How long to keep company records?

[tinman0]

How many years are you required to keep company records? Year end is October/November, so what can I dispose of?

[Eric Mc]

I assume you are referring to a limited company?

On the assumption that your year end is 31 October, you need to keep records for up to six years after the filing date for submission of the accounts to HMRC. For the year ended 31 October 2008, the filing date would be 31 October 2009. Six years after that would be 31 October 2015.

Don't forget, that the first record of your accounting year ended 31 October 2008 might be dated 1 November 2007. Therefore, that particuloar item of paperwork might need to be retained right up to 31 Ocrober 2015 - eight years.

Some basic records I would keep forever, e.g. final accounts, bank statements, finnacial reports etc. Invoices, receipts and vouchers I would start disposing of after the retention date has passed.

The Revenue now allow records to be retained in electronic format but the records must still be recoverable and readable within the statutory record retention period. So, if you change computers or computer systems you must ensure that the data is transferred and converted correctly at the time of change.

Edited by Eric Mc on Saturday 4th October 10:29

[tinman0]

So anything dated ealier than Oct02 can be binned?

Planning on keeping final accounts and bank statements. Its just the old master copies and purchase invoices that I want to start getting shot of.

[Eric Mc]

I don't know your financial year end for sure so would be reluctant to advise any further.

Have you checked with your accountant?

[tinman0]

Eric Mc said:

I don't know your financial year end for sure so would be reluctant to advise any further.

Have you checked with your accountant?

I'll do that next week. Just looking for something to do this weekend to be honest.

[Eric Mc]

Hold off doing any paperwork destroying until you have cleared it with him/her.