| eGuidePro @ 2011-07-21 00:10 (Business and Finance) Hong Kong tax rules are not very complicated. However, many people are confused when preparing their tax returns because there are not many guidelines around. In this series of articles, we will explain some key concepts and rules for Hong Kong taxes. In this part, we will focus on the salaries tax.
For Hong Kong salaries tax, you should report income arising in or derived from Hong Kong which is received and receivable during the year. Even if full or partial tax exemption is claimed or relating back of lump sum is applied, the gross amount should be declared in your tax return.
Income includes income from an office, employment (on a full-time, part-time or casual basis) or pension from a former employer. Award of shares and share option gain are chargeable income. For share option gain, the gain will be taxable when the option is exercised, assigned or released. Even if the option is exercised after you have left the employment, the gain is still taxable. Holiday journey benefits are taxable. The benefits are to be assessed by reference to the amount paid by the employer for such benefits.
A place of residence provided to you by your employer or its associated corporation is chargeable to tax based on the “rental value”. Rental value is calculated as a percentage of the total income from your employer and the associated corporation which provided the residence after deductions of the outgoings and expenses. If the place of residence is provided for part of the year, the amounts in the calculation should be for the period provided. You need to adjust the retable value proportionately if the place of residence was not provided for the full year and you have elected for ratable value.
For deductions, outgoings and expenses are limited to those wholly, exclusively and necessarily incurred in the production of your assessable income, not being expenses of a domestic or private nature and capital nature. Deductible education expenses include tuition and examination fees in connection with a prescribed course of education or fees of an examination set by specified education providers or trade, professional or business associations. Approved charitable donations must be in respect of those made to tax-exempt charities in Hong Kong or Government for charitable purposes and supported by receipts.
A married couple may elect to receive a joint assessment under Salaries Tax if they would pay less tax under a single assessment based on their combined income and allowances than under two separate assessments based on their respective individual incomes and allowances.
Above are some key concepts and rules related to Hong Kong's salaries tax. If you are still confused, you can consult Hong Kong Government's website, which has a lot of useful resources for tax. Also, you might want to consider hiring a professional to prepare your tax.
You can visit AttorneyHelp.org for more legal resources and visit Accountinghelper.org for more resources on tax.
Category: Business and Finance
eGuidePro @ 2011-07-13 00:30 (Business and Finance) If you live in Hong Kong and need to pay Hong Kong taxes, you should feel lucky because compared to those of many other countries, Hong Kong tax rules are relatively simple. However, many people are confused when preparing their tax returns because there are not many guidelines around. In this series of articles, we will explain some key concepts and rules for Hong Kong taxes. In this part, we will focus on the property tax.
Not everybody needs to report property tax in their Hong Kong tax return. Only details of properties which you were the sole owner, as registered in the Land Registry, and were let during the year are to be reported.
The rental income from properties partly owned by you should not be reported in your tax return. Separate Property Tax Returns will be issued in respect of the partly-owned properties. If you have not received a Property Tax Return for any let property that is partly owned by you, you need to fill in Form IR6129 or inform the Department in writing.
The property location should be the full address as registered in the Land Registry. The rental income to be reported should be the rental income for the whole letting period in the year, not monthly rental.
The deductions include rates you agreed to pay and paid by you and irrecoverable rent. Other items like Government rent, management fee, renovation or refurbishment expenses, etc., are not deductible. For Property Tax assessment, 20% of the assessable value will be deducted as a statutory allowance for repairs and outgoings.
If you had more than two solely-owned properties let during the year, supply details of other properties in the same format on a separate sheet in your tax return. Then enter the total number of properties let, amount of the rates paid by you and irrecoverable rent and assessable value of all properties let.
In case you are the executor of the estate of a deceased sole owner of a property, you should declare income from properties owned by the deceased in the return issued to you in the capacity of the executor of the estate of the deceased owner, not in your own return.
Above are some key concepts and rules related to Hong Kong's property tax. If you are still confused, you can consult Hong Kong Government's website, which has a lot of useful resources for tax. Also, you might want to consider hiring a professional to prepare your tax.
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or more resources on tax, please visit Accounting Helper. For more resources on law, please visit Attorney Helper.
Category: Business and Finance
eGuidePro @ 2011-07-10 00:24 (Business and Finance) Hong Kong tax rules are not very complicated. However, many people are confused when preparing their tax returns because there are not many guidelines around. In this series of articles, we will explain some key concepts and rules for Hong Kong taxes. In this part, we will focus on the profits tax.
