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bigduckontax, Accountant
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hi does anyone know the different rules for filing accounts

Resolved Question:

hi does anyone know the different rules for filing accounts in the uk for a uk company versus filing accounts for a bvi company that has rental income in the uk, are they subject to the same rules and are the accounts visible to the general public?
Submitted: 3 years ago.
Category: Tax
Expert:  bigduckontax replied 3 years ago.
Hello, I'm Keith and happy to help you with your question.
One of the great advantages of a BVI company is the lack of detailed filing required; viz:
'Along with flexible incorporation procedure and total confidentiality, one of the most attractive corporate features of BVI Business companies is minimum requirements to public filing of any kind of information. The details of company beneficial owners, directors and shareholders are not part of public record.' [Fidelity Corporate Services}
Furthermore [same source]:
'BVI company law provides minimum obligation to file any returns or reports. BVI BC's are not obliged to prepare or file financial accounts, annual returns or records. Also, there is no requirement to prepare and file financial declarations that are usually associated with income tax reporting. However, the company must keep whatever financial records the Directors feel enough to show and clarify at any time the transactions carried out, and to determine the financial position of the company. It is not required for the company to keep these records only in the British Virgin Islands, and it is not required to file or make publicly available any financial or commercial documentation of the company.'
There is no requirement for BVI companies with UK Rental Income to disclose financial details save to HMRC. Such tax matters are, or course, confidential between HMRC and the company. No one else is privy to their contents.
Thus the activities of BVI companies are not visible to the general public. I do hope I have set your mind at rest on this matter.
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