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What should I do if I have cash at the end of the period in Hong Kong?

Released Date: May 23,2021 Article Source: HUANZE

In the process of audit and tax declaration in Hong Kong, many clients will encounter such a question: What if they have cash at the end of the period?

inHong Kong audit returnDuring the process, many customers will encounter such a problem, if the end of the cash what to do?

Many enterprises that set up companies in Hong Kong mostly set up companies in mainland China, so they may ignore this problem, because in mainland China, they just need to report the cash to the tax bureau at the end of the period, but in Hong Kong, they need to contact the auditor at the end of the period for inventory.

If there is no inventory, the auditor will have reservations about the cash on hand at the end of the period and will issue a qualified audit report, because the auditor cannot judge the actual value of the cash on hand without inventory.

For example, there is an old customer in our company. At the beginning of every year, he will arrange an appointment with us and go to his company for cash inventory, so as to confirm his actual value.

Therefore, it is very simple to set up a Hong Kong company, but when it comes to auditing, we still need to find professional companies to carry out services, or accidentally step on the thunder point, it is likely to bring tax risks to the company.

What should I do if I have cash at the end of the period in Hong Kong?

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