{"id":11729,"date":"2023-07-03T07:29:52","date_gmt":"2023-07-03T07:29:52","guid":{"rendered":"https:\/\/www.theukrules.co.uk\/?page_id=11729"},"modified":"2023-08-18T09:41:21","modified_gmt":"2023-08-18T09:41:21","slug":"accounts-and-record-keeping","status":"publish","type":"page","link":"https:\/\/www.theukrules.co.uk\/rules\/business\/running-a-limited-company\/accounts-and-record-keeping\/","title":{"rendered":"Accounts and Record Keeping for Limited Company UK Rules"},"content":{"rendered":"
KEEPING RECORDS<\/strong>: Bookkeeping is part of running a limited company<\/a>.<\/p>\n The records must show how you worked out the company financial accounts and the tax returns.<\/p>\n Record keeping and accounting for limited companies is particularly strict.<\/p>\n There are legal reporting requirements for HM Revenue and Customs and at Companies House.<\/p>\n You must also make some accounting records of your limited company available for public inspection.<\/p>\n The most important company and accounting records you must keep include:<\/p>\n What if you need to get help with tax issues<\/a> and limited company accounts? In this case, the best person to hire is a professional in taxation (such as an accountant).<\/p>\n HM Revenue and Customs often perform Income Tax compliance checks<\/a>. One reason tax affairs get checked is to ensure the company pays the right amount.<\/p>\n <\/p>\n <\/p>\n There are some specific records about a limited company that you must keep. Make sure you keep the appropriate details of:<\/p>\n Note<\/strong>: It is not uncommon to keep some accounting records at a place other than the registered office address. The rules of accounting allow this but you must file a change with Companies House<\/a>.<\/p>\n <\/p>\n <\/p>\n The register of any ‘people with significant control<\/strong>‘ is a part of record keeping for a limited company. The PSC register<\/a> must include information and details of anyone who:<\/p>\n Note<\/strong>: You must keep a record even if there are no ‘people with significant control’ listed in the company register.<\/p>\n <\/p>\n <\/p>\n All limited company accounting records must get kept that include:<\/p>\n There will be other information, financial records, and calculations that you must keep. It will include those needed to prepare and file annual accounts<\/a> and prepare a Company Tax Return<\/a>, such as:<\/p>\n Note<\/strong>: Failing to keep valid and accurate accounting records can result in a fine of \u00a33,000 issued by HMRC. You can also get disqualified as a company director<\/a> in the worst cases.<\/p>\n <\/p>\n <\/p>\n As a rule, you must keep the majority of records in a limited company for six (6) years. That means six years from the end of the last financial year that they relate to in the business. But, you will need to keep some records for longer if:<\/p>\n <\/p>\n <\/p>\n Accounts and records for limited companies sometimes get lost or stolen. You must try to replace all limited company records after they got destroyed, lost, or stolen. If this becomes impossible you must then:<\/p>\n Corporation Tax: General Enquiries<\/strong> Open Monday to Friday: 8am to 6pm <\/p>\n\n
\nRecords You Must Keep about the Company<\/h2>\n
\n
\nPeople with Significant Control Register<\/h2>\n
\n
\nLimited Company Accounting Records You Must Keep<\/h2>\n
\n
\n
\nHow Long to Keep Limited Company Accounts?<\/h2>\n
\n
\nLost or Stole Limited Company Records<\/h2>\n
\n
\nTelephone: 0300 200 3410<\/a>
\nOutside UK: +44 151 268 0571<\/a>
\nFax: 03000543889<\/a><\/p>\n
\nCheck call charges to 0300 numbers<\/a>.
\n<\/p>\n
\n
\n Accounts and Record Keeping for Limited Company in the United Kingdom<\/strong>
\n