Document Retention Guidelines

The place for space

Please Note These are guidelines only, we recommend that you seek expert advice as rules and regulations are constantly changing. The Secure-store provides quality archive storage and document storage facilities in and around the Milton Keynes, Dunstable, Aylesbury triangle. We would welcome the opportunity to provide a free quotation for any commercial document storage.

Agreements and related correspondence:

Major agreements of historical significance;
articles of incorporation; audit reports; bylaws;
capital stock & bond records; copyrights;
trademarks

Contracts with customers, suppliers or agents
Licensing agreements; Rental/hire purchase
agreements; Indemnities and guarantees;

Permanent

Six years after expiry or termination of the contract
Six years is generally the time limit within which
proceedings founded on a contract may be brought.

Property:

Title deeds

Lease / Licence agreements; administration of
property records

Permanent

15 years after expiry

Accounts:

Finance records; forecasts; loans

Financial statements; detailed accounts; final
estimates; financial strategy; investment
policy, portfolio valuations, ledger

Technically six years from the date they are created for
a public company and three years for a private concern
but almost all sources recommend a minimum of six
years for all companies

Permanent

Tax:

VAT and Corporation tax; assessments and
returns; income tax; NIC returns; Tax claims -
dividends, estate duty etc

PAYE

Unincorporated companies and individuals

Six years from the end of the period

Returns: three years after the end of the period,
But payroll records are six years

Five years from 31 January of the year of assessment

Banking records:

Cheque books, statements, cancelled cheques etc

Three years for limited companies and six years for
public companies

Staff records:

Personnel records

Payroll records; Expenses; Donations; deduction
authorities, performance appraisals; tax code

Three years for limited companies / six years for public
companies but we would always recommend six years
for all

Six years from expiry of contract

Insurance:

Insurance policies; claims correspondence;
Accident reports / correspondence

Employers' Liability insurance certificate

Three years

Forty years

Purchasing / Sales:

Orders; Delivery notes; Goods received
notes; tendering documentation; purchase
invoices; credit notes; petty cash receipts;
cheque authorisation reports; BACS reports;
sales invoices; credit notes; receipts; till rolls;
ledgers

Six years

Some of the relevant legislation:

Tax Management Act 1970
Limitation Act 1980
Statutory Sick Pay (General) Regulations 1982
VAT Act 1984
Companies Act 1985
Finance Act 1998
Income Tax (PAYE) Regulations 2003

Please Note These are guidelines only and should not be relied upon. You should seek expert advice as rules and regulations are constantly changing. If you find this page a useful resource, please feel free to 'link' to it.

Document Retention Guidelines