How long do you have to keep records after a business closes?
3 yearsDepending on the type of record, you may need to keep it anywhere from 3 years to indefinitely after you’ve closed your business.
Business records such as worker’s compensation records, patents and trademarks, and business licenses should be kept for as long as possible..
What records need to be kept for 7 years?
Accounting Services Records should be retained for a minimum of seven years. Accountants, being a conservative bunch, will often recommend that you keep financial statements, check registers, profit and loss statements, budgets, general ledgers, cash books and audit reports permanently.
Do I need to keep paper records for HMRC?
You must keep your records for at least 5 years after the 31 January submission deadline of the relevant tax year. HM Revenue and Customs ( HMRC ) may check your records to make sure you’re paying the right amount of tax.
What records do I need to keep for a limited company?
Limited companies must keep records about the company and its finance and accounting. You must keep any minutes of board meetings and resolutions, and your company’s registers will need to be held for the time the company is trading. You must keep details of: Directors, shareholders and company secretaries.
What records do I need to keep and for how long?
How long should you keep documents?Store permanently: tax returns, major financial records. … Store 3–7 years: supporting tax documentation. … Store 1 year: regular statements, pay stubs. … Keep for 1 month: utility bills, deposits and withdrawal records. … Safeguard your information. … Guard your financial accounts.More items…