To understand Hong Kong's profits tax, first you need to understand who are required to pay. Sole proprietorship businesses, whether they have business activities or not, are required to report their profits tax.
Partnerships of which you were a partner or sole proprietorship businesses which has changed to partnerships and vice versa during the year need not be reported in your tax return. Corporations of which you were a shareholder need not be reported in your tax return either.
You need to declare the profits / (losses) from the businesses, trades or professions for the basis period. "Basis period" means either the year ended 31 March during the relevant year of assessment or the annual accounts of the business made up to any date within the relevant year of assessment.
Below are some key concepts that you need to understand in profits tax.
Gross Income:
Gross income means all types of income, including ordinary business income, proceeds from sale of capital assets and other non-taxable receipts, whether or not derived from the principal activities.
Turnover:
Turnover includes amounts received / receivable from goods sold or services rendered.
Gross Profit / (Loss):
This is the amount of turnover after deducting cost of goods sold. For business not involving sales of goods, enter '0' for this item in the tax return.
Assessable Profits / (Adjusted losses):
Assessable Profits / (Adjusted losses) must be computed in accordance with the Inland Revenue Ordinance of Hong Kong. Add non-deductible expenses charged in the accounts to the net profit per account or deduct from the net loss to arrive at the assessable profits / adjusted losses. Salaries paid to, benefits received by the proprietor and his/her spouse, proprietor's domestic and private expenditure, capital expenditure and non-business expenses are not deductible.
For calculating profits tax, you can use the Performa Profits Tax Computation Form [IR957A(e)] provided by the Hong Kong Inland Revenue Department.
Above are some key concepts and rules related to Hong Kong's profits tax. If you are still confused, you can consult Hong Kong Government's website, which has a lot of useful resources for tax. Also, you might want to consider hiring a professional to prepare your tax.
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For more resources on tax, please visit Accounting Helper. For more resources on law, please visit Attorney Help.
Category: Business and Finance
Brian Walker @ 2009-04-19 08:14 (Shopping and Travel) It’s the common dilemma that faces every auto-consumer out there: Pay cash upfront or forego the ownership and pay monthly settlements instead? Buy or lease for a new set of wheels?
As is the case with every other common dilemma, there is no slam-dunk answer. Each option has its own benefits and drawbacks, and it all depends on a set of financial and personal considerations.
First, your finances. Affordability is clearly key, and you need to ask the question of how stable is your job and how healthy is your general financial situation. The short-term monthly-cost of leasing is significantly lower than the monthly payments when buying: you only pay for “the portion” of the vehicle’s cost that you use up during the time you
drive it.
If you have a lot of cash upfront, then you can opt to pay the down payment, sales taxes - in cash or rolled into a loan - and the interest rate determined by your loan company. Buying effectively gives you ownership of the car and that feeling of “free driving” that goes on providing transportation.
If, say, you want to get into luxury models but can’t afford the upfront cash of purchasing the vehicle than you’re a good candidate for leasing. Unlike buying, it gives you the option of not having to fork out the down payment upfront, leaving you to pay a lower money factor that is generally similar to the interest rate on a financing loan. However, these benefits have a price: terminating a lease early or defaulting on your monthly lease payments will result in stiff financial penalties and can ruin your credit. You need to make sure you carve out the monthly lease payment in your budget for the foreseeable future, at least for the duration of the lease.
Besides the financial aspect, making a buy or lease decision depends on your own particular lifestyle choices and preferences. Think about what the car means to you: are you the sort of person to bond with the car or would you rather have the excitement of something new? If you want to drive a car for more than five years, negotiate carefully and buy the car you like. If, on the other hand, you don’t like the idea of ownership and prefer to drive a new car every two to three years then you should lease. Next, factor your transportation needs: How many miles do you drive a year? How properly do you maintain your cars? If you answer is: “I drive 40,000 miles a year and I don’t really care much about my cars as I don’t mind dealing with repair bills”, then you’re probably better off buying. Leasing is based on the assumption of limited-mileage, usually no more than 12,000 to 15,000 miles a year, and wear-and-tear considerations. Unless you can keep within the prescribed mileage limits and keep the car in a good condition at the end of your lease, you might incur hefty end-of-lease costs.
