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Client Paperwork Retention?

Client Paperwork Retention?

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Just a quick question; I still have some paperwork (own schedules, documents etc) for clients who are no longer with me - is there any reason to hold on to this stuff or should I just shred it?

Replies (15)

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By girlofwight
12th Feb 2016 13:47

Litigation risk
I think your PI insurers would want it kept.

Personally I have everything going back 25 years, but all scanned.

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By AndersonAccountancy
12th Feb 2016 13:51

Good idea to scan it :)

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RLI
By lionofludesch
12th Feb 2016 14:57

Charges

AndersonAccountancy wrote:

Good idea to scan it :)

How much scanning is there ?   How long will it take ?   Who will you charge for all this scanning time ?

It might be easier just to keep it in a box in the garage.

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By Xcast
12th Feb 2016 14:07

What did it say....

in your engagement letter?

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By AndersonAccountancy
12th Feb 2016 14:18

Actually nothing. To be honest not really thought about it until today while I have been having a clearout.

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By Tim Vane
12th Feb 2016 14:58

Give it to cheekychappy's son. He'll take care of it.

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By SteLacca
12th Feb 2016 15:00

Cash

Tim Vane wrote:

Give it to cheekychappy's son. He'll take care of it.

But it'll cost you a tenner

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By puzzel
12th Feb 2016 15:26

Tim & SteLacca

you got your postings crossed?

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RLI
By lionofludesch
13th Feb 2016 08:53

More research

puzzel wrote:

you got your postings crossed?

You need to read the whole forum more thoroughly.

Keep up to date with shredding matters.

I thought it was funny, anyway.

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By SteLacca
12th Feb 2016 15:28

Nope, Tim's post was pertinent to the subject, as was my addendum. I don't understand why you think it's crossed.

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d
By puzzel
12th Feb 2016 15:31

Chill, it's poets day, n dont use big words at me

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Image is of a pin up style woman in a red dress with some of her skirt caught in the filing cabinet. She looks surprised.
By Monsoon
12th Feb 2016 20:01

I keep mine for 7 years then shred. Or burn. Whatever.

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By thomas34
13th Feb 2016 09:25

On a more serious note

Whether the client is still current or "ex" is not important. The most important consideration is to have a documented system to account for every file that is removed from the office on a permanent basis.

I've always operated the 6 year rule (rightly or wrongly). I suppose it goes back to the statute of limitations law and effectively disregards tax law limits - I'm certainly not going to worry about HMRC's ability to go back 20 years in some cases.

I give current clients the option of taking such files off my hands or of my consigning the files to the bonfire - I reckon around 80% opt for the latter. Such files for ex clients are disposed of. In all cases the files are quickly scanned to see whether there may be something of lasting significance that needs extracting.

I keep excel schedules of the fate of all files going back to when God was a boy showing date disposed of, client name and date range of documents.

 

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By pauljohnston
16th Feb 2016 12:07

Why not

just mail it back to the clients.  If you want extra security scan it first.

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By JDBENJAMIN
16th Feb 2016 16:33

It depends on the documents

If they belong to the client, I just send them back to them. If they are my own, I burn them after seven years except for documents that might conceivably be asked for again, such as capital transaction details. These remaining few documents go into deep archive (i.e a cardboard box in the garage).

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