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 622) Section 374(5) and Section 379 to 380, 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 Uws’s bookkeeping service help?
At UWS,we are providing omputerized bookkeeping services with monthly or periodic financial statements.For the client that has a bookkeeper on staff, we can offer an office manager role in which we would oversee your accounting entries and offer assistance to your staff to maximize your bookkeeping practices and keep your deadlines happening on time.
We have professionally-trained staff who provide computerized monthly, quarterly or annual bookkeeping and accounting services for clients. This provides a variety of benefits for clients including independence, privacy, efficiency and access to the latest information and financial data. Our accounting and bookkeeping services are ranging from paying the bills, preparing payrolls and writing up books, to preparing a complete set of monthly financial statements.
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.