Brian Walker is a freelance Internet writer. You can find more automobile realted articles and tips on http://www.1clickautomobile.com.
Category: Shopping and Travel
Brian Walker @ 2009-03-29 05:36 (Business and Finance) Almost nobody likes doing taxes. The process can be very stressful. Therefore, sometimes it just makes sense to get some help with them. For tax return, you can get help from various resources, such as tax preparation professionals, tax software and the IRS.
Tax Preparer
Tax preparers are individuals who were trained for the job or have picked up the skills over time. They are not difficult to find. You can find tax preparers in places such as H&R Block. The advantage of using a tax preparer is that the costs are relatively inexpensive.
Enrolled Agents
Enrolled agents are a step up from tax preparers. An enrolled agent has license and can represent you at an audit. However, keep in mind that the professional knowledge and quality of work varies from agent to agent. Some can be excellent. Others are less impressive.
CPA
CPA stands for Certified Public Accountant. It’s not easy to obtain a CPA license. It requires significant study and the licensing test is very difficult. If you have a unique or complex financial situation, for example, being a small business owner, you might want to use a CPA. Usually CPAs can also make suggestions to significantly lower your tax bill. CPA services cost more. However, the savings can outweigh their fees.
Tax Software
The technology of computers has minimized the risk of making mistakes. Tax software is now available for people who want their taxes to be done accurately and conveniently. There are different types of tax software you can use for different purposes. While you can buy tax software from local stores, the best place to find tax software is actually the Internet. Buying tax software from the Interest is very easy. For some software, you can usually download it onto your company and start using it right away. There is also other tax software that does not require any installation at all. You can finish the whole process on-line on their websites.
When it comes to tax prep software, there are many choices on the market. Which one is the best for you? Well, it depends on a variety of factors. However, many people choose to use the big three of tax prep software: Turbo Tax (PC/Mac or online), Tax Act ((PC/Mac or online), and Tax Cut (PC or online). They have all been around for many years and have a lot of experience handling new tax rules and finding deductions for their users. Besides, all three of them offer both free version (for simple returns) and paid version (for more complicated cases).
Help from IRS
Don’t forget that you can get help from the IRS. You can go to its website http://www.irs.gov for tax rules, tax forms and help on filling taxes. On this site, you can find answers to many questions in the Frequently Asked Questions and Tax Trails pages. If you can’t find the answer to your question, you can try search and enter a few key words to see if your question is covered elsewhere on the site. Also, you call their toll-free tax assistance line at 800-829-1040 for individual tax questions or 800-829-4933 for business tax questions.
Brian Walker is a freelance Internet writer. You can find more tax articles and accounting articles on http://www.accountinghelper.org.
Category: Business and Finance
Brian Walker @ 2009-02-10 01:10 (Home and Family) Have you ever thought of changing your room’s design? Do you think your porch needs a little makeover? Then it is time for you to make some improvements in your home and create a difference. However, home improvement package prices may vary. It is best to identify the right measures to save more on home improvements.
Here are some ways on how to cut back on your home improvement costs:
1. Do your research
Before you start on your home improvement project, it is best to do some extensive research. Try to find out the current prices of home improvement packages available on the market today. It is also best to identify the different factors that can affect the conditions of each type of home improvements.
2. Scout for the best quotes
If you will be hiring a professional, it is best to look for the best price quotes on home improvements. In this way, you will be able to anticipate the possible rates and charges, which will enable you to prepare the required amount. Get quotes from more than one tradesman.
3. Do the math
Before you start buying things that you need for your home improvement, it is best to have everything estimated.
Should you decide to seek the services of a professional you will know how much it will take you to improve your home. You can't easily be fooled by anyone because you know exactly the cost of expenses.
Besides, having a rough estimate of your home improvement plans will enable you to control your expenses. You can focus on the areas that need to be prioritized. Once you have set a specific budget on it, you can now consider the other areas without having to spend more than what you can afford.
4. Decide whether you can do it yourself or you should hire a professional
If you want to save more on your home improvements, it is best to decide if you can do the project yourself or you really need to hire a professional.
It is unwise to assume that you can do the job just to trim down your expenses, where in fact, you don't have the slightest idea how to start the job.
Insisting to do the job yourself will only end up in waste or destruction. It is best to hire a professional if you really want to save on your home improvement.
