Ahhh, record keeping. No, not your vintage collection of LPs and 7″ singles – we’re talking company records. Love it or hate it there comes a time when we all have to chew our lip, tear our hair and make sure that our Company’s house is in order – so that all’s square with Companies House.
But hang on a second – we’ve never met anyone who’s ever said, “ooh, there’s nothing I look forward to more than the new year when I have to bury my head in complicated record keeping for three months. And that extra adrenaline you get from that slight fear that we’ll be audited – and there’ll be one vital piece of paperwork missing – is just so exhilarating!” So maybe we should say Hate or Hate it?
Whatever your business type there are some basic rules for how long you need to keep accurate records. For the self-employed it’s a minimum of 5 years and for Company or Partnership a minimum of 6. It could be longer – depending on which type of business you are in.
You can find out exactly what the rules are for your business using this rather handy online tool from the folk at Business Link. It’s pretty comprehensive – so make yourself a brew and settle down for half an hour.
Of course, all this record keeping means the paperwork will be stacking up – taking up valuable room in the office. Or not – you could always rent a self storage unit to keep them in. Have a look at our business bundle, it’s designed to help you do just that.