When running a limited company you need to keep books and records of your business. There are strict record-keeping, accounting and reporting requirements for HMRC and Companies House. Failing to keep accurate and complete records can lead to penalty charges being implemented or disqualification as a company director.
You must keep details of:
Register of people with significant control (PSC register)
(see quick guide: http://www.ouryclark.com/site-assets/pdf/quick-guides/general/OC-Quick-Guide-PSC-Register.pdf)
Your register must include details of anyone who has:
A return is still required if there are no people with significant control
You must keep details of:
Financial records must be kept in order to prepare annual accounts and Company Tax Returns including bank statements, receipts, petty cash books, orders and delivery notes. Invoices, contracts, sales books and till rolls should also be kept.
Companies registered as employers must also keep PAYE records to complete annual PAYE returns, calculate PAYE and NIC’s and show employees are receiving all statutory pay to which they are entitled.
Records must be kept for 6 years from the end of the financial year they relate to or longer if:
Companies House will assume all records are held at a company’s registered office address unless otherwise notified.
We would recommend that key contracts and documents are retained beyond statutory limits.
ACC21
Disclaimer: This note does not contain a full statement of the law and it does not constitute legal advice. Please contact us if you have any questions about the information set out above.
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