Jul 16

My accounts are filed, do I really need to keep my records?

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My accounts are filed, do I really need to keep my records?

In short, yes!

Why?

HMRC are able to carry out their investigation’s years after your submissions. If they are to investigate the amount owed, they will need your records!
You can receive a fine for failure to comply with keeping your records for the required amount of time, so it is important you get this right!

How?

Year’s worth of records may seem a lot and could take up a significant amount of space! However, whilst you can keep paper records, generally speaking digital copies will suffice.
The time you should keep your accounting records for varies dependent upon your business type and the type of records they are. For a quick guide please see below.

Record type Length of time to keep records
Personal tax 5 years after the 31st January deadline
Accounts – Sole trader 5 years after the 31st January deadline
Accounts – Limited Company 6 years after company year end
Corporation tax 6 years after company year end
VAT 6 years after company year end they relate to
Payroll 3 years after the 5th April tax year they relate to

For more information, or for your free consultation please give the office a call on 01244 31 6649 or email enquiries@atkinsonaccounts.co.uk.