Keeping company records

[mutt k]

Aside from the timescales that are set out for keeping tax and accounting information, shareholder registers, board minutes etc, does anyone know if there are any requirements in relation to keeping general company day to day records, correspondence etc?

I have had a google but can't see anything other than the statutory requirements

[Don]

As I understand it you need to keep pretty much everything for about seven years. (Lawyers - please correct me!).

We are (ten years in) just beginning to cycle our old records into the skip.

Fascinating throwing ten year old accounts away if you have a brief look over them on their way to the bin. Amazing memories...

[2 Smokin Barrels]

You're supposed to keep certain insurance certificates for forty years!!

[mutt k]

2 Smokin Barrels said:

You're supposed to keep certain insurance certificates for forty years!!

I know. I've seen that. The way liability claims are going, I'm surprised it hasn't been made longer.

I'm really after an answer if there is one on general correspondence with clients, suppliers etc

[2 Smokin Barrels]

Other than statutory docs it's a matter of common sense, and how often (if ever) you think you may have to refer to em. If you're not sure, and want to be belt & braces you can have em scanned to disc.

[Davel]

The problem with getting rid of stuff is that a week or so after you've thrown them out - you suddenly need to refer to something that you no longer have.

Thing is that you almost need a warehouse to keep all the stuff that you'd like to.

[Eric Mc]

There are a number of regulations under which records should be retained. The obvious ones are to do with tax and Companies Act requirements.

Tax normally requires you to keep accounting information for up to six years after the end of the accounting period to which they relate. That means a company with a year ended 31 March 2004 need to retain ALL the underlying recipts, invoices, statements, summaries, schedules, computer records etc etc etc up until at least 31 March 2010. After that date you vcan start ditching the underlying paperwork but I would NEVER throw out the actual formal accounts.

I do not think that there are any set time limits for the retention of the stutory records as set out under Company Law. I would hazard a guess that the best policy is not to throw these out, ever. To be honest, the statutory books don't tend to take up a lot of space (compared to accounting records) so it is no big deal retaining them. Nowadays, you could always scan such info into your computer and dispose of the original paper records if you wanted .

[Ding]

As said isn't it interesting to re read some old documents.
I have recently sorted our archives out and the first two years of business (payroll/invoices/accounts payable/expenses) all fit in one archive box!
I now fill one box with one months of each item sometimes more!
Thank goodness we have good dry cellars for all those boxes!!!

Suppose it shows how successful we have been at what we do!

Elizabeth

[5MUGHubby]

Maybe I can help out in some way.............

Andrew
www.miltonarchive.co.uk

[mutt k]

5MUGHubby said:

Maybe I can help out in some way............. Andrew www.miltonarchive.co.uk

Thanks for the offer, but lack of storage space is not the root of the question!