Why do we need to keep accounting record?
Every business and organization has to maintain proper accounting records so as to fulfill the tax reporting requirements while filing the tax return to the Inland Revenue Department and in compliance with the Hong Kong Companies Ordinance. Besides, proper accounting records may also help management to manage the company's operations effectively and efficiently, and to provide prompt information as requested by third-party such as lenders and bankers.
In accordance with Section 51C of the Inland Revenue Ordinance (Chapter 112), “every person carrying on a trade, profession or business in Hong Kong shall keep sufficient records in the English or Chinese language of his income and expenditure to enable the assessable profits of such trade, profession or business to be readily ascertained and shall retain such records for a period of not less than 7 years after the completion of the transactions, acts or operations to which they relate”. Failure to comply with the requirement of the Ordinance without reasonable excuse may be liable to a maximum fine of HK$100,000. Apart from the Inland Revenue Ordinance, every director of a limited company in Hong Kong must keep proper books of account in accordance with Companies Ordinance (Chapter 32) Section 121(4) and 122(3), failure to comply with the relevant Companies Ordinance will be liable to a 12 months imprisonment and a fine of HK$300,000.
How does Amax's bookkeeping service help?
At Amax & Co., we are providing you a wide variety of tailored accounting and financial management services. Our engaging CPAs and professional staff will meet with you or your staff regularly throughout the year and our professional services are designed to make your job easier so that you can be fully utilized your resources in those income generating activities and spare more time on building your business.
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The scope of our accounting services includes:
► Computerized monthly, quarterly or yearly book-keeping services
► Evaluation of internal control of the company's operation
► Compilation of financial statements to ensure they are complied with the accounting standards
► Assists in establishing and searching suitable accounting system
The calculation basis of our services fee:
Bookkeeping fees based on the volume of transactions are for general reference only, the actual bookkeeping service fees are charged on the basis of number of hours that our staff engaged and the completeness of all relevant books and records such as bank statements, sales invoices, receipts, vouchers, cheque counterfoil, payroll records and other relevant agreements for making up the books of accounts.
For a quick reference of our charge please click here < Want a quote >
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Amax & Co. Certified Public Accountants (Practising)
Email address: info@amaxcpa.com.hk Web site: www.amaxcpa.com.hk
Address: Room 1303, 13/F., Kai Tak Commercial Building, 317-319 Des Voeux Road Central, Hong Kong.
Telephone: (852) 2815 0382 or (852) 2815 0383 Facsimile: (852) 2815 2608
Copyright: Amax & Co. 2008-2010 All rights reserved
