Barun Tax & Accounting

6 Things to Compare When Getting a Bookkeeping Quote in Korea: The Same KRW 100,000 per Month Can Cover Different Work

Wed, 28 Oct 2026 00:00:00 +0000

Do not compare bookkeeping quotes by the monthly price alone. At the same KRW 100,000 per month, one office may include VAT and withholding tax filing, while another may charge extra for payroll work or for closing and filing. Set the 6 points below on the same basis, then compare the annual total.

6 points to compare in a bookkeeping quote

What to compare	Question to ask
1. Closing and filing fee (adjustment fee, 조정료)	Is it separate from the monthly fee? If so, how much?
2. Included filings	Are VAT and withholding tax filings included in the monthly fee?
3. Payroll work	Are the payroll ledger, four social insurance filings, year-end tax settlement (연말정산), and payment statements included, or charged per employee?
4. Annual total	What is monthly fee × 12 + adjustment fee + extra work fee?
5. Contact method and response time	Who do you talk to, on which channel (KakaoTalk, phone, email), and how fast do they reply?
6. Notice before filing	Do they tell you the estimated tax and the due date before you file?

How to compare by annual total

Calculate the annual total like this.

Bookkeeping Fee Examples (2026): Freelancer, Restaurant, Online Store, Rental, Company

Wed, 28 Oct 2026 00:00:00 +0000

Barun Tax & Accounting bookkeeping starts at KRW 100,000 per month for sole proprietors and KRW 120,000 per month for companies. This includes monthly bookkeeping, VAT, withholding tax, and four social insurance filings, and year-end tax settlement. The once-a-year closing and filing fee (adjustment fee, 조정료) is separate. Below are examples for six businesses with different industries, sales, and staff. The actual fee is confirmed after a consultation, based on transaction volume and scope of work.

How remote bookkeeping works in Korea: from sharing documents to filing

Wed, 28 Oct 2026 00:00:00 +0000

With remote bookkeeping, you hand over your books and filings without visiting an office, exchanging documents by KakaoTalk or email. The firm pulls tax invoices, card and cash receipt data directly from Hometax (홈택스) with your approval, so you only send bank statements and the expenses and payroll changes that Hometax does not capture. The work is the same as in-person bookkeeping.

How to switch tax accountants in Korea: steps and what to prepare when moving your bookkeeping

Wed, 28 Oct 2026 00:00:00 +0000

You can change your tax accountant (bookkeeping agent) at any time. The tax office does not view a change unfavorably. There are 3 steps: sign with the new firm, approve the new agent in Hometax (홈택스), then collect the prior books and filings. The best time to switch is right after you finish a filing.

Just started a business in Korea: do you need to hire for bookkeeping? Simple vs. double-entry rules

Wed, 28 Oct 2026 00:00:00 +0000

A sole proprietor is a simple bookkeeping filer in the first year of business and in any year when prior-year revenue is below the industry threshold (KRW 300 million for wholesale and retail, KRW 150 million for restaurants, KRW 75 million for services), and may keep simple books. At or above the threshold, double-entry books are required, and filing without books adds a no-bookkeeping penalty (무기장가산세) of 20% of the calculated tax. A corporation uses double-entry books from the start.

What Is a Fair Bookkeeping Fee in Korea? Monthly Fees and Annual Total for Sole Proprietors and Companies (2026)

Wed, 28 Oct 2026 00:00:00 +0000

There is no fixed price for bookkeeping. The fee depends on sales volume, number of transactions, industry, number of employees, and the scope of work you hand over. The same monthly amount can cover different work. So compare quotes by the annual total (monthly fee × 12 + year-end closing and filing fee). Barun Tax & Accounting starts at KRW 100,000 per month for sole proprietors and KRW 120,000 per month for companies. The adjustment fee is separate.

January VAT for Shop and Officetel Landlords: Deemed Rent at 3.1% and Tax Invoices

Mon, 26 Oct 2026 00:00:00 +0000

A general taxpayer who leases a shop or a business-use officetel files and pays VAT for July~December by Monday, January 25, 2027. There are two kinds of sales to report. For the monthly rent you receive, you issue tax invoices and report it. For the deposit you hold, you add deemed rent (간주임대료), calculated at an interest rate of 3.1%, to your sales. If you do not file the real estate rental supply value schedule (부동산임대공급가액명세서) with your return, a penalty applies.

