The question of what to do with old or out of date client records regularly crops up at this time of year. Rachael Power collects a range of answers.
With spring in the air, the question popped up again recently. In response we’ve compiled the best answers and advice from the community in this round-up article.
In reply to chancewind's question, "How long do you keep records for a client?" Zebaa captured the ambiguity at its heart by answering, "6, 8, 15 & 40... This is a question there is no right answer for as it depends on the subject of the record and your attitude to risk."
Below, we explore the different rules and considerations that come into play, and examine what you can do to reduce the clutter of paper records.
HMRC's official stance is that the maximum amount of time records need to be kept is six years, commonly referred to as the 'six-year-rule'.
"The six year rule applies to all records and this applies to accountants and advisers too," a Revenue spokesman said.
But the length of time that records should be kept can vary depending on...
About Rachael Power
Your friendly, neighbourhood community editor.