Feedback Form
Home Features Mastermind Forums About Advertise Blog Network Contact Be An Author

How Long Do You Need To Keep Your Business Records?

How Long Do You Need To Keep Your Business Records?
Free Download - Nothing Has Changed With These Adverts! By Ray Stewart
Name: Email:

This question comes up a lot here at the office. I am asked at least 3 times a week as there seems to be lots of confusion out there in the “real world” amongst business people.

The answer is it depends…

If you just complete a Self Assessment Return each year as a consequence of having a company car or other employment benefits, then you should keep your paperwork relating to your claims and expenses for 2 years. The reason for this is that HMRC have a full year after the filing deadline to open an enquiry into your affairs. So for the tax year just ended on 5th April 2008, you need to keep this paperwork until at least April 2010.

However, if you are a business owner, the records need to be kept for at least 6 years but preferably longer. If your accounts year end is 30th June for example, your 2008 Self Assessment will include your accounts information for the year ended 30th June 2007. So paperwork for that year runs from the 1st July 2006 onwards. You should realistically therefore keep those records until at least April 2015.

I personally recommend people keep as many years as possible because you just never know when they may be useful. I know we are told from all quarters that Identity Fraud is rife and can only be prevented by shredding everything the minute you receive it, but a lack of important records during a full tax Investigation can make defence against HMRC proposed additions very difficult indeed.

If you are thinking of disposing of business records, I would strongly recommend you take advantage of micro-fiche techniques as much as possible, or keeping endless backups of your paperless office (as I do) so that all possible information is stored in a way you can get to it. Then you can shred with confidence knowing you can still answer probing questions easily. Most modern micro-fiche services and paperless office systems allow searching of documents so tracking things down is simplicity itself.

I hope this clears up a little confusion about business records but please do not hesitate to contact me if you have any questions, or would like any more information.





How Long Do You Need To Keep Your Business Records - To learn more about this author, visit Ray Stewart's Website.

Like this article? Share it with your friends

Article Tags:
Recent Search: for how many years do we need to keep documents

Article Feedback
 Article Feedback No article feedback found.
  Leave Your Feedback
article feedback

Article Feedback
Michiel Jonker
As a Certified Information Systems Auditor, Michiel assists businesses in a professional capacity by evaluating the threats to their businesses. He acquired the necessary knowledge, skills, and techniques to minimize a business owner’s risk of business failure and to maximize his chances of high growth and success. He strongly believes that you CAN maximize your chances of business success, by implementing the business solution he has advocated for more than 12 years in your business plan and planning. Michiel has decided to share his experience with business owners by putting almost everything he knows in a business plan and survival guide (compiled in an e-book format) and written as a high growth SMB coaching course for SMB business owners, directors and managers - titled as the “Survival Kit for Small and Medium Businesses - Profit from your Business Risks!” According to Michiel, his goal was to add new techniques to a business owner’s business planning survival kit and instruct him or her in using these in the future - without any help from a consultant! For more information about the benefits of implementing profit protection planning in your business, please visit: http://www.business-around-the-globe.com - Visit Michiel Jonker's Website

David Barr
David Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website

Anne Barr
Anne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website

Casey Gollan
Casey Gollan, Business Coaching & Mentoring Programs. Add $1 Million to $10 Million in the next 1 to 3 years. Since 1996 Casey has to added hundreds of millions of dollars to businesses. Watch a free video see client results Business Coaching website. - Visit Casey Gollan's Website

Kim Castle
With nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website

Jeff Foster
WebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas.  We specialize in internet consulting & internet marketing
- Visit Jeff Foster's Website

David Acheson
David Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns.  David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website

Leanne Hoagland-Smith
Are your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website


To learn more about the Evan Elite Author Program please contact us.

for how many years do we need to keep documents About The Author
for how many years do we need to keep documents

Ray Stewart
(Visit Ray's Website)
Ray Stewart is the MD of Coalville Business Services Limited. He writes articles and reports about bookkeeping and business growth strategies, the two areas of business he is most passionate about. His bookkeeping business website is at http://expertbookkeeping.info and is a free resource for people looking for simple answers to bookkeeping questions and a chance to speak to him for free if you can't find the answer you are looking for. You can also visit his private blog at http://raystewart.biz and subscribe to the RSS feed there to keep right up to date.