Corporate Year-End Closing Checklist 2026: CEO Loans, Executive Bonuses, Entertainment Expense Limit

Sun, 25 Oct 2026 00:00:00 +0000

Corporate tax is calculated from your books after the fiscal year ends, but whether an expense counts as deductible is largely decided before December 31. Once the year changes, there is less you can do about suspense payments (가지급금) to the CEO, the basis for executive bonuses and severance pay, retirement pension contributions, and the entertainment expense (기업업무추진비, formerly 접대비) limit. In particular, for fiscal years starting on or after January 1, 2026, the corporate tax rate rose by 1%p in every bracket. A company with a December year-end applies the higher rate to this year’s income, which is filed in March 2027.

Year-End Tax Settlement Preview 2026: 4 Ways to Raise Your Refund Before December 31

Sat, 24 Oct 2026 00:00:00 +0000

The year-end tax settlement preview opens on the National Tax Service’s Hometax (홈택스) and Sontax (손택스) in early November every year. In 2025 it opened on November 5. The 2026 opening date has not yet been announced. It already contains your card spending for January~September. Add your expected spending for October~December, and you can see your estimated tax for the year-end settlement next January. Based on the result, adjust the four items below before December 31. They change your refund.

Comprehensive Property Tax Payment Period, Installments, and Deferral (December 1 to 15, 2026)

Fri, 23 Oct 2026 00:00:00 +0000

The 2026 comprehensive real estate holding tax (종합부동산세) is paid from December 1 to December 15. Notices come out in late November, and if the tax is over KRW 2.5 million, you can pay in installments over 6 months. A one-home household owner who is age 60 or older, or has owned the home for 5 years or more, can also apply for deferral if they meet the income requirements.

Year-End Tax Savings Checklist 2026 - 4 Things Business Owners Should Do Before December 31

Wed, 21 Oct 2026 00:00:00 +0000

For year-end tax savings, start with the items you cannot undo after December 31. The Yellow Umbrella Fund (노란우산공제) gives an income deduction of up to KRW 6 million, and pension savings and IRP give a tax credit on up to KRW 9 million. For both, only amounts paid within this year count for this year. If you also finish registering your business cards on Hometax (홈택스) and organizing your expense receipts, your January VAT (부가가치세) return and May comprehensive income tax (종합소득세) return will be much easier.

Can't Pay the VAT Interim Notice? Payment Extension, Card Payment, and Preliminary Return (2026 Second Period)

Tue, 20 Oct 2026 00:00:00 +0000

The VAT (부가가치세) interim notice (예정고지) amount is half of the VAT you paid in the first half of the year, and the 2026 second-period payment deadline is Monday, November 2. If your sales dropped sharply in the second half, you can switch to a preliminary return by October 26 and pay only on your actual results. If you are short on cash right now, consider paying by card or applying for a payment extension. If you simply miss the deadline, a 3% penalty is added immediately.

Korea Exit Tax: Who Is Subject, Large Shareholder Test, and Filing Deadlines (Emigrating in 2026)

Thu, 15 Oct 2026 19:00:00 +0900

If you emigrate and become a non-resident, you pay capital gains tax as if you sold your Korean shares at their market value on the departure date. This is called the exit tax (국외전출세). You are subject to it if you lived in Korea for 5 years or more in the 10 years before departure and are a large shareholder as of the end of the prior year. You must file twice: by the day before departure and within 3 months after departure.

Missed the VAT Filing Deadline? Late Filing Penalty Reductions (2026)

Thu, 15 Oct 2026 18:00:00 +0900

If you missed the VAT (부가가치세) filing deadline, file a late return (기한후신고). A non-filing penalty (20% of the tax due) applies, but it is reduced by 50% if you file within 1 month, 30% within 3 months, and 20% within 6 months. A late-payment penalty of 0.022% per day is also added for the days you paid late, so it is best to file and pay as soon as possible.

Korea Tax Invoice Deadline: Penalties for Late Issuance (2026)

Thu, 15 Oct 2026 17:50:00 +0900

The tax invoice deadline is the 10th of the month after the month of supply. If you miss it, the supplier pays a penalty tax (가산세) of 1% of the supply value (2% if the invoice is not issued by the final VAT return deadline), and the buyer also pays a late receipt penalty. If you issued an invoice by mistake, you do not cancel it. You fix it with a modified tax invoice.

