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黃龍德會計師事務所有限公司

Patrick Wong C.P.A. Limited

 

 

 

 

 

 

 

 

 

香港中環德輔道中141號中保集團大廈111101

電話 : (852) 3187 8200 傳真 : (852) 3187 8279 電郵 enquiries@pwcpa.com.hk

 

 

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IMPORTANT NOTICE PLEASE READ CAREFULLY

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1 April 2018

 

PROFITS TAX RETURN FOR THE YEAR OF ASSESSMENT 2017/18

 

     2017/18 Profits Tax Returns will be issued to tax-payers in early April 2018.   After receipt of the Tax Return, please send it to us.  We shall apply for extension in filing of the said Tax Return on your behalf.

 

     The compliance dates specified on Page 1 of the 2017/18 Profits Tax Returns would be extended as follows:-

 

        (i)     Accounts closed between 01/04/2017 & 30/11/2017 “ N ” Code

                -  no extension, should be submitted before 30/04/2018;

        (ii)    Accounts closed between 01/12/2017 & 31/12/2017 “ D ” Code

                -  extended to 15/08/2018; and

        (iii)   Accounts closed between 01/01/2018 & 31/03/2018 “ M ” Code

                -  extended to 15/11/2018.

 

     Failure to lodge a Profits Tax Return when required is a serious offence.  The Inland Revenue Department treats late filing seriously, including the issue of estimated assessments and penalties.  These proceedings will be carried out by computer procedures once the extended dates fall due.  Therefore, in order to avoid the above, you should deliver all annual accounts, books of accounts, vouchers, related documents, etc. to us for our audit now or as soon as possible, but in no case later than the dates hereunder:-

 

        (i)     Accounts closed between 01/04/2017 & 30/11/2017 - before 05/04/2018;

        (ii)    Accounts closed between 01/12/2017 & 31/12/2017 - before 15/05/2018; and

(iii)   Accounts closed between 01/01/2018 & 31/03/2018 - before 15/08/2018.

 

     We are unable to undertake that we are able to complete the audit and file the related Tax Return.  Should you not deliver the books of accounts for our audit on or before the above dates, we shall also not be responsible for any consequence so caused.

 

     If you close your accounts on 31/03/2018 and you have sustained a tax loss in this year (please note, tax loss is different from accounting loss), the Inland Revenue Department allows further extension in submitting your Tax Return until 31/01/2019.  In such case, inform us immediately, so that we can apply for a further extension on your behalf.

 

     For sole proprietorship businesses, the Inland Revenue Department will issue a “Composite Tax Return” which requires you to report all sources of income from businesses, employment and properties.  This Composite Tax Return will be issued early May 2018 and will be due for filing on 02/10/2018.  However, partnership businesses, jointly owned properties would not be affected.  The Inland Revenue Department still issues Profits Tax Returns to partnership businesses and Property Tax Returns to owners of properties which are jointly owned by individuals.

 

     For newly incorporated businesses, the Inland Revenue Department normally would issue Tax Returns in 18 months’ time.  However, if you are making profits (please note tax profits is different from accounting profits), you are required by law to inform the Inland Revenue Department in writing of chargeability to tax within 4 months after the end of the basis period (i.e. your year end date or account closing date) for the year of assessment concerned.  Failure to comply with this requirement may lead to penalty as much as treble of the tax payable.

 

     The Inland Revenue Department takes more and more severe measures to see compliance.  You are urged to pay special attention to the above points.

 

     We have a bookkeeping department which helps our clients to up-keep books and accounts and handling accounting work.  If you need any assistance from us to update your books or to organize your accounting records, please contact our Mr Edmund Wong or any of our staff immediately.

 

Our Practicing Director handling your case is Mr Andy Tsang, FCPA(Practising) whom may be contacted at Tel: 3187-8250, Fax: 3187-8279, Email: andytsang@pwcpa.com.hk, or Mr Harold Lau, FCPA (Practising) Tel: 3187-8213, Fax:3187-8279, Email: haroldlau@pwcpa.com.hk.

 

 

 

Yours truly

PATRICK WONG C.P.A. LIMITED

黃龍德會計師事務所有限公司