Financial and accounting records Every company and LLP must keep accurate financial and accounting records, regardless of whether the business is actively trading or dormant. These records should include, where applicable: Record of all sales and income: Cash receipts Till rolls Sales invoices Bank statements Pay-in slips Accounts books Record of all purchases and expenses: Cash purchases Receipts Purchase invoices Bank and credit card statements Chequebook stubs Motoring expenses and mileage records Accounting records Details of all payments made to subcontractors for work carried out and materials they have purchased - for example, subcontractor invoices Record of assets and liabilities Statements of stock held by the business at the end of each financial year Statements of stock takings from which the statements of stock have been taken or prepared Statements of goods and services bought and sold, other than by ordinary retail trade.
This should include a list of the goods, buyers and sellers Copies of past annual accounts, Company Tax Returns and Self-Assessment tax returns VAT records: Copies of all invoices issued Originals of all invoices received Self-billing agreements - invoices prepared by customers Name, address and VAT number of any self-billing suppliers Debit or credit notes Import and export records delivery notes, for example Items that VAT cannot be reclaimed on - business entertainment costs, for example Records of any goods given away or taken from stock for private use Records of all zero-rated, reduced or VAT exempt items bought or sold A VAT account - separate record to the VAT your business charges and pays on purchases.
Private companies and LLPs must keep accounting records for a minimum of 3 years from the dates they are produced. PAYE records must be kept for a minimum of 3 years from the end of the tax year to which they relate.
VAT records must be kept for a minimum of 6 years. They can be kept on paper, in electronic form, or as part of a software programme. Records for completing personal tax returns Self-Assessment need to be kept for at least 5 years after the 31st January submission deadline of the relevant tax year.
How to keep records The law does not state how you must keep the majority of business and accounting records, but you will have to keep some original documents that show that tax has been deducted, for example: form P60 End of Year Certificates for PAYE.
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If your company is financially distressed, we also offer the below services:. Contact our team. Additionally, you must also confirm the location of your records when you file an annual confirmation statement.
All minutes of meetings board meetings and general meetings should be stored and kept at Companies House. And since minutes outline all matters and issues discussed in meetings, the importance of keeping these minutes cannot be disputed as they may act as evidence for any potential disputes.
Companies have to make their statutory records available to be inspected each working day. For all other instances, a working day notice period is required. When a request is being made for inspection, the following details have to be provided to the company:. Unless the articles of association state otherwise, shareholders are not entitled to inspect board meeting minutes.
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You can change your cookie settings at any time. You must keep your records for at least 5 years after the 31 January submission deadline of the relevant tax year.
Example If you sent your to tax return online by 31 January , you must keep your records until at least the end of January If you cannot replace your records, you must do your best to provide figures. There are other ways to work for yourself. Check if you should set up as one of the following instead:. You can register a trade mark if you want to stop people from trading under your business name.
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