5. Ask for recommendations
Word of mouth is considered as one of the best advertising strategy in marketing. It is also one of the best ways to ask for some help about the things that you are not familiar with.
For example, if you don't have any idea about home improvements, it is best to ask your friends, relatives, or even colleagues about home improvements.
They can give you some pointers about home improvements based on their own experience. Tried and tested, their idea about home improvements can really help you make a difference.
6. Find the best contractor
If you wish to save on home improvements through contractors, it is best to hire the best. You can do this by checking on your contractor’s capabilities and certifications. In this way, you can be sure that the services you pay are reliable and efficient.
Try to keep these things in mind to save on your home improvement projects. Keep in mind that home improvements need not be expensive. You can beautify your home without having to go overboard.
Brian Walker is a freelance Internet writer. You can find more resources on apartment and condo livings on http://www.101apartmentforrent.com.
Category: Home and Family
Brian Walker @ 2009-01-06 01:55 (Health and Wellness) Drug addiction is a serious problem in our society, and the most troublesome part is teenage drug addiction. Our children are being exposed to dangerous drugs at early ages, and often times they are exposed through their family members as. With drugs available in many places, it's hard to imagine how we can successfully prevent teenage drug addiction.
Among teenagers, the most widely abused drugs are alcohol and marijuana, although methamphetamine and heroin are also popular. The main reason for teens to use drugs is to escape from the problems in their lives. They see it as an easy way out at least for as long as the drug lasts. Teenagers tend to perceive small problems as overwhelming, so their tendency to use drugs is much higher than an adult's. They keep using them to and eventually become addicted.
Some of the more common signs of drug addiction in teens include: dramatic changes in behavior, dull, glassy eyes, excessive tiredness, failing in school, lying or stealing, isolation or loss of interest in activities.
If you suspect a teenage drug addiction, the most important thing to keep in mind is that open communication and being honest is the key to solve the problem. Your first instinct will probably be anger, but if you show let it show, the teen will retract and not hear what you say - at least not consciously.
Remain calm and have a heart-to-heart talk about drug addiction and how it can damage a person's life. Point out the physical effects of drugs cause such as sleep disturbances, heart problems, paranoia, and lethargy. Show pictures of people who are addicted to drugs both before and after their addiction. There are plenty of places you can obtain this kind of information.
Arm yourself with as much information as you can. Present what you've learned to your teen in a way that speaks to them and is important to them. Try to look at the problem from their point of view and encourage them to be honest with you about why they started using in the first place.
You will also want to get counseling for your teenager, which can be done at a local mental health facility. Teens tend to relate best when there are other younger people to talk to. See if there is a peer counselor or peer group therapy available in your community. If not, maybe you could start one yourself!
Teenage drug addiction is a problem that should not be ignored. Communicate with your teenager, listen to them, and get them the help they need. They deserve it and your family deserves it.
Brian Walker is a freelance Internet writer. You can find more resources on addiction recovery on http://www.recoveryhelper.org.
Category: Health and Wellness
Brian Walker @ 2008-12-12 01:43 (Health and Wellness) People use drugs for various reasons. Essentially, though, drugs give us a desired effect producing a feeling of euphoria that makes us feel better - at least temporarily. This is where the thought process gets a little skewed. People begin to crave the feeling of euphoria that they get when they use drugs and that's when it becomes a problem. It can be a vicious cycle. You feel you can't live without the feelings that drugs give you and that you just won't be able to cope with life without those drugs. That's what breeds addiction.
Medical research shows two major causes of physical addiction. First, your cells adapt to the drug and, second, your metabolism becomes more efficient. Every time you use a drug, your blood carries it to every cell in your body. Your cells adjust. They grow to expect these doses on schedule. In the long run, however, cell walls break down. At this point, your cells not only lose their ability to keep toxins out but also become unable to retain essential nutrients. Many of them stop functioning altogether or start functioning abnormally. The metabolism system in your body not only helps get vital nutrients to all the cells, but also helps to rid the body of unwanted toxins. The more it "sees" a particular drug, the more efficiently it produces the enzymes that inactivate that drug. That's why tolerance increases, that is, why it takes greater and greater doses of a drug to get the same original effects.
Drug detox is the most important part of becoming free from addiction, and it should be handled with great care. Otherwise, it could be fatal. If you elect to enter a rehab facility, you will have the guidance and help you need to get through the detox procedure. However, if you decide outpatient rehab is more your speed, you must contact a doctor and be under his or her supervision while you are ridding your body of drugs.
