Limited companies are required to hold a wide range of company and accounting records. This includes details of directors, shareholders, company secretaries, and the results of any shareholder votes and resolutions.
The company must also keep a register of people with significant control (PSC register). The PSC register identifies and records the people who exert significant control over UK companies often known as beneficial owners. Companies must keep a record even if there are no people with significant control.
There is also a requirement to keep full accounting records including:
- all money received and spent by the company, including grants and payments from coronavirus support schemes
- details of assets owned by the company
- debts the company owes or is owed
- stock the company owns at the end of the financial year
- the records you used to work out the stock figure
- all goods bought and sold
- who you bought and sold them to and from (unless you run a retail business)
The records must be held for 6 years from the end of the last company financial year they relate to, or longer if:
- they show a transaction that covers more than one of the company’s accounting periods
- the company has bought something that it expects to last more than 6 years, like equipment or machinery
- you sent your Company Tax Return late
- HMRC has started a compliance check into your Company Tax Return.
MJB Avanti provides more than compliance. For a service-focused accounting solution, call us on (08000) 388 799 and find out about our tailored accounting services that support your business as it grows.
Source: Informanagement