) has a time machine. Accountant So Kwok Wing and his team also have time machine clip.
This time the clock just turned back one year. Looking back on the past year, Accountant So Kwok Wing led the team to create good memories for our customers, partners, good friends, and all social strata.
We will continue to work hard to provide you with high-quality and effective services, to create win-win results and business opportunities, and to build a better Hong Kong.
Let's watch our one year memories together. (please click the link below)
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