Monthly Bookkeeping
Monthly bookkeeping for Korean businesses — withholding tax, four social insurances, VAT and year-end closing, with quarterly reports and an advance tax estimate.
What bookkeeping covers
Bookkeeping means recording every transaction of your business, and using those records as the basis for each tax filing. With it in place you can see revenue, costs, and actual profit or loss at any point — and your filing deadlines, receipts and payment records are handled as a matter of course.
The monthly and annual cycle
Withholding tax and payroll
- At each month end we ask for payments made to employees and contractors.
- We calculate the net amount payable after social insurance, income tax and local tax.
- Per-person statements are provided as PDFs. (These are for reference on amounts; they do not by themselves constitute a legally effective payslip.)
- The withholding return is filed by the 10th of each month, with the payment slip and return sent to you.
- Employee year-end settlement is completed each February, with guidance issued in January.
Four social insurances
We handle establishment reporting and the acquisition, change and loss filings when staff join or leave. You only need to tell us within two weeks of a change.
Value-added tax
Corporations file four times a year, sole proprietors twice, and simplified taxpayers once.
- We request the period’s records at the start of the filing month.
- From the 11th we retrieve tax invoices and cash-receipt data from Hometax.
- From the 16th we retrieve card sales and purchases from the Credit Finance Association.
- Two to five days before the 25th deadline we send you the expected payment or refund with the sales and purchase ledger for confirmation.
- After your confirmation we file and send the payment slip and documents.
Corporate and individual income tax
Corporate tax is filed in March, individual income tax in May.
- We send finalised financial statements including non-digital costs.
- We review available credits and exemptions and give you the expected tax.
- After your confirmation we file, and send the tax adjustment booklet as a PDF and one to three printed copies.
Beyond filing
Quarterly interim reports
| Quarter | Sent | Also included |
|---|---|---|
| Q1 (Jan–Mar) | end of April | interim report |
| Q2 (Apr–Jun) | end of July | interim report |
| Q3 (Jul–Sep) | end of October | next year’s estimated tax |
| Q4 (Oct–Dec) | end of January | revenue finalised for the March / May filings |
Year-end tax estimate
Using results from January to September, we tell you the expected corporate or individual income tax in late October to November — before the year closes, while you can still plan cash.
Direct access to your accountant
Reach us by KakaoTalk, Naver Talk, email or phone. Requested documents are provided the same day, or within one working day. Tax base certificates, financial statement certificates and business registration certificates are issued from Hometax immediately.
On-site visits
We visit your place of business at year end (November–December) or after the filing season (April–June) to walk through issues and prepare for the next return.
Annual tax law updates
We review the following year’s draft amendments each July and the enacted changes between December and January, and pass on what applies to you.
Referrals to other professionals
Where work falls outside tax, we connect you with professionals we work with regularly — appraisers, certified public accountants, judicial scriveners, attorneys, and labour attorneys.
How the fee is set
The monthly fee is fixed for a one-year term and reflects the prior year’s revenue and margin. Like a salary review, it is revisited once each year’s filings are complete.
- If revenue and margin rise, or the business diversifies, the fee is recalculated and may increase.
- If the prior year produced a loss or weaker results, it is reduced or held flat.
New businesses — the first consultation before opening is free, and we handle your business registration.
Transferring from another firm — we review whether refund claims are available on the past five years, free of charge.
A first-month discount applies on contracts of one year or more.
If the contract is terminated within one year, fees for services provided free of charge may be invoiced.
Questions about bookkeeping?
Tell us the situation and we will tell you which documents matter. Email is the easiest way to reach us in English; visits should be booked at least one day ahead.