As a director of a limited company, the law says you must:
You can ask other people to manage some of these things day-to-day. For example, an accountant can manage your accounts for you - but you’re still legally responsible for them.
Your company has extra responsibilities if it employs people or its turnover goes above £77,000.
Company and accounting records
You must keep:
Records about the company
You must keep details of:
You must tell Companies House if you keep the records somewhere other than the company’s registered office address.
You must keep accounting records that include:
You must also keep any other financial records, information and calculations you need to complete your Company Tax Return.
If you don’t keep accounting records, you can be fined £3,000 by HMRC or disqualified as a company director.
How long to keep records
You must normally keep records for at least six years from the end of the last company financial year they relate to.
You may need to keep records longer if:
By David White, Partner, Charterhouse, based in Beaconsfield
16th May 2013
David White is an equity partner in Charterhouse a practising firm of Chartered Accountants based in Beaconsfield and Harrow. David is Charterhouse through and through having been with them for 30 years...