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Raymond Yeung Tax Consultant former Assessor of Inland Revenue Department * Service charge $500/hr

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yeungfhr@yahoo.com.hk * Tel /WhatsApp /WeChat 94735846  

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Profits Tax - Sole-proprietor business

First, please read: business registration    獨資業務

A sole-proprietor carrying on a business in Hong Kong has to file a tax return BIR 60 for every year of assessment. The tax return must be supported by the following: 

  1. a certified copy of audited Balance Sheet and Profit and Loss Account;

  2. a tax computation showing how the Assessable Profits are computed from the accounting profits;  

  3. schedules of the following items (where applicable):

  1. mandatory contributions made under the Mandatory Provident Fund Schemes Ordinance in respect of the proprietor;

  2. capital expenditure incurred, capital assets sold, depreciation charged in the accounts and assets not in use at the end of the basis period;

  3. details of expenditure incurred on, and disposal proceeds of, scientific research;

  4. details of expenditure incurred on refurbishment of buildings --- the location and the usage of building during the year;

  5. details of the bad debts written off and provided for including the name of debtors and reasons therefor;

  6. details of any service / management fee received including name and address of each payer,

  7. details of interest paid or payable, including name and address of the lender, any security to the lender, and the usage of the loan;

  8. details of income claimed to be with a non-Hong Kong source;

  9. details showing the name and address of payments involving contractor / sub-contractor fees, management fees, commission, royalties, legal and other professional fees, and hiring charges for the use of a movable property in Hong Kong;

  10. details of bad debt provisions and write-offs;

  11. details of change in valuation of stock; and

  12. details of rent payments including name and address of the landlord, the property location, the total rent paid and the period covered.

Normally, the Revenue will issue the first tax return about 18 months after a person  registers his business.  

But if he has assessable profits for the year of commencement, he should inform the Revenue within 4 months after that year of assessment. In other words, if  he started a business on 1 April 2007 and made profits in the year ended 31 March 2008, he should inform the Revenue of his chargeability not later than 31 July 2008.

Section 51C of Inland Revenue Ordinance requires every business owner to keep sufficient business records for 7 years. Click here for details.  

The Ordinance does not require a taxpayer to appoint a tax representative to act on his behalf or hire a professional accountant to prepare the final accounts. But if the business is big, it is advisable for him to seek professional advice.  

Press here for preparation of final accounts.

Press here for illustration on tax computation.

 

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