Offer Accounting &Taxes Planning, Bookkeeping,Tax Advisory,Tax Filing, Financial Accounting Function Outsourcing Services in Wuhan China

 Accounting &Taxes Planning, Bookkeeping,Tax Advisory,Tax Filing, Services in Wuhan

Wuhan,, the capital of Hubei province,is the most populous city in central China. In 2015 it has a population of 10.60 million residing in three distinct districts (Hankou, Hanyang, and Wuchang), commonly known as “The Three Towns of Wuhan”. The city is recognized as the political, economic, financial, cultural, educational, and transportation centre of central China.



While Wuhan has for decades been a traditional base for manufacturing, it has also become one of the areas promoting modern industrial change. Wuhan consists of three national development zones, four scientific and technologic development parks, over 350 research institutes, 1,656 hi-tech enterprises, numerous enterprise incubators and investments from 230 Fortune Global 500 firms – enabling the city to offer globally competitive strengths in most business fields. By combining traditional industries such as automobile manufacturing, the starting point of China's economic liberalization, with new hi-tech industries in places like the Optics Valley, Wuhan is positioning itself as one of the most progressive business cities in all of Asia.

For more information about Wuhan, please visit https://www2.deloitte.com/content/dam/Deloitte/ca/Documents/international-business/csg-china-research-report-on-investment-environment-of-wuhan-en-2013.pdf

http://files.chinagoabroad.com/Public/uploads/content/files/201709/Factsheet_Hubei%20and%20Wuhan_30082017_0.pdf

http://english.wh.gov.cn/

 

Once your business is officially registered in Wuhan, it's required to maintain proper accounting records in accordance with accounting standards in China and to report taxes on both monthly (for business tax, individual income tax) and quarterly (corporate income tax) basis. Late submissions will face penalties and surcharges.

With the further opening up of China, PRC accounting and tax schemes have been changed significantly along with the globalization. In year 2007, the Ministry of Finance issued the latest PRC General Accepted Accounting Principles (GAAP) to erase many discrepancies between the old GAAP and Internal Accounting Standard (IAS). In year 2008, with the effectiveness of new Corporate Income Tax law, the two income tax schemes for domestic and foreign enterprises respectively have been integrated and the different treatments for theses enterprises have been abolished. It deeply changed accounting and tax requirements for all investments in China. All companies in China, have to spend more time in consideration of accounting and tax requirements and corresponding affections along with the business development.

 

During the practical operating, many small and medium sized companies conclude that full time cashier and full time accountant cost a lot and create certain burden for operation. Meanwhile, as they might not be full occupied by works due to the limited work load. To be successful, any enterprise regardless its size often needs a financial and accounting expertise.Outsource your accounting project to us is the best solution to this problem

 

With Our professional accountanting service, clients can have the expertise they require when they require.

Our accountant could assist you and negotiating with your local officer to use the proper tax reporting method for your China presence. And submit the tax reports monthly and quarterly on your behalf.

 

The details of our services are set out below

 ◾Update the books in accordance with the Chinese Accounting Standards

 ◾Prepare monthly financial statements for tax filing purpose and submit if applicable

 ◾File monthly Business Tax Return and Individual Income Tax Return

 ◾File Corporate Income Tax Return quarterly

  ◾Annual Corporate Income Tax Filing

  ◾Monthly Bookkeeping Service

  ◾Audit of Financial Statements

 

Bookkeeping service

Chinese tax authorities require all enterprises to complete a tax filing on a monthly basis (quarterly for representative offices), failure to do so may result in late interest penalties and fines. You may also be required by your headquarters' management to update them on how well your business is going in China . To timely provide fairly presented financial statements may therefore be critical for the smooth operation of your business.

 

You may find it beneficial to outsource your financial accounting function at the beginning stages of your business. You will need access to local expertise from the very beginning and avoid any unnecessary corrective costs. We can help you set up standardized working procedures, integrate finance functions to your business infrastructure, and coach your business and future finance team at a cost-effective way.

 

Our outsource service team can work with your employees in China to handle the whole process of accounting service. We can sort out the most efficient work procedures, collect all relevant documents, discuss the sufficiency and legality thereof, perform bookkeeping according to prevailing Chinese laws and regulations, and deliver local tax authority financial statements to you in a timely manner. According to your specific requirements, either from your local office or headquarters, we can prepare or propose a reporting package with an in-depth analysis for you.

 

We can also communicate on your behalf with local tax authorities or any other government bodies as statutorily required to handle any issues that may arise during the course of your business operation, a tax audit, or business audit by other government bodies.

 

With the development of your business, if you deem it necessary to build up your in-house finance function, we can help you design the most appropriate structure, set up internal control procedures, hire suitable staff, and provide training for your entire finance team to ensure a smooth transfer from our professional team to your team.

 

Taxation agent

We assists businesses, individuals and organizations with tax strategy, planning, and compliance, whilst also delivering a wide range of business advisory services with dedicated tax professionals. This means that we can support you both locally and globally, wherever you require tax advice.

 

We take a holistic view, combining industry insight with the technical skills of financial and tax professionals, economists, lawyers and our other in-house resources as necessary, to develop comprehensive integrated solutions.

 

We have experience of working with an expansive and diverse client-base comprising all types of businesses — multinationals, local companies, privately-owned organizations, entrepreneurs, family businesses, trusts, partnerships and private individuals.

 

Taxation is a fundamental part of how every country and company operates. Tax policy needs to be shaped and actively managed by governments and corporate alike.

 

From a corporate viewpoint; tax governance is a rising priority, as legislation gets more complex. We work with our member firms clients to establish tax policies and processes, which determine that compliance responsibilities are met, planning opportunities are realized, and there is appropriate communication with the markets and regulators. That way, management can communicate that taxation is under control and get on with running the business.

 

We use our in-depth technical tax knowledge, and our broader understanding of how tax fits into the wider business picture, to help clients to meet their compliance responsibilities and to act on planning opportunities. Whether you are a business or an individual, we work as a team to help achieve your objectives.

 

Cashier Service

To ensure your cashier function goes well, you first need to recruit a cashier with high integrity, good personality, and strong technical competency. Then you need to set up and implement sound internal control procedures.

 

If you cannot ensure the above requirements are met, you may find outsourcing your cashier function to be a better option than keeping it in-house. Examples of circumstances where you may need to outsource include the following:

 

 a) During the initial stage when you start up your business

  b) Your business experience in a restructure, such as a merger or spin-off

  c) Unstable finance function

  d) Lacking qualified personnel

 

By outsourcing your cashier function, you can have your junior staff closely supervised, coached from time to time by our professionals during the course of their work, and avoid unnecessary fraud when starting your business in China. Working as your cashier function, we can help you control the bank movement, provide cash flow analysis and raise any significant issues where necessary.

 

 

Please visit http://www.tommyconsulting.com

Email: tomlee@tommyconsulting.com, Skype: tomleeli 

WhatSapp/Wechat/Cell Phone: +86 18926401128