I run a two partner business and know that I have to keep the accounting
records for five/six years
How long do I need to keep other paperwork for and what paperwork do I need
to keep apart from accounting papers. What about customer files and such. I
have tried searching on Google, etc but suspect someone on this NG will know
the answer?
Any web links would be useful on this.
Thanks
Ken
Ken wrote:
> I run a two partner business and know that I have to keep the accounting
> records for five/six years
>
> How long do I need to keep other paperwork for and what paperwork do I need
> to keep apart from accounting papers. What about customer files and such. I
> have tried searching on Google, etc but suspect someone on this NG will know
> the answer?
6 years for your accounting records. Property and other Capital, IHT,
Sales, Purchases and related expenditure...
Keep for ever but with a flood/fire/amnesia option as required.
Everything else: use common sense.
In message of Sat, 15 Jul 2006, Troy Steadman writes
>Ken wrote:
>> I run a two partner business and know that I have to keep the accounting
>> records for five/six years
>>
>> How long do I need to keep other paperwork for and what paperwork do I need
>> to keep apart from accounting papers. What about customer files and such. I
>> have tried searching on Google, etc but suspect someone on this NG will know
>> the answer?
>
>6 years for your accounting records. Property and other Capital, IHT,
>Sales, Purchases and related expenditure...
>
6 years from when - you do not say!!!
If the year end is 30th April it's a lot longer than 6 years.
It is actually (for tax purposes) 5 years from the filing date of the
relevant tax Return. So for example, records for the year ended 30th
April 2005, which falls into the 2005/06 Tax year need to be kept until
31st January 2012 being 5 years after the filing date for the 2005/06
Return (31st January 2007). The same date would apply for records for
an accounting date of 31st March 2006, being in the same tax year.
DF
On Sat, 15 Jul 2006 20:48:49 +0100, David Floyd <>
wrote:
>In message of Sat, 15 Jul 2006, Troy Steadman writes
>>Ken wrote:
>>> I run a two partner business and know that I have to keep the accounting
>>> records for five/six years
>>>
>>> How long do I need to keep other paperwork for and what paperwork do I need
>>> to keep apart from accounting papers. What about customer files and such. I
>>> have tried searching on Google, etc but suspect someone on this NG will know
>>> the answer?
>>
>>6 years for your accounting records. Property and other Capital, IHT,
>>Sales, Purchases and related expenditure...
>>
>
>6 years from when - you do not say!!!
>
>If the year end is 30th April it's a lot longer than 6 years.
>
>It is actually (for tax purposes) 5 years from the filing date of the
>relevant tax Return. So for example, records for the year ended 30th
>April 2005, which falls into the 2005/06 Tax year need to be kept until
>31st January 2012 being 5 years after the filing date for the 2005/06
>Return (31st January 2007). The same date would apply for records for
>an accounting date of 31st March 2006, being in the same tax year.
>
I'd just add that some insurance records, are now required to be kept
for 50 years, Viz. the compulsory Employer's Liability.
DG
Derek ^ wrote:
> On Sat, 15 Jul 2006 20:48:49 +0100, David Floyd <>
> wrote:
>
>> In message of Sat, 15 Jul 2006, Troy Steadman writes
>>> Ken wrote:
>>>> I run a two partner business and know that I have to keep the accounting
>>>> records for five/six years
>>>>
>>>> How long do I need to keep other paperwork for and what paperwork do I need
>>>> to keep apart from accounting papers. What about customer files and such. I
>>>> have tried searching on Google, etc but suspect someone on this NG will know
>>>> the answer?
>>> 6 years for your accounting records. Property and other Capital, IHT,
>>> Sales, Purchases and related expenditure...
>>>
>> 6 years from when - you do not say!!!
>>
>> If the year end is 30th April it's a lot longer than 6 years.
>>
>> It is actually (for tax purposes) 5 years from the filing date of the
>> relevant tax Return. So for example, records for the year ended 30th
>> April 2005, which falls into the 2005/06 Tax year need to be kept until
>> 31st January 2012 being 5 years after the filing date for the 2005/06
>> Return (31st January 2007). The same date would apply for records for
>> an accounting date of 31st March 2006, being in the same tax year.
>>
>
> I'd just add that some insurance records, are now required to be kept
> for 50 years, Viz. the compulsory Employer's Liability.
>
> DG
Shit, I've just thrown out all my old copies of VIZ.
If I buy the christmas compliation will I be ok?
"Derek ^" wrote
> I'd just add that some insurance records, are now required to
> be kept for 50 years, Viz. the compulsory Employer's Liability.
When did it go up from 40 years?
On Tue, 18 Jul 2006 16:53:02 +0100, "Tim" <> wrote:
>"Derek ^" wrote
>> I'd just add that some insurance records, are now required to
>> be kept for 50 years, Viz. the compulsory Employer's Liability.
>
>When did it go up from 40 years?
>
Dunno, it's what the broker told me at the last renewal. He appeared
to imply it was something new. Not the case ?
I'm 59 now anyway ;-)
DG