The Employer’s Return of Remuneration and Pensions, or known simply as the employer’s return, is an annual form that states what your employees receive in salary and benefits.
The taxation year of HKSAR for reporting the employer’s return is from every April to March in next year. Every employer is required to report all remuneration processed to staff during the period to the Inland Revenue Department. The mentioned taxation year means the payroll month, not the pay date of the month, even the pay-date fall on next month.
To report to the Department, employer is required to keep all payroll records for all staff and reflect all information on individual IR56B form as well as IR56A form.
Below are the information to be required :
(a) personal particulars
(name, address, identity card or passport number with place of issue, marital status)
(b) nature of employment
(full time or part-time)
(c) capacity in which employed
(e.g. sales manager, salesman, worker, in-house lawyer, accountant, director)
(d) amount of cash remuneration
(regardless of denomination in domestic or foreign currency and remuneration paid outside Hong Kong)
(e) non-cash and fringe benefits
(such as quarters, holiday journey benefits, share award, share option)
(f) employer’s and employee’s contributions to the Mandatory Provident Fund (MPF) or its equivalent
(g) employment contract and amendments to terms of employment
(h) period of employment
Co-op Consultants do provide service for the client to prepare their yearly taxation forms. Please talk to us.