how long do i need to keep business records uk?
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The General Rule Most lawyers, accountants and bookkeeping services recommend keeping original documents for at least seven years. As a rule of thumb, seven years is sufficient time for defending tax audits, lawsuits and potential claims.
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Well, here's the answer, straight from the source. According to the Canada Revenue Agency, “if you file your return on time, keep your business tax records for a minimum of six years after the end of the taxation year to which they relate.”
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The eight small business record keeping rules Always keep receipts, bank statements, invoices, payroll records, and any other documentary evidence that supports an item of income, deduction, or credit shown on your tax return. Most supporting documents need to be kept for at least three years.
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It is recommended that members should keep records and working papers for at least seven years from the end of the tax year, or accounting period, to which they relate or such longer period as the rules of self-assessment may require, which reflects the Statute of Limitations.
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Whether you operate a business with employees or are self-employed, the Internal Revenue Service advices that all records of employment taxes be kept for at least four years after the filing of the fourth quarter of the last year. Other tax records, such as retirement plan documents, must be kept longer.
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Generally, you must keep all required records and supporting documents for a period of six years from the end of the last tax year they relate to. The tax year: is the fiscal period for corporations.
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According to the Canada Revenue Agency, “if you file your return on time, keep your business tax records for a minimum of six years after the end of the taxation year to which they relate.”
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Keeping of records. Section 24 of the Canada Labour Standards Regulations identifies the required records to be kept on file for inspection by an Inspector under the Canada Labour Code . Employers must keep payroll and other employment records for at least 36 months.
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For tax purposes, you need to keep your business income tax returns and other business records. If you are filing Canada Revenue Agency (CRA) taxes you need to retain records for six years.
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The Fair Work Ombudsman (FWO) requires you to keep employee records for seven years. Requires you to keep records for five years after the records are created. For example - a document used in the 2016 financial year must be kept until the end of the 2021 financial year.
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keep accounting records - these records (eg cash books, invoices, receipts, Gift Aid records etc) must be retained for at least 6 years (or at least 3 years in the case of charitable companies); where Gift Aid payments are received records will need to be maintained for 6 years with details of any substantial donors ...
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HMRC and funder requirements in relation to the time period for retaining records are fully supported by FMS. HMRC require, in general, that records be kept for a minimum of six years. Funder contracts may specify different specific retention periods.
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Keep employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.
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The General Rule Most lawyers, accountants and bookkeeping services recommend keeping original documents for at least seven years.
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In the UK you're required to keep payroll records for three years. This is to make sure your employees' rights are protected. HMRC can investigate your payroll records.
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Rule 28(4) of the Rules requires you to retain copies of all receipts issued to clients for a period of at least seven years. As these are no longer part of the transferred records, this would be seven years from the date of signing by the client or the date of the receipt.
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Depending on the item for which the record pertains, the IRS recommends keeping the records for 2 - 7 years. You can find a more complete table here. The IRS also requires corporations to keep tax documents for anything claimed as depreciation.