The Book-keepers Forum (BKF)
The Book-keepers Forum (UK) -> General Book-keeping & Accounting -> Limited Companies - how long must business records be kept?
Post Info TOPIC: Limited Companies - how long must business records be kept?
Peasie


Expert

Status: Offline
Posts: 1707
Date:
Limited Companies - how long must business records be kept?
Permalink  

For many years I thought it was seven years (this is what my grandfather told me). Then I'm sure I read with VAT it was six years. PAYE says the P11s must be kept for at least three years (or longer if asked to).

It was asked on another forum but hasn't been answered yet.

I'm sure I even once read a bizarre reply of "six years plus one year" .

Not a problem for me personally as I keep everything....I even ask for receipts in shops on the rare occasion I pay cash for things (personal shopping).  I have bank and credit card statements going back to 1987 when I first got an account at a bank.
Just curious how long the family business ( a Ltd Co) needs to keep its records for. It does still have a ledger from 1899.......most of the other stuff has since been thrown out.

Anyone know?

__________________

Never buy black socks from a normal shop. They shaft you every time.

http://www.smbps.co.uk/
Shamus


Forum Moderator & Expert

Status: Offline
Posts: 11981
Date:
Permalink  

Hi Peasie,

General rule is six years plus the current year (so six plus one).

However, if HMRC find that there is a perceived fraud rather than a genuine mistake they are entitled to go back to the start of the company if they see fit.

With the companies statutory books former members cannot be removed from the books for 20 years (which ties in with the Companies house statement of no company name change within last twenty years) which would tend to suggest that although financial records need only be kept for six plus one years the statutory records need to be kept considerably longer.

Like yourself I keep all of my companies records so can trace every transaction right back to 1990 when I formed it. I also have every personal bank statement back to 1979.

Shaun.



__________________

Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Peasie


Expert

Status: Offline
Posts: 1707
Date:
Permalink  

Shamus wrote:

General rule is six years plus the current year (so six plus one).


Shaun.

Amazing how one properly worded sentence can clear up ALL confusion. Thanks.

 



__________________

Never buy black socks from a normal shop. They shaft you every time.

http://www.smbps.co.uk/
RobH


Expert

Status: Offline
Posts: 1963
Date:
Permalink  

The main reason for HMRC being allowed to go back upto 20 years is that of 'discovery' and since you are likely to be found guilty until you prove yourself innocent, it would be best to keep hold of everything if possible.

__________________
Rob
www.accounts-solutions.com
Page 1 of 1  sorted by
 
Quick Reply

Please log in to post quick replies.
The Book-keepers Forum (UK) -> General Book-keeping & Accounting -> Limited Companies - how long must business records be kept?
Tweet this page Post to Digg Post to Del.icio.us
Members Login
Username 
 
Password 
    Remember Me  
©2007-2024 The Book-keepers Forum (BKF). All Rights Reserved. The Book-keepers Forum (BKF) is a trading division of Bookcert Ltd. Registered in England Company Number 05782923. 2 Laurel House, 1 Station Rd, Worle, Weston-super-Mare, North Somerset, BS22 6AR, United Kingdom. The Book-keepers Forum and BKF are trademarks of Bookcert Ltd. This forum is a discussion forum only. There will usually be more than one opinion to any question and any posting should not be viewed as a definitive solution. No responsibility for loss occasioned to any person acting or refraining from action as a result of any posting on this site is accepted by the contributors or The Book-keepers Forum. In all cases, appropriate professional advice should be sought before making a decision. We reserve the right to remove any postings which are offensive, libellous, self-promoting or engaged in covert marketing. We will not notify users of removals. The views expressed in the forum posts are those of the individual and do not necessary reflect or agree with those of The Book-keepers Forum. Any offensive or unsuitable posts will be removed by the moderators. Any reader of this forum can request for a post to be looked into by sending an email to: bookcertltd@gmail.com.

Privacy & Cookie Policy  About