Sole Proprietorship and Partnership Tax Filing Services
Tax Filing Process
The IRD issues tax return forms to sole proprietors and partnerships. The tax return form specifies the submission deadline, and business operators must complete the form on time and submit it along with the required computation forms to the IRD.
Unlimited Company Tax Filing In Hong Kong
Sole proprietorships and partnerships are classified as unlimited companies. The IRD issues tax return forms to these business operators. Although unlimited companies do not need to undergo an audit, business operators still need to complete the tax return form on time and submit it along with the required computation forms to the IRD.
Specific Income Requirements
According to current regulations, if the company’s income exceeds HKD 2 million, the owner or partner must submit the company’s financial statements (including profit and loss statements and balance sheets) along with the tax return form.
Accounting Requirements
The accounting requirements for unlimited companies are relatively less stringent than for limited companies, but they still need to keep records of income and expenses and prepare financial statements. The profits of a sole proprietorship are reported on the individual’s tax return, while a partnership needs to complete a separate profits tax return form and specify each partner’s profit distribution in the tax return form.
Tax Filing Deadlines
Sole proprietors and partnerships must complete and submit the tax return form to the IRD before the deadline. If the company’s income exceeds HKD 2 million, a profit and loss statement must also be submitted.
Other Tax
For other inquiries regarding individual tax filing, property tax, personal assessment, employer’s tax return forms, etc., feel free to contact our team for assistance.
