How long do we keep stuff!?!

System
System Posts: 100,537 🤖 Admin 🤖
edited June 9 in AAT member discussion
Hi,

Could anyone tell me how long we are meant to keep our previous years files?
For example: Supplier invoices, invoices to customers, bank statements & reconciliations and payroll information etc.

We have a high amount of archiving and don't want to shred files that we need to keep.

Thanks for your help.

Comments

  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:How long do we keep stuff!?!

    I think that it is 31 Jan following 5th anniversary of end of year for tax related stuff. VAT is 3 years for an "ordinary" inspection, but for both tax and VAT they can go back 25 years if they suspect fraud!!!!

    For some payroll stuff I think that it is longer than that though.
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:How long do we keep stuff!?!

    We hold our records for all paperwork at least 18 months (previous financial year + 6 months before that + current financial year) in the offices and anything after that up to 10 years in archive. Can be a pain in the jacksie but gotta be done.
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:How long do we keep stuff!?!

    Hi

    For purposes of Ltd companies, records have to be kept for a minimum of 7 years after the date of the audit report.

    Neil

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