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UK Branch

UK Branch

We have recently been approached by a UK based (and registered) branch of a Netherlands parent company (which in turn has a US parent compeny). We need answers to the following (and can't get a straight forward response from Companies House) -
Whose accounts need to be filed in the UK?
If it is the holding co's, do they need to be in sterling?
Is there a filing deadline?
Is there a problem if the year ends are not co-terminous?
Any comments/experiences would be gratefully received.
Vickie Nobbs


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23rd Oct 1999 11:33

Uk Branch accounts re overseas co
Assuming the UK entity is a branch and not a sub, the UK filing requirements are for UK branch data and world-wide data for current and previous years.

The data required is simply a P & L plus balance sheet, together with a list of jurisdictions where the top company trades and the address of the top company. I believe there is no formal deadline involving penalties as for Ltd companies but the UK branch could find itself in trouble eventually if no filings were made.

There is no need to have the branch accounts audited or even signed by anyone.

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24th Oct 1999 00:05

Filing FX accounts
You can file accounts in any currency - but an election (don't know the ICTA section though) has to be made to the tax authorities.



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By gbms
25th Oct 1999 10:46

Oversea companies
The Oversea Companies and Credit and Financial Institutions (Branch Disclosure) Regulations 1992 (SI 1992 No 3179) governs the registration and compliance of oversea companies doing buisness in the UK. The regulations distinguish between a branch and a place of buisness.

An establishment deemed to constitute a place of business needs to comply with CA 1985, s 700, subject to exemptions provided by SI 1990 No 440. An oversea company has to prepare accounts with a directors' and auditors' report, but these two reports do not have to be filed. Normally, only the balance sheet, the PL account and notes need to be filed. The accounts for the company as a whole have to be prepared (not just the accounts for the place of buisness, although these are needed for tax purposes). Accounts must be delivered within 13 months of the end of the accounting date.

Where a branch is established, CA 1985, s 21D (as inserted by SI 1992 No 3179) governs the position. If disclosure of the accounts is not required under the parent law of the oversea company in its country of incorporation, then the accounts to be filed at Companies House will be the same as the place of business rules above, otherwise full accounts of the oversea company, including all reports, must be filed at CH.

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