Year End Accounts - What should I retain?

[Geekman]

I just finished my first year of limited company. Annual tax return has been filed. I have paid the tax. After all this what I currently have in my hand is my annual financial statement with P&L, Balance Sheet etc in both the formats - Softcopy and hardcopy signed by my accountant.

My question is having this financial statement with me is all I need to have? For example - for any official purposes such as Mortgage, Visas etc is this enough? Or am I supposed to have anything fancier? (Because the hardcopy of the financial statement signed by my account has no stamp etc on it, it's just a signature in black ink at the bottom which to be honest looks more like a scribble so the document looks more like a printout). Please advise.

[Kenny@MyAccountantFriend]

Will depend on what you require the documents for.

A lot of mortgages will require accountanys certificates, although not all will.

Also for VISAS it will depend on the VISA being requested but you may need a letter from the accountant along with signed dividend declarations and payslips.

You should keep all your receipts and invoices to support the accounts that have been completed for at least 6 years.

[northernladuk]

You are missing one very important point. One you need to get your head around properly...

That is the documentation FOR YOUR LTD! Most things you need to explain your finances will need your PERSONAL finances.

There could be some cross over if you are going for a special contractor mortgage but generally not. Just make sure you understand the difference between your LTD company finances and your personal finances. Completely different things.

[Geekman]

Also for VISAS it will depend on the VISA being requested but you may need a letter from the accountant

What should be the content of the letter?

[Kenny@MyAccountantFriend]

Will depend on the type of VISA required and the amount of information requested.

It's not something that can be prepared in advance as they will require up to date information on income.

[Geekman]

You are missing one very important point. One you need to get your head around properly...

That is the documentation FOR YOUR LTD! Most things you need to explain your finances will need your PERSONAL finances.

There could be some cross over if you are going for a special contractor mortgage but generally not. Just make sure you understand the difference between your LTD company finances and your personal finances. Completely different things.

Yes, totally understand and agree.
1) So in terms of finances of my LTD company (year end accounts) what do I need to have in general? Do we have a format/template of the letter/document from accountant?
2) Is there anything that HMRC gives as a year end account?

[Geekman]

Will depend on the type of VISA required and the amount of information requested.

It's not something that can be prepared in advance as they will require up to date information on income.

thanks. I have changed my accountant after end of yr 1 so a bit complicated working with 2 accountants. Do such letter generally need information for all previous years or just current/running year?

[Kenny@MyAccountantFriend]

The letter will generally be required to cover the period from the company year end date to the date of the VISA application.

Although this is not always the case, your solicitor at the time will confirm what you will require.

[TheFaQQer]

HMRC can look into your accounts for 6 years, so you should keep everything (in some form) for that entire time, maybe even longer.

[TheCyclingProgrammer]

Remember almost everything can be kept in electronic format - you don't need the originals - so scan, archive, shred, forget about it.

There's a list of the few things that you do need in original format somewhere on here if you search - dividend vouchers is one of them - but this can be electronic too if that was the format it was originally received in (e.g. if you have online bookkeeping software that creates PDF vouchers and you have signed them electronically).