Married persons may choose to be assessed separately or jointly with their spouses under Personal Assessment. Through professional tax return filing services, they can avoid the risk of filing incorrect tax returns, save tax legally and enjoy peace of mind during the filing process. What are the items of Personal Assessment Allowances for 2024/25? According to the announcement of the Inland Revenue Department of the Hong Kong Government for the year 2024/25, apart from the basic allowance, there are also married person's allowance, child allowance, etc. Here is a quick guide to tell you the amount of each of these allowances: How much is the Basic Allowance? The amount of deduction that can be claimed for the basic allowance for 2024/25 is $13...

Self-employed persons need to clarify their salaries tax or profits tax status, keep proper records of their business income and expenditure for tax deduction purposes, pay attention to the timeframe for filing tax returns and avoid common mistakes, and are advised to seek professional assistance to ensure compliance. What are self-employed persons? Self-employed Freelancer Definition Anyone who sells goods, provides professional services and makes a profit is considered a self-employed person (freelancer). Typical types of self-employed persons include Business owners (e.g. online shops, IG shops) This type of self-employed person refers to anyone who sells goods and provides professional services on their own behalf, be it online, in a physical location, or in a business that is not a self-employed person, such as a business owner or business owner, who sells goods and provides professional services on their own behalf, whether online or in a physical location...

It is the employer's legal responsibility to file tax returns for their employees. They are required to submit the BIR56A General Form and IR56B Individual Remuneration Report on time, which covers any employee with remuneration income, to avoid late penalties and legal risks and to ensure tax compliance. What is an Employer's Tax Return? Employer's Return (EFR) is a mandatory document for employers in Hong Kong to report their employees' salary and pension information to the Inland Revenue Department (IRD) every year. The Employer's Return includes BIR56A and IR56B Every year when the tax filing season arrives, apart from profits tax, the company will receive a copy of "Employer's Return" from the Inland Revenue Department (IRD)...

Taxpayers will receive their tax returns in May each year for the tax season, commonly known as the "Green Bomb". If you are maintaining a parent, grandparent who is ordinarily resident in Hong Kong and aged 55 or above, and meet the conditions of residing with you or paying at least TP4T12,000 per annum, you may be able to claim the Parental Tax Allowance (PTA). What is the Basic Allowance? The basic allowance, also known as the personal allowance, is TP4T132,000 per taxpayer for the year 2024/25, i.e. if you earn more than TP4T132,000 a year, you will be liable to pay tax. Married Person's Allowance Married persons can either be married separately as an individual or together as a couple...

In addition to paying tax, you have to submit the annual return NAR1 every year. What is the annual return? What is NAR1? What information do I need to submit in NAR1? What is the purpose of NAR1? This article will provide you with a detailed introduction to the definition, content and role of the annual return, as well as the latest 2025 nar1 submission guidelines. What is Annual Return? Annual Return Annual Return is a form of NAR1 that must be submitted by local private limited companies registered in Hong Kong every year, while Hong Kong unlimited companies are not required to submit an annual return (they only need to submit the business registration fee and ...

In May, taxpayers have gradually received their tax returns. What tax-saving methods are available in 2025? How can you file your taxes to save on taxes? Common questions about salaries tax, exemptions, and deductible items will be answered one by one below. What is salaries tax? Salaries tax can be understood as income tax, with the tax year running from April 1 of each year to March 31 of the following year. How to calculate salaries tax There are two methods for calculating salaries tax, namely calculating the progressive tax rate based on the assessable income and calculating the standard tax rate based on the net income. Progressive tax The assessable income (total income - total deductions - exemptions...