If the company is maintaining books at an office other than the registered office, it has to intimate the same to RoC. The company can maintain the accounts electronically also. Books should be maintained for a period of 8 years from the end of the relevant financial year. Books and records should be maintained for 6 years from the last date of filing of the annual return 31st December for that year. Government Registrations Get various licenses easy and quick.
Buy now. Get Expert Assistance Thank You for sharing your details. Our experts will get in touch with you shortly. In some situations, businesses keep both a hard copy and a digital copy of certain documents. There are also some instances where you will have to retain a hard copy of a document such as a contract. Paper-based document management is not reliable because it is easier to have these documents stolen by identity thieves or misfiled. Most government departments accept electronic copies of business records but in order to comply, the digital copies have to be a clear copy of the original document.
If you have any questions, you can always speak to a CPA. If your business is not Incorporated such as a sole proprietorship or a partnership, you will still need to keep your financial documents on hand for six to seven years in most countries. But, if your business is incorporated, you only need to keep the records for two years from the time you shut down your business depending on local laws and regulations. The right software can make all of the difference.
Enter your email below to begin the process of setting up a meeting with one of our product specialists. What is Accounts Payable? Accounts Payable Records Requirements in the United Kingdom Businesses operating in the United Kingdom must keep certain financial records for a recommended minimum of 6 years. Accounts Payable Records Requirements in Australia For Australian businesses, the length of time required to retain the documents varies depending on the organization or government department.
Maintaining Proper Financial Records Keeping paper-based records this long takes a lot of time, effort, and office space. Download PDF. Read Blog Post. Running a limited company. Company and accounting records You must keep: records about the company itself financial and accounting records You can hire a professional for example, an accountant to help with your tax.
Print entire guide. Related content Accounts and tax returns for private limited companies File your confirmation statement annual return with Companies House File your accounts and Company Tax Return Get help and support for your business Get help with tax Avoid and report anti-competitive activity. Brexit Check what you need to do. Explore the topic Running a limited company Running a company Corporation Tax.
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