Keeping Records

Any business no matter how large or small, is legally required to keep records. Some records you may only need to keep for a short period, but most need to be kept for several years. A self employed person, for example, is required to keep business records for a full 6 years after the end of the tax year they relate to.

These are generally required as proof that a transaction took place, along with the books of accounts that record the transactions.

How these records are kept is usually a matter of choice for the business owner. It could be all paper based records are stored numerically or by date in files  (preferably not shoe boxes or carrier bags!!). Some records may be stored electronically on a computer. In both cases every precaution should be taken to protect them, either storing in a secure, fire proof container, or, if electronic, several backup copies should be made.

Examples of records to keep:

• Sales invoices

• Purchase receipts

• Bank statements

• Expense receipts

• Payroll records
  

Use the Useful Links page for websites that can give you more detailed help

Wella Book Keeping Solutions holds a Practice Licence issued by

The Institute of Certified Bookkeepers and abides by the code of conduct of the institute.

To visit The Institute of Certified Bookkeepers website click on the crest opposite.

Wella Book Keeping Solutions also carries Professional Indemnity Insurance

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