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What Happens if You Miss the Tax Deadline? How Can You Rectify It?

How to file company tax? The most powerful tax-saving secrets revealed

Tax filing is an annual obligation for every company. Except for those that have ceased operations, all companies, regardless of whether they have actual business activities or income, must submit a return to the Inland Revenue Department. This article provides a detailed explanation of the tax filing deadlines and extension application procedures, assisting Hong Kong SMEs in effectively managing their tax affairs.

1. Overview of the Hong Kong Company Tax Filing Process

On 1 April 2025, the Inland Revenue Department issued the profits tax return forms for the 2024/25 assessment year to all companies. The main process for Hong Kong company tax filing is as follows:

Issuance of Return: The Inland Revenue Department issues the profits tax return (Form BIR51).

Accounting Audit: Companies must engage a Certified Public Accountant to conduct an audit.

Completion and Submission: Submit the completed tax return together with the audit report to the Inland Revenue Department.

Tax Assessment Notice: The Inland Revenue Department issues an assessment notice detailing the amount of tax payable and the payment deadline.

2. How to Apply for a Bulk Extension of Company Tax Filing

Companies must appoint a tax representative to apply for the bulk extension scheme on their behalf, extending the submission deadline to the dates as follows:

1 April 2024 to 30 November 2024: No extension (Accounting Date Code “N”).

1 December 2024 to 31 December 2024: Extended to 15 August 2025 (Accounting Date Code “D”).

1 January 2025 to 31 March 2025: Extended to 17 November 2025 (Accounting Date Code “M”).

If companies with an Accounting Date Code “M” incur losses in the 2024/25 assessment year, they may obtain a further extension until 2 February 2026. Extension applications must specify the IRD file number for each case in a schedule and be submitted to the IRD on or before 3 November 2025.

For more information on how to report corporate losses, please refer to the following article: How to Report Losses for Hong Kong Companies? Can Losses Reduce Taxes?

3. How to Avoid Filing Delays and Enhance Compliance Efficiency?

The following recommendations can help you handle tax filing more effectively:

Arrange Audits in Advance: Do not wait until you receive the tax return; it is advisable to contact your accountant immediately after year-end.

Use Cloud Accounting Systems: Systems such as Xero can significantly reduce manual bookkeeping time.

Maintain Communication with Your Accountant: Inform your accountant proactively of any business changes, unusual income, or changes in accounting policies.

Keep Proper Documentation: Retain all bank statements and invoices for IRD inspections.

4. Conclusion

Although the tax filing process may seem complex, the procedure can be remarkably smooth once you are familiar with the steps and timeline and work closely with a professional accountant. We understand that SMEs are busy with daily operations, so if you have any questions regarding “extension of company tax filing”, “tax filing deadlines”, or “company tax filing”, please feel free to contact us at any time.

OneStart Business Centre offers comprehensive Accounting, Audit and Tax Filing services, including audits and tax filings for dormant companies and applications for companies with no activity. Our professional accounting team has years of experience and is highly trusted by our clients, ensuring a smooth and efficient accounting, audit and tax filing experience. We can also act as your tax representative and provide professional advice. To learn more about our service plans, call us at +852 3575 6888, or reach out to a OneStart consultant via WhatsApp.

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