Keeping Business Records

3rd March 2000

The length of time that business and tax related records should be kept depends upon which legislation they relate to. A brief simplified summary follows:

Records      Time Limits 
Company Statutory Registers Indefinitely
Company Board and General Meeting Minutes At least 10 years
Employer’s Liability Insurance Certificates 40 Years
Details of Past Shareholders 20 Years
Sealed Contracts 12 Years
Corporation Tax Records 6 Years
Value Added Tax Records 6 Years
Income Tax Records 6 Years
Contract Law, generally 6 Years
Public Company Accounting Records 6 Years
Private Company Accounting Records 3 Years
Pay As You Earn Records 3 Years
Sub-contractor Tax Certificates 3 Years
Wages Tax Credits 3 Years
National Minimum Wage Records 3 Years
Student Loan Repayment Records (through Payroll) 3 Years
 

Detailed Retentions:



 
Other items in Business Support
 
Jodie Tarbin
24th November 2017 Autumn Budget – Property taxes

SDLT for First time buyers – The government has introduced a new relief from SDLT for first-time buyers (in England, Wales and Northern Ireland) for all transactions with an effective date on or after 22 November 2017. The relief works as follows: £300,000 or less: no SDLT payable £300,001 and £500,000: no SDLT on the…

Read More »

Scott Bishop
14th November 2017 New to business? Beware of payments on account!

  When setting up in business you will be fully aware that you will have tax to pay on your profits, and you will ideally be putting money aside to cover this. What you might not be aware of is that you may have to pay two years’ worth of tax in just six months.…

Read More »

Vanessa Pearson
10th November 2017 Changes to Large Company Research & Development relief

  The Research and Development Expenditure Credit (RDEC) has now replaced the large company R&D scheme. This credit is mandatory for accounting periods ended 31 March 2017, and we are now seeing the implications of claiming the new relief. The credit applies to large companies, and SME’s who claim under the large company scheme, for…

Read More »

Catherine Hubbard
10th November 2017 Reminder for all companies ahead of MTD

  The MTD machine is moving along and the starting date of April 2019 draws ever closer and closer.  We have been working with our clients to ensure that those VAT registered (in particular) with a turnover over the VAT threshold are implementing any changes required sooner rather than later so that any teething problems can…

Read More »

Richard Carr
27th October 2017 Active Farmers Accountant Certificates: Recent announcement

  We have recently become aware of an announcement in October 2017 by the Rural Payments Agency regarding Active Farmers Accountant Certificates. This concerns farmers who are in receipt of payments from the Basic Payment Scheme (BPS) 2017 and follows a European Union audit requiring the Rural Payments Agency to check the active farmer status…

Read More »

Barbara Nicholas
19th September 2017 HMRC advice on phishing emails and bogus contact

  I have blogged on this subject before. Unfortunately, this type of fraud is on the increase.   HMRC have published an up-dated warning with examples of bogus emails, text messages, and social media scams purporting to be from HMRC.  They also mention again bogus callers leaving messages about the need to make immediate tax…

Read More »