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Document retention

Document retention

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Company records must be kept for 6 years according to something I have read on gov.uk. But the Companies Act says 3 years for LTD and 6 years for PLC. Which is correct? VAT records is 6 years it seems. PAYE type records 3 years but wages records themselves are 6 years? Personal tax records keep for 22 months after the end of the tax year, or later if sent late.

If you literally go with the above then, under GDPR, you must delete after those periods have elapsed as you cannot keep for longer than necessary or 'just in case'. Presumably a 'blanket' policy of keeping it all for 6 years is no longer allowed? 

How are others practically dealing with this?

Thanks.

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By thomas34
07th Aug 2018 13:57

The 6 year rule has served me well - the original logic was that the Statute of Limitations was 6 years and any claim made by a client/former client would be invalid outside that period.

My insurers seem pleased with this system and the period seems to equal or better any individual requirements of particular taxes.

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By andrew1211
07th Aug 2018 14:04

Thanks....I agree and hence the retention policy is predicated on using the Statute of Limitations legislation rather than any other HMRC or Companies Act requirement. As this is 6 years this now becomes the 'blanket' policy which equals or exceeds the HMRC/Companies House requirements. It makes it easier than having to consider different retention policies for different bits of data. It is the justification of the period that needs documentation under GDPR such that you cannot be accused of keeping data for longer than you should have done.

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