How Long Do We Keep Business Records?

Taramitz

We are due to sell our business soon and would like to know how long we are supposed to keep all our business records for. We have been in business for the last 12 years and do not intend to go into business again. We have an accountant who will, of course, tie everything up for us when we sell.

Savvy_Sue

Taramitz wrote:

We are due to sell our business soon and would like to know how long we are supposed to keep all our business records for. We have been in business for the last 12 years and do not intend to go into business again. We have an accountant who will, of course, tie everything up for us when we sell.

I think it's seven years, apart from your employer's liability insurance which is a lot longer, pretty much forever and a day ...

But you might do better to ask on the Small Biz & Charities board.

wazza

your accountant should tell you the informationm you need. i believe its 6 years

Fran

Taramitz,

I have moved this to the "Small biz...." thread.

vansboy

The 6 year rule is correct, BUT....

Should our friends at the Inland Revenue, decide you're worthy of an Investigation, into your financial affairs, they COPULD choose to go back to the day you popped out of your mummy's, tummy!!
& that ain't fun!!

So depending on how much spare storage space you have, maybe worth keeping, at least, bank statments/building socity info & records of any BIG transactions, you've done.

VB

edda

Savvy_Sue wrote:

I think it's seven years, apart from your employer's liability insurance which is a lot longer, pretty much forever and a day ...

But you might do better to ask on the Small Biz & Charities board.

40 years for liability insurance - so don't forget to bequeath it to someone responsible :rolleyes: