Year of Assessment & Basis Period－rll33xb99t的部落格

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Year of Assessment & Basis Period

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Hi, I'm a taxation new comer. Am confused about year of assessment & basis period. Question: Company A is incorporated on 1 August 2007. Which financial year end will be favorable from the pespective of tax planning: 31 March or 30 April? Appreciated.

最佳解答:

樓主你好我自己有讀過taxation，給一張筆記你睇，你會清楚ge la 圖片參考：http://us.f2.yahoofs.com/hkblog/ESldooiISUYUtYDrj3Cbmw--/blog/20070613055823538.jpg?ibAadcGBXjjnqfYf 即，交稅係看你的accounting date 同幾多個月你想07/08年交稅，就 31 march 08做accounting date 如果你想08/09年先交稅，就30 april做accounting date 當然，看你公司的profit 大細決定year ended ( profit少可以transferred 去personal assessment , 扣免稅額)，可以交少d 稅，但係profit多，transferred 去personal assessment 都冇用，可能用標準稅交 personal assessment要另外申請還有，公司一次過交大量稅，可以受唔到分開都好d 個人覺得，31 march 好d 2007-06-15 16:28:18 補充：唔知點解冇咗相片(yahoo好似會轉網址)see這個啦http://hk.myblog.yahoo.com/z9165518/photo?pid=58&fid=-1

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1. Year of assessment is from 1 April to 31 March of next year. It is used by Inland Revenue Department to calculate the amount of tax payable by taxpayers and different tax rates for different year of assessment. E.g. 1 April 2006 to 31 March 2007 is the year of assessment 2006/07. 2. Basis period means accounting year end. Eg. Accounting year ended 31 Dec 2006 means the basis period from 1 Jan 2006 to 31 Dec 2006. This basis period (year end 31 Dec 2006) falls into the year of assessment 2006/07. 3. For Company A, if accounting year end is 31 March 2008, if there are profits, tax will need to be paid for the year of assessment 2007/08. If accounting year end is 30 April 2008, if there are profits, tax will only to be paid for the year of assessment 2008/09 (one year later). Therefore, I recommend to use 30 April 2008 as year end date as tax payment will be one year later.