It is nearly impossible to effectively journey down the path to recovery without realizing that you deserve to be drug-free. Building your self-esteem requires effort on your part, and, just like during your self-assessment, it also requires personal honesty. Building self esteem helps not only with personal acceptance, but with staying strong during your recovery as well.
Positive affirmations are very important in building your self esteem. They will become your mantra as you work on the parts of you that you want to change. They can also be helpful when you are feeling weak during the recovery process.
A positive affirmation can be anything you want it to be, but it must be positive! Look in the mirror, look into your own eyes, and recite your affirmation over and over again. Change your mindset from not believing what you say to wholeheartedly accepting that it is the truth. Do this several times a day if you have to. Eventually, you'll start believing what you say without having to quiet down those negative thoughts when they creep in.
Brian Walker is a freelance Internet writer. You can find more online resources on recovery from addiction on http://www.recoveryhelper.org.
Category: Health and Wellness
eGuidePro @ 2008-11-12 00:25 (Home and Family) Buying a new home is a major decision. Choosing a good home builder is also very important. You will want someone who is established and can be trusted, someone has the knowledge and skills in constructing a new home, someone who can manage team of craftsmen skilled at building a quality house. It's very important that you develop a good relationship with your home builder.
When you look for a new home builder, there are several things that you need to consider.
First of all, you should always ask for references and check for qualification. Word of mouth is one of the best ways to find good constructors. You can ask your friends, family and coworkers whether they have any good construction companies to recommend. Here are some questions to ask for a builder: Are you a professional builder or only a part-time constructor? How long have you been in this industry and what experience do you have? Can you give us references from your past clients? You can contact your local licensing board to make sure that builder is licensed. You can check with the Better Business Bureau to see whether any complaints have been made against that builder.
Also, you want to find a builder that constructs the type of homes that you want to built. Different builders have different areas of expertise. You should make sure that you have chosen one with the right expertise.
Besides, you should ask a constructor whether you can get a warranty with your new house. A warranty will help to protect your investment in your new home.
You should also ask what kinds of after-sales services they provide. Good builders always provide after-sales services that fix minor problems and they usually respond quickly to their clients' requests.
When you are ready to sign the contract, make sure to read the contract carefully to make sure it's detailed enough to cover everything.
Choosing the right home builder is crucial in building a new house. By following the right steps you can find a good builder that helps you to build your dream home.
Brian Walker is a freelance Internet writer. You can find more articles, news and guide on home builders on http://www.myfavoritebuilder.com.
Category: Home and Family
Brian Walker @ 2008-10-22 00:43 (Health and Wellness) Most people nowadays are getting attracted to tooth whitening products because they want to have a million dollar smile just like the celebrities seen on television. As a matter of fact, there are many approaches to whiten your teeth.
If you want your teeth to become whiter and more dazzling, you can add whitening toothpastes into your personal dental care kit. If you want to do that, don't forget to check if it still contains fluoride and other ingredients that fight and prevent plaque and tartar.
However, a lot of whitening toothpaste users claimed that these whitening products didn't really do much in changing the color of their teeth. The yellowing of the teeth is actually a natural phenomenon. As a person gets older, his or her teeth become yellowish.
If you are not satisfied with the color of your teeth, the best way is to visit your dentist first and consult him or her about your dilemma. Your dentist will tell you about the effectiveness of over-counter-products or they may even offer to give you professional treatment.
Your dentist might suggest either in-office bleaching or at-home procedures. In-office bleaching is called chair-side bleaching, which may require more than one office visit, each of which may take from 30 minutes to one hour. For at-home procedures, besides toothpastes, you can also use bleaching solutions, which contain peroxide, a chemical that actually bleach the tooth enamel.
Most celebrities actually prefer to undergo professional teeth whitening treatment because that way, their unique needs can be met. Be very careful in purchasing over-the-counter teeth whitening products because some of these may contain bleaching agents that can actually damage your mouth and gums.
In addition to that, do follow the instructions strictly to avoid experiencing adverse side effects. Also, before using any tooth whitening products, be sure to look for the ADA Seal of Acceptance to make sure they have met ADA standards of safety and effectiveness.
Brian Walker is a freelance Internet writer. You can find more artices, advices and tips on dentistry on http://www.101dentist.com.
Category: Health and Wellness
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