What accounting records must a property company keep, and for how long?
Last checked against the sources on
GOV.UK says a company must keep its accounting records for 6 years from the end of the last company financial year they relate to, and longer in some cases. They include everything it received and spent, what it owns and owes, and supporting documents such as invoices and bank statements.
What counts as accounting records
- All money received and spent by the company
- Assets the company owns, and debts it owes and is owed
- Supporting documents such as receipts, invoices and bank statements, which are needed to prepare the annual accounts and Company Tax Return
How long
Six years from the end of the last company financial year they relate to. GOV.UK says to keep them longer if a transaction covers more than one accounting period, if the company bought something expected to last more than 6 years, if the Company Tax Return was sent late, or if HMRC has started a compliance check on it.
If you do not
GOV.UK says you can be fined £3,000 by HMRC or disqualified as a company director if you do not keep accounting records.
How SPV Accounts helps
SPV Accounts keeps the bank lines you upload together with what you confirmed each one was for, so the figures in the accounts can be traced back to the statement lines.
Sources
General information checked against GOV.UK, not personal advice.