Document Retention - Unit 21

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
I am trying to find info on the question in Unit 21 about what legislation is there relating to document retention and am struggling. Any suggestions where I might find anything useful?

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Document Retention - Unit 21

    According to page 186 of Osborne Tutorial:-

    6 years for general business records

    3 years for payroll info.

    For more specifics, try Inland Revenue website or Customs & Excise. Also try the BPP course texts for Unit 21... (try libraries).

    Hope that helps. :P
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Document Retention - Unit 21

    Does it give any reference to a specific Act or legislation in the Osborne Tutorial. I'm studying with FTC so dont have BPP Course texts. Have looked on HM C&E and is absolute minefield
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Document Retention - Unit 21

    I think it's the data protection act that has most of the document retention policies

    You could probably find some info in the banking code as well

    But it's probably best to assume 6 years, I always have!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Document Retention - Unit 21

    Rob - how much info do you actually need?

    One line answer to question or a paragraph? Are you being asked to specify the particular Acts of Parliament, etc?

    Essentially, you need copies of:-
    (i) Vat invoices to reclaim, or offset, Vat owing to Vatman (Customs & Excise),
    (ii) Books of accounts (source docs) for expenses claims, calculation of Corporation Tax or Self-Employment, etc. (Inland Revenue).
    (iii) You may need documents eg Purchase Orders, Sales Invoices to pursue legal costs, etc.
    (iv) You will also need to keep all documentation relating to bad debts, as it is six months before you will be able to claim the VAT relief, etc.
    (v) Documents for payroll, P11, P32, etc, and probably anything for pensions, etc.

    In general, if you can't prove it then you can't claim it!!!

    You could go into greater detail, depending on the requirements of the question, but essentially 6 and 3 years...
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Document Retention - Unit 21

    The question basically asks what legislation there is in relation to document retention and how you adhere to that in your workplace. I think I've got everything I need now, thanks for the help

    Rob
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Document Retention - Unit 21

    Hey, Gemma! Not fair!

    Your working in the finance industry...

    Are you going to study level 4, then ACCA, etc?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Document Retention - Unit 21

    Me?

    I work in practice

    I'm going to finish AAT then do CIPFA-ACA.

    How about you?

    Gem
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Document Retention - Unit 21

    Saw your mini-biography in SuperTeam, or something...

    Hoping to pass PLB, then try for FRA in June to get headstart on lvl 3. Generally, for extra oomph at job interviews. (Feb result rather than August...)

    Not sure about all those Chartered, Certified, and Certified Chartered, etc. I'll wait until I know more about subject...

    What's the CIPFA?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Document Retention - Unit 21

    Chartered Institute of Professional Financial Accountants
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Document Retention - Unit 21

    Chartered institute of public finance and accountancy!

    Annette
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Document Retention - Unit 21

    :!: :!: :!:
    :?: :?: :?:
    :shock: :? :roll:
    Erm... How many of these 'clubs' are there... like?

    'Public finance' looks like civil service...
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Document Retention - Unit 21

    Lol oops said it wrong

    I meant ICAEW (always getting them muddled) Institute of Chartered Accountants in England and Wales ?

    Gem
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Document Retention - Unit 21

    This 'in practice', does this mean that you work in an accountants' firm, are self-employed, are undergoing work experience 'placement', ...? :?

    Do you join as many as you can, or just choose one? :shock:
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Document Retention - Unit 21

    Believe me, the work that is involved means it's one at a time!!!

    It's just a different route to being an accountant, CIPFA employees generally work in the nhs, local government etc.

    Just as an insight. I'm doing ACCA which means I have exemptions (as I'm MAAT) but I still have to do 11 more exams! There are people who do one qualification after another (I can understand it as I love studying) but experience is so much a part of this career as well - it's a matter of striking a balance!

    Annette
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Document Retention - Unit 21

    Sorry Toadfish, to give a more complete answer, if people say they work in practice it means an accountancy practice where you will probably do several peoples tax returns and books as opposed by to industry where you work for one company and do a variety of jobs for that one company (all accountancy related)!

    Annette
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Document Retention - Unit 21

    So, in theory you could join all of them - switching as your career changes... (and passing all those exams!)

    And, really it depends on which career you want to follow, to decide which Association you initially join?

    MAAT - so you've finished Technician, and are now studying for ACCA? (11 exams!!!!!!) :roll:

    A whole new lot of jargon to learn... :shock:

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