Accounting Firm, Bookkeeping & Tax Filing, Audit Reports - Mingrui Financial & Tax Services

Many business owners are confused about the difference between bookkeeping and tax reporting. They believe that as long as they keep the company's financial records clear and then submit them to the tax bureau, it's considered tax reporting. This is incorrect.Accounting and tax reporting, manyBossConfused, here's something for today's supply scene.Elaborate, please.

One,Accounting and Tax ReportingThe distinction

After the establishment of the new company, whether or not you're conducting business and regardless of any income recorded, both the Tax Bureau and the Administration for Market Regulation consider you to have commenced operations. You are required to file tax returns on time within the monthly declaration period, before the 15th of each month. Failure to do so may result in late declarations and negatively impact your company's credit.

The ledger established is not the common running account that companies typically maintain, but a compliant accounting ledger accompanied by proper vouchers. Many businesses are unable to handle this, as it requires skilled accountants, and small and medium-sized enterprises may not afford the cost of hiring an accountant. They can opt for an accounting agency.

Third, both general taxpayers and small-scale taxpayers can issue invoices on their own now, but only general taxpayers can verify and deduct input VAT. New companies can apply to become general taxpayers immediately. If there's a need, apply promptly.

Fourth, after the VAT reform, Golden Tax三期, and system upgrades, tax authorities have significantly increased their inspection efforts; do not issue false invoices.

Not just "zero declaration" is tax-exempt; any monthly sales up to 100,000 yuan are temporarily VAT-exempt, provided you keep records and file a declaration.