FAQs: Navigating Year-End Accounting, Audits, and Tax-Filing with Marbury

FAQs:

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1. Why is year-end accounting and auditing important for my business?

Year-end accounting, including FYE accounting and auditing ensure your business remains compliant with regulatory standards while optimising financial efficiency. Accurate records provide a foundation for audit readiness and actionable insights, helping you align with your business goals.

2. What services does Marbury offer for year-end accounting and auditing?

At Marbury, we provide a comprehensive suite of accounting and audit management services, including: 

– Bookkeeping: Whether your accounting needs are simple or complex, our team of Xero-Certified Advisors will guarantee precise and reliable records.  

– Tax Services: Our experts handle your tax computation to ensure your taxable income is calculated and filed correctly. 

– Audit Services: We provide tailored audit management to ease you of the burden of audit season. We partner with professional, fast and reliable auditors. 

Our team ensures compliance, transparency, and stress-free processes designed to maximise your financial potential.

3. What documents do I need to prepare for my year-end audit?

To streamline the year-end process, you will need to prepare the following documents subject to your specific situation:

*If you prepare accounts in-house:* 

– Management accounts, including Profit and Loss Statement, Balance Sheet, and General Ledger 

– Previous year’s audited report (if available) 

– Previous year’s tax computation (if available) 

*If you require bookkeeping services in order to prepare your accounts:* 

– Bank statements and credit card statements (if any) 

– Payroll records and MPF contributions 

– Sales, purchase, and expense invoices 

– Previous year’s audited report and tax computation (if available) 

4. What are the key Inland Revenue Department (IRD) PTR deadlines for 2025?

Profits Tax returns (PTRs), along with any required supplementary or other forms, should typically be submitted within one month from the issue date.

It is, however, standard practice for a company’s tax representative to apply for an extension to file; thus the upcoming PTRs and audited reports filing extension deadlines are as follows: 

– D Code: Financial year ending 1–31 December 2024 → Deadline: 15 August 2025 

– M Code: Financial year ending 1 January–31 March 2025 → Deadline: 15 November 2025 

– N Code: Financial year ending 1 April–30 November 2024 → Deadline: 2 May 2025 

Should you require further assistance with understanding the above information or your company’s deadline, please contact us.

5. Does my Hong Kong company need an audit?

Yes, under Section 447 of the Hong Kong Companies Ordinance, all companies (except dormant companies) are required to conduct an audit of their financial statements. For details, refer to the Companies Ordinance Audit Requirements.

6. How do I declare my company dormant in Hong Kong?

Dormant companies are exempt from audit requirements under the Hong Kong Companies Ordinance. Declaring dormancy can reduce your compliance burden. For more information on claiming dormancy and audit exemptions, see our resource file: Dormancy of a Hong Kong Limited Company.

7. What are the steps to get started with Marbury’s year-end services?

1. Share the requested documents via email to your usual relationship manager or via info@marburys.com. 

2. Receive a tailored fee quote and timeline from us. 

3. Finalise timelines and pay agreed invoice.

4. Enjoy a stress-free year-end process!

Naturally, all documents shared with Marbury will be handled with the utmost confidentiality.

8. Why choose Marbury for accounting and audit management?

We believe a great accountant and auditor can make a world of difference. With Marbury, you benefit from: 

– Efficiency: Financial optimisations tailored to your business. 

– Accuracy: Full compliance with tax and regulatory standards. 

– Transparency: Clear processes for audit readiness and reporting. 

9. What additional services does Marbury offer to support my business?

We provide full enterprise solutions, including: 

– Corporate services: company formation and administration 

– Immigration services: visa and permanent residency applications 

– HR services: payroll, MPF, and employment services 

– Bank account setup with traditional or fintech options 

– Desk space and directorship services 

10. What are the additional benefits of choosing Marbury for multiple business services?

The better we know a client, the more insight and added value we can contribute to the running of the business. Our integrated approach means that by consolidating your business needs, you benefit from:

1. Seamless coordination: With all your corporate needs managed under one roof, we ensure clear communication and alignment across all services, minimising the risk of missteps.
2. Regulatory expertise: Our holistic understanding of your company allows us to maintain strict compliance with Hong Kong’s corporate laws and regulations, ensuring peace of mind.
3. Time efficiency: We handle multiple aspects of your business administration, giving you the freedom to focus on strategic priorities and growth.
4. Customised solutions: Our team works closely with you to deliver services that align with your unique business requirements, guaranteeing consistency and reliability.
5. Confidentiality assurance: With fewer external parties involved, we safeguard your company’s sensitive information with the utmost care.
6. Potential cost savings: Ask about our bundled service packages tailored to provide cost-effective solutions, offering better value compared to engaging separate providers.

We pride ourselves on being your trusted partner, providing end-to-end support to streamline your business processes and drive efficiency.

Ready to explore how Marbury can support your business? Contact us for a free fee quotation today!