ACCOUNTING ‧ AUDIT ARRANGEMENT ‧ PROFIT TAX FILING SOLUTION

WST IAS formed with a team with sophisticated accounting and taxation experience. We provide one-stop services from accounting, audit arrangement and tax reporting. You just have to provide all monthly invoices and receipts to us, our professional team will be able to prepare accurate monthly, quarterly and annual financial statements, including balance sheet and income statement. This will definitely an advantage for the long-term financial planning and cost control of the company.

WHY WST IAS?

CONFIDENTIALITY: We place importance on your Companies’ private and confidential information. All the accounting works are properly kept and will be done in Hong Kong instead of other regions.

PROFESSIONALITY: Our team are formed with solid experience in accounting and taxation. Most of our team are having accredited account and tax qualification. Our professional team dedicate to solve your accounting and taxation problems.

ACCURACY: We understand financial information are important for your business decision. Our professional team aims at maintaining the accuracy of your financial information and assist management in decision-making.

ACCOUNTING SERVICE

• Every person carrying on a trade, profession or business in Hong Kong to keep sufficient records in the English or Chinese language of his income and expenditure to enable the assessable profits to be readily ascertained.
• Such records shall be retained for a period of not less than 7 years.
• The records prescribed in the Section 51C of the Inland Revenue Ordinance of Hong Kong requires the record keeping of:

• • Books of accounts recording receipts and payments, or income and expenditure
  • Vouchers, bank statements, invoices, receipts
  • Records of the assets and liabilities of the person in relation to that trade, profession or business etc.

Failure to comply with the requirements of the Ordinance without reasonable excuse may be liable to a maximum fine of HK$100,000.

AUDIT ARRANGEMENT

According to the Companies Ordinance of Hong Kong (Cap. 622), every company incorporated in Hong Kong need to prepare her financial statement and being audited by a Certified Public Accountant (Practising) annually. The first audit report shall be presented to the shareholders in Annual General Meeting within 18 months after incorporation. Directors of the Companies who failed to do so will be subject to penalties.

WST IAS has established network for the accredited Certified Public Accountants (Practising) in Hong Kong. We assist enterprises in audit arrangement according to legal requirements in Hong Kong.  Statutory Audit report is not merely limited to the preparation of financial reports, it will also help to detect the potential threats and risks of the companies.

Generally, auditor’s remuneration is based on factors such as:

• Assets and liabilities size
• Complexity of group structure
• Leasing arrangements and commitments
• Loans
• Nature of business and industries
• Number of Employees
• Premises held
• Tax and litigation issues
• Turnover size

TAX COMPUTATION, FILING & CONSULTANCY

Directors of Hong Kong Companies may encounter charges from the Inland Revenue Department if they do not file tax Return and pay tax on time:

• Section 71(1) of the Inland Revenue Ordinance (Cap. 112) provides that tax charged under the provisions of this Ordinance shall be paid in the manner directed in the notice of assessment on or before a date specified in such notice. Any tax not so paid shall be deemed to be in default.
• If the first instalment is not paid by the date specified on the notice of assessment, the second instalment will become immediately due. The entire balance of the total tax payable in the notice of assessment remaining unpaid shall be deemed to be in default and will be immediately recoverable.
• The Commissioner of Inland Revenue will initiate recovery actions [including imposition of 5% surcharge on the entire balance of the demand notice, issue of recovery notice to third party and initiation of legal action, etc.] as authorized by Part XII of the Inland Revenue Ordinance for recovering the total outstanding amount.

Our professional team will provide tax consultancy including salaries tax, property tax and profit tax to our client. We will assist them to comply with the requirements of Inland Revenue Department, including record keeping, arrangement of preparations and submission of financial reports, tax computation, Tax Returns filing, etc. Given the circumstances of each taxpayer are different in each case, our tax service fee depends on complexity of each case.

Accounting & Tax Reporting Documents Request Checklist

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