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Record Keeping for Limited Companies

If your company is liable for Corporation Tax you must keep and retain adequate business and accounting records.

What are accounting records for Corporation Tax purposes?

If your company is registered at Companies House, you must keep and retain certain accounting records showing your company's transactions and its financial position. You have to do this even if your company is not currently trading or no longer trading.

These records include:

  • A record of your company's assets, for example, a record of 'capital expenditure' such as the purchase and sale or disposal of company assets, equipment, office furniture and vehicles

  • A record of your company's liabilities

  • A record of your company's income and expenditure

  • Details of any stock on hand at the end of your financial year

Generally, if your company keeps these records, you will not need to keep any more for Corporation Tax.

What are business records for Corporation Tax purposes?

The business records that your company must keep for Corporation Tax purposes must:

  • Be complete and up to date

  • Allow you to work out correctly the amount of Corporation Tax you owe to HM Revenue & Customs (HMRC), or can reclaim from HMRC

  • Allow you to file an accurate Company Tax Return

  • Be easily accessible if HMRC asks to see them during an enquiry into your Corporation Tax affairs

You should retain certain business records, for example:

  • Annual accounts, including your profit and loss statement and balance sheet

  • Bank statements and paying-in slips

  • Timesheets, invoices and credit notes

  • Purchase invoices and cash expenses receipts

  • Other relevant business correspondence

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