Korea VAT: When Input Tax Cannot Be Deducted (Vehicles, Entertainment)

Thu, 15 Oct 2026 17:40:00 +0900

Even for business costs, you cannot deduct input VAT (매입세액) on spending with no tax invoice, entertainment expenses, regular passenger cars with 8 seats or fewer, or spending tied to an exempt business or land. Even if you paid by card, the VAT is often not deductible when the seller is an exempt business or a simplified taxpayer. If you deduct input VAT that you could not deduct, the tax is recovered later with a penalty tax (가산세).

Interim Income Tax Prepayment in Korea: Deadline, Who Pays, and Installments (2026)

Thu, 15 Oct 2026 00:00:00 +0000

The interim prepayment of comprehensive income tax (종합소득세 중간예납) is due November 30, 2026. The notice amount is one-half of the interim prepayment base amount (중간예납기준액) for the preceding tax period. It applies to individuals with business income. If your first-half results fell this year, you can file an estimate. If the tax is over KRW 10 million, you can pay in installments.

Korea Gift Tax Deduction Limits 2026: KRW 50 Million for Parent to Child, KRW 100 Million for Marriage or Birth

Thu, 15 Oct 2026 00:00:00 +0000

Gift tax is paid by the recipient. The deduction limits over 10 years combined are KRW 600 million from a spouse, KRW 50 million for an adult child or grandchild receiving from parents or grandparents, and KRW 20 million for a minor child or grandchild. For marriage or birth, KRW 100 million is added separately. File within 3 months from the end of the month you received the gift.

Korea One-Home Capital Gains Tax Exemption: Conditions (2 Years Held, KRW 1.2 Billion, Temporary 2 Homes)

Thu, 15 Oct 2026 00:00:00 +0000

The one-household one-home capital gains tax (양도소득세) exemption applies when the household owns only one home in Korea and has held it for 2 years or more. If the area was a regulated area (조정대상지역) when you acquired the home, you must also have lived there for 2 years or more. If the sale price is over KRW 1.2 billion, tax applies to the part of the gain above that amount. If you temporarily own two homes because of a move, the temporary 2-home rule can still give you the exemption.

Korea VAT Filing Schedule 2026: Deadlines for Companies, Individuals, and Simplified Taxpayers

Wed, 14 Oct 2026 00:00:00 +0000

The VAT final return is due July 25 and January 25 of the next year for all taxpayers. In the April 25 and October 25 preliminary periods, companies file a preliminary return and individual general taxpayers pay a preliminary notice. Simplified taxpayers file once a year, by January 25 of the next year. If a deadline falls on a holiday, it moves to the next business day. The second-half 2026 preliminary return is due by October 26.

Korea Withholding Tax: How to Apply for Semiannual Payment (2026)

Tue, 13 Oct 2026 00:00:00 +0000

Withholding tax is generally paid every month. However, a business with 20 or fewer regular employees in the prior year (excluding finance and insurance) can get approval from the head of the district tax office to pay semiannually. Apply on Hometax in June or December. Payment is due July 10 and January 10 of the next year. To pay semiannually starting with payments made in January, you must apply in December of this year.

About

Mon, 01 Jan 0001 00:00:00 +0000

Greeting

Hello, I am Doeun Kim, KICPA, the representative of Barun Tax & Accounting.

Living or doing business in Korea means dealing with Korean tax — often in a language and system you did not grow up with. Barun Tax & Accounting aims to be the place where you can ask anything about it, in English, and get a clear answer.

From setting up your books to annual filings, payroll and property, I will first listen to your situation and then explain what applies to you and what needs to be done. Reports and correspondence are in English, so you do not have to translate anything yourself.

Whatever you entrust to us, we take responsibility for from start to finish.

Thank you.

Doeun Kim, KICPA · Barun Tax & Accounting

Privacy Policy

Mon, 01 Jan 0001 00:00:00 +0000

Barun Tax & Accounting (the “Firm”) processes personal information collected through inquiries in accordance with the Personal Information Protection Act of Korea, as follows. If this English version differs from the Korean version, the Korean version prevails.

1. Information collected and purpose To reply to your inquiry, we collect your name (or company name), phone number, email address and the content of your inquiry.

Services

Mon, 01 Jan 0001 00:00:00 +0000

Thank you for your inquiry

Mon, 01 Jan 0001 00:00:00 +0000

Back to home