for how many years do we need to keep documents Ray Stewart is a Gold author on EvanCarmichael.com
for how many years do we need to keep documents About The Author

for how many years do we need to keep documents Author Blog
for how many years do we need to keep documents Author Blog

for how many years do we need to keep documents Video
for how many years do we need to keep documents Video

for how many years do we need to keep documents Free Downloads


Ray Stewart's

Complete
List Of
Accounting
Articles

Name
Email
If you enjoyed this article, get Ray Stewart's Complete List of Accounting Articles For FREE!

More Ray Stewart
What Bookkeeping Software Package Should You Use
Have You Tried Being A Customer Of Your Business Lately
10 Common Bookkeeping Misconceptions That Your Accountant Doesnt Want You To Know The Truth ABout
Does a recession signal the end of your business
What Sort Of Business Uses A Bookkeeping Bureau
Free Yourself From Drudgery And Add 000s To Your Profits At The Same Time
Is Your Business Still Heading Towards The Goals You Set At The Start
Self AssessmentDo You Really Need An Accountant To Deal With This
Nothing Has Changed With These Adverts
Recession What Recession
for how many years do we need to keep documents Free Downloads


 
 
 


Evan Elite Authors
Jay Kubassek  
George Ludwig  
Anne Barr  
Evan Elite Authors

Become An Author
Have you written articles that would be of value to entrepreneurs? Become an expert on our site by publishing them! Expose yourself to a wide audience, drive more traffic to your website and get more sales! Click Here for details.
Become An Author

Evan's Latest Video
Modeling the Masters: Learn the true secrets behind Walt Disney's business success factors & grow your company! Video produced by Phanta Media
Evan's Latest Video




Evan's Newsletter
Get advice & tips from famous business owners, new articles by entrepreneur experts, my latest website updates, & special sneak peaks at what's to come!
Name:
Email:
Evan`s Newsletter

Free Downloads
Why New Businesses Fail Icon Why New Businesses Fail
Get a Top 20 Ranking Icon Get a Top 20 Ranking
Innovative Thinking Icon Innovative Thinking
Quadruple Your Business Icon Quadruple Your Business
Making Life Work Icon Making Life Work
Free Downloads - Complete List

Entrepreneur Tools and Guides
Top 50 Social Media Blogs
Top 50 Social Media Blogs
Top 50 Social Media Blogs
 
Top 50 Productivity Blogs To Watch In 2008
Top 50 Productivity Blogs
Top Blogs To Watch In 2008
 
Entrepreneur Tools and Guides

SEO For Africa
SEO For Africa
Solomon Udegbe Benin City, Nigeria,
Solomon Udegbe
Benin City, Nigeria
SEO For Africa

If I Were A Startup...
Robert Iachetta, $372k to $921k in 2 years
Robert Iachetta
$372k to $921k in 2 years
Adam and Matthew Toren , $200k to $3.4 Mil in 3 Years
Adam and Matthew Toren
$200k to $3.4 Mil in 3 Years
If I Were A Startup... - Complete List

Famous Entrepreneurs
Oprah Winfrey, Harpo
Robert Johnson, B.E.T.
Famous Entrepreneurs

Entrepreneur Advice
Jack Canfield, Chicken Soup
Jack Canfield
Chicken Soup
Keith Ferrazzi, Never Eat Alone
Keith Ferrazzi
Never Eat Alone
Entrepreneur Advice - Complete List

Popular Articles
(Premium Authors)

     Management Courses Morph into Leadership Development
By Sylvia Lafair
     Think “Systems” to Handle Conflict
By Sylvia Lafair
     ”3 Things Leaders Must Do When Stress Hits the Hot Button”
By Sylvia Lafair

Have A Suggestion?

Toronto Salsa Classes / Toronto Salsa Lessons Email us your ideas on how to make our website more valuable! Thank you Sharon from Toronto Salsa Lessons / Classes for your suggestions to make the newsletter look like the website and profile younger entrepreneurs like Jennifer Lopez and Sean Combs!

Have A Suggestion?

More Evan Carmichael
More Information