Keeping good records is very important to your business. Good records will help you do the following:. You need good records to monitor the progress of your business. Records can show whether your business is improving, which items are selling, or what changes you need to make. Good records can increase the likelihood of business success. You need good records to prepare accurate financial statements.
These include income profit and loss statements and balance sheets. These statements can help you in dealing with your bank or creditors and help you manage your business. Relationship-based ads and online behavioral advertising help us do that.
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Bank of America, N. Member FDIC. Equal Housing Lender. Close 'last page visited' modal Welcome back. Here's where you left off. Show related content Don't show me this pop-up of the page I left off on again. You might also be interested in:. That means that understanding the regulatory environment is crucial for every sort of company, from large corporations right down to small and medium-sized businesses.
A responsible record retention policy should also include provisions for archiving and disposing of documents after the statutory period elapses. Once a company is no longer legally required to store documents, they may nonetheless choose to keep them as part of an internal policy. Whenever a company decides to discard old records, a records management service can offer disposal options to ensure that confidential information is fully destroyed.
That way, internal resources are freed up for other projects, such as growing the business. Leaving record management to the professionals ensures that regulations are followed, confidential data is protected, and your employees can focus on doing what they do best. Here are some of the main categories your UK-based business needs to consider when deciding how long you need to retain different types of documents: Accounting records Invoices, receipts, employee payroll, purchases, expenses, VAT records, tax returns and any supporting documents are all accounting records.
Tax records All documents related to taxes and money that a business has received or spent are regulated by the Taxes Management Act. Insurance records Employee insurance records need to be retained for three years after the policy lapses, according to the Data Protection Act. Brexit Check what you need to do. Explore the topic Running a limited company Running a company Corporation Tax. Is this page useful? Maybe Yes this page is useful No this page is not useful. Thank you for your feedback.
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