No Profit from Business, No Need to Report Income? Think Again!
When it comes to tax filing, many business owners have the same question: If my business did not make any profit after deducting expenses, can I simply put “0” on the tax return?
When it comes to tax filing, many business owners have the same question: If my business did not make any profit after deducting expenses, can I simply put “0” on the tax return?
After the pandemic, more companies have started handling overseas business online.
When people talk about business financing, many immediately think about properties, equipment, or a company’s past revenue records. Intellectual property is usually not the first thing that comes to mind.
When people talk about business, one of the first questions that often comes to mind is, “Will the product sell well?”
Every year, when people receive their tax assessment, many of them immediately think about paying it as soon as possible so they will not delay the matter.
Starting from 1 April 2026, the Business Registration fee together with the levy will increase to a total of $2,350. For small business owners, this may seem like a fixed cost that must be paid every year. However, if certain conditions are met, you may be eligible to apply for a waiver of the Business Registration fee and levy, which means you may legally avoid paying this amount.
When it comes to filing taxes, many people think, “I can handle it myself.”
But in reality, understatement of income to Inland Revenue Department in tax filling is a very common issue in Hong Kong.
In recent years, more people in Hong Kong have started considering deferred annuities as tax deductions. During the tax season, a common question is: “How much tax deduction can I get from an annuity?”
Many taxpayers purchase Voluntary Health Insurance (VHI) with the expectation that they can easily claim a tax deduction. However, in practice, a large number of people later discover that their VHI premiums cannot be fully claimed, or in some cases, cannot be claimed at all.
Many small and medium-sized business owners in Hong Kong believe that opening a limited company bank account is simply a matter of preparing the required documents listed online.