Retaining ltd co paper work after closing it down.

[deeter]

Oh, great. So it's mostly tax and company registration related paperwork after all? I started to worry I should have minutes of 1-person meetings on record, or written proof of the day I took a certain decision...

[northernladuk]

No.

[deeter]

Found this, not sure if it applies to a dissolved company but:



Life of a Company - Part 2 Event Driven Requirements - GP3, includes information on Directors and secretaries, Change of Registered Office address, Change of name, Resolutions

Sorry to necro a thread, but I've got a question or two on this topic. For instance, I opened a business account recently and part of the application was the signature of all directors agreeing to open the account, etc. I'm the sole director. Do I need to ask the bank for a copy of the application in paper form, just in case?


N.B. the model Articles of Association state:

15. Records of decisions to be kept
The directors must ensure that the company keeps a record, in writing, for at least 10 years from the date of the decision recorded, of every unanimous or majority decision taken by the directors.

[xoggoth]

Tax returns sent on time:
you must usually keep your records for a further year after this deadline.
How long must you keep your records? | Business Link

Records relating to pay, tax and NICs
You must keep full and accurate payroll records for each employee for the current and previous three tax years.
HM Revenue & Customs: PAYE record keeping*

Business and accounting records you must keep for Corporation Tax
You must normally retain your company or organisation's business and accounting records for at least six years from the end of your Corporation Tax accounting period
HM Revenue & Customs: Records for Corporation Tax: what you need to keep

Quite how they can get you for mistakes in income Tax/CGT for 4+ Years when they say you can chuck records away after a year are a mystery. Typical joined up thinking. Not.

[BolshieBastard]

I closed my previous company down 18 months ago.

HMRC agreed to it being struck off so I've had all the papers shredded. HMRC can ******* swivel now, they had their chance to go over the papers before they agreed to strike the company out.

[xoggoth]

Cos Hse requirements probably irrelavent for one man contractor company. No other "members" anyway. What is probably most relevant is this

HM Revenue & Customs: FAQ: New Compliance Checks

The new assessing time limits will be:
Tax Ordinary time limit Careless behaviour Deliberate behaviour
VAT 4 Years 4 Years 20 Years
Income Tax/CGT 4 Years 6 Years 20 Years
Corporation Tax 4 Years 6 Years 20 Years

[Clippy]

6 years springs to mind but not sure if that is for personal or business. It is what I work on so hope it isn't any longer!!

Everything over 4 years I just bung through a scanner and put the folder in the loft.

I can't remember the exact length of years either but do remember that the longest length of time was 7yrs which I think was for VAT records so use that as a minimum for all record keeping.

[xoggoth]

This year I actually got round to chucking out most of the old computer stuff in my attic dating to 1992. 386sx computers etc. Still got a whole pile of invoices and receipts and stuff up there to same year. Maybe in 3000 years time it will provide a fascinating insight into late 20th century commerce.

[doodab]

Can't you move it to one of the guest bedrooms in the east wing?

Gratz on 5K posts as well!

Oh dear, what a dull topic for #5000. At least it's relevant to contracting though

[northernladuk]

Found this, not sure if it applies to a dissolved company but:



Life of a Company - Part 2 Event Driven Requirements - GP3, includes information on Directors and secretaries, Change of Registered Office address, Change of name, Resolutions

So basically I am going to need a bigger house.

Can't you move it to one of the guest bedrooms in the east wing?

Gratz on 5K posts as well!

[doodab]

Found this, not sure if it applies to a dissolved company but:

8. What records of resolutions and meetings does the company need to keep?

The company must keep minutes of all proceedings at general meetings or decisions made by a sole member. They must also keep copies of all resolutions of members passed other than at general meetings. They must keep these records for 10 years and make them available for inspection by members on request.

Life of a Company - Part 2 Event Driven Requirements - GP3, includes information on Directors and secretaries, Change of Registered Office address, Change of name, Resolutions

So basically I am going to need a bigger house.

[northernladuk]

6 years springs to mind but not sure if that is for personal or business. It is what I work on so hope it isn't any longer!!

Everything over 4 years I just bung through a scanner and put the folder in the loft.

[doodab]

Hi all,

What are the requirements for retaining ltd company paperwork after the company is shut down. The company in question hasn't actively traded since 2008 although there are a few odd transactions since then for e.g. interest, final payment of expenses and such like.

I presume I need to retain divvie vouchers, paye forms and receipts for expenses etc for my own personal tax records regardless of the fate of the company. What about contracts, meeting minutes, bank statements and all that? Do I need to keep the whole lot for the last six years or whatever it is?

I actually have everything since company started, as well personal bank statements, mobile phone bills etc, and it's taking up quite a lot of room. I'd be happy to get rid of as much as possible.