Tax services for sole proprietors and partnerships
Sole proprietors and partnerships need to retain income and expense records, bank transactions and supporting documents. Partnership reporting also involves each partner’s share of profits and relevant filing details.
WeCorp arranges preparation of business accounts, profit and loss statements, balance sheets, tax calculations and the applicable returns.
Filing treatment for sole proprietors and partners, including personal assessment, is checked against the business, eligibility and relevant elections.
Accounting and tax filing services — indicative fees
| Service item | Price range (HKD) |
|---|---|
| Turnover: no activity to approximately HK$1,000,000 | HK$3,800–HK$10,000 |
| Turnover: HK$1,000,000–HK$3,000,000 | HK$10,000–HK$16,000 |
| Turnover: above HK$3,000,000 | By quotation |
| Individual tax filing services | HK$800–HK$3,000 |
| Tax enquiries and extension applications | HK$800–HK$3,000 |
| Tax examination and other follow-up services | By quotation (case-dependent) |
Fees are indicative for accounting and tax filing services. Actual fees depend on the company’s size and requirements.
Arranging tax filing
- Free consultation and quote: confirm the business structure, filing period, turnover, document volume and service scope, then provide a quote.
- Submit bank statements, sales, purchases and expense records; electronic files are accepted. WeCorp organises the documents and identifies missing items.
- Arrange preparation of the accounts, profit and loss statement, balance sheet and tax calculation.
- After client confirmation and signing, submit the return and retain the filing records.
Deadlines and tax correspondence
Check the period and deadline on the return, together with previous filings and extension records.
Requests for information, assessments and other tax correspondence are followed up according to the issues and deadlines stated.
Business transaction records must be retained for at least seven years, including after the business closes until the retention period expires.
Documents to prepare
A copy of the Business Registration Certificate, proprietor or partner details, tax returns and notices. Sole proprietorships generally report through BIR60 and partnerships through BIR52; changes of business structure during the year require separate treatment.
Bank statements and records of income, purchases, expenses and payments.
Inventory, fixed assets, payroll and MPF records where applicable.
Partnership ratios, profit allocations, changes in partners and previous completed accounts and filing records.
Business and personal transactions
Business income and expenses should be supported by records and identified separately from personal spending. Business items paid privately can still be checked against their purpose and evidence.
Related services and insights
Accounting and tax filing services in Hong Kong
Bookkeeping brings income, expenditure, bank transactions, assets and liabilities together into financial statements. WeCorp arranges the related accounting and tax-filing work so businesses can review their financial performance and handle annual tax reporting.
Hong Kong profits tax calculator
Profits tax is calculated on assessable profits rather than turnover or the bank balance. This calculator estimates tax under the standard and two-tier rates for corporations and unincorporated businesses, using the applicable settings and conditions shown below.
Hong Kong company tax filing with no business activity (Traditional Chinese)
An overview of filing responsibilities, first returns, required records and common questions for companies with no business activity.
Frequently asked questions
Can a limited company tax rate be used?
Sole proprietorships and ordinary partnerships are unincorporated businesses, so the corresponding calculator category should be used. Corporate partners and other special cases require separate checks.
Is every expense with a receipt deductible?
A receipt supports the review, but deductibility depends on the purpose, nature and applicable rules. Mixed business and personal expenses need separate treatment.
What extra records does a partnership need?
Keep partnership ratios, profit allocations, joining or leaving dates and supporting records, and reconcile them with the accounts for the filing year.
Service enquiries and quotes
Contact WeCorp by WhatsApp for service details, required documents and a quote.