How long should you keep your records for?
If you are running a business or are self-employed, then you’ll know how important it is to safely store all your records – firstly so you can calculate your profit and loss, and secondly to show HM Revenue and Customs if they come calling. All business income and expenses need to be kept and the rules for sole traders, partnerships and limited companies are different – so here’s our handy guide on how long everything needs to be kept for.
Store your records for at least 5 Years following the 31 January Deadline
For those who are self-employed, the general rule is that all records including receipts for money you’ve paid out, bank statements and invoices need to be stored for at least five years following the 31st January submission deadline of the relevant tax year (see our blog on how document storage works for the self-employed).
For limited companies, records that need to be kept include all director and shareholder details, assets owned by the company, debts and loans taken out and repayment details. All documents must be kept for a minimum of six years from the end of the last company financial year. It is also worth noting that if you use a records management company, like The Maltings Document Storage Solutions, you need to inform Companies House that you store the records outside of the company’s registered location.
As well as keeping track of where your documents are, The Maltings Document Storage Solutions also provide a free collection and retrieval service (subject to volume and location), ensuring they can source any documents you need, when you need them and deliver them to your door.
Contact us today on 029 20 79 34 34 or documents@themaltings.co.uk to find out more about how we can help you.
