When you set up a limited company, you have a legal obligation to keep certain company records. The length of time that you must retain these records varies, depending on the type of information you are documenting.
This post explains the different types of company records you need to keep, the statutory retention periods that apply, and how and where you must store these important records.
As per the Companies Act 2006 , the term ‘company records’ refers to “any register, index, accounting records, agreement, memorandum, minutes or other document required by the Companies Acts to be kept by a company, and any register kept by a company of its debenture holders.”
Keeping adequate records is an important discipline for directors and company secretaries. Aside from being a legal requirement, good record-keeping will help you to run your business more efficiently and effectively.
The statutory and regulatory requirements are set out in the Companies Act, tax legislation, and other regulations. To ensure that your company is compliant, you must keep:
Some company records must be kept permanently, for as long as the business exists, and in some instances for a specified period of time thereafter.
However, the general rule for financial and accounting records is that they should be kept for a minimum period of 6 years from the end of the period to which they relate. But there are some exceptions.
Let’s take a detailed look at how long you need to keep different types of records for your limited company.
You must keep a number of important business documents and records about the company itself. The following should be retained for the lifetime of the company:
You need to keep copies of company resolutions and minutes of meetings (board and general) for a period of at least 10 years from the date of the resolution or meeting.
Other important company records that you must retain include documents and information relating to:
Depending on the size and needs of your company, you may find it beneficial to appoint an experienced company secretary to oversee these record-keeping requirements and ensure statutory compliance.
The vast majority of financial and accounting records relating to your company must be kept for at least 6 years after the end of the financial year or accounting period they relate to. For example, records for an accounting period ending on 31 March 2026 must be kept until 31 March 2032.
The financial and accounting records you need to retain include:
It’s worth pointing out that the Companies Act 2006 (Section 388) stipulates that public limited companies (PLCs) must retain their accounting records for 6 years from the date on which they are made, whilst private limited companies need only retain their accounting records for 3 years from the date they are made.
However, tax law requires private companies to keep their records for a longer period. Therefore, the only records that private companies are legally permitted to discard at the 3-year point are the ones that they do not need for the purposes of completing their Company Tax Returns.
If your company is registered for VAT and you use the VAT One Stop Shop (OSS) scheme or the VAT Mini One Stop Shop (MOSS) scheme, you need to retain your VAT records for at least 10 years. In all other cases, the standard 6-year retention period applies.
The point at which the VAT record retention period starts (whether it is 6 or 10 years) depends on the nature of the document:
In limited circumstances, HMRC may grant a concession allowing a VAT-registered company to keep certain VAT records for a shorter period.
The Income Tax (Pay As You Earn) Regulations 2003 require employers to keep all PAYE records for a period of at least 3 years from the end of the tax year to which they relate. For example, PAYE records for the tax year ending on 5 April 2026 must be kept until 5 April 2029.
In accordance with the PAYE Regulations, the documents and records you need to keep include:
As an employer, you must also keep sufficient records to show that your company is meeting its National Minimum Wage and Living Wage obligations by paying workers at least the minimum wage. From 1 April 2021, the statutory retention period for such records is 6 years from the end of the pay reference period to which the records relate.
For auto-enrolment (workplace pensions), you must keep records for a minimum period of 6 years, with the exception of records of opt-outs, which you need only retain for 4 years.
You can keep your company records on paper, electronically, or as part of a software program such as Xero, QuickBooks, or FreeAgent. Typically, digital record-keeping is the most secure and convenient method.
However, if you are a VAT-registered company, you are now legally required to keep digital VAT records, in accordance with HMRC’s Making Tax Digital (MTD) initiative. In due course, MTD will also apply to Corporation Tax.
Where you have a legal obligation to keep your company records for a specified period of time, you must store those records (or make them digitally available) at your registered office address or a Single Alternative Inspection Location (SAIL address) for the same period of time.
If you keep your records anywhere other than your registered office, you are required to notify Companies House.
You must do your best to replace or reconstruct any company records that are lost, stolen, or destroyed.
Certain records are easy to replace, such as company formation documents. You can view and download copies of these free of charge online via Companies House service .
If you are unable to replace any financial or accounting records, you must try to reconstruct duplicates. In such instances, you need to notify the relevant HMRC department(s) as soon as possible.
HMRC may impose penalties if your company records are found to be inadequate, or if you fail to keep them for the required statutory retention period. In serious cases, you can be fined up to £3,000 or disqualified as a company director .
If you have recently set up a company or you are planning to do so, start off on the right foot by keeping good company records from the get-go. This will make your life easier and ensure that your company is compliant.
It can be challenging to remember all of the different retention periods for the types of company records you need to keep, so you may wish to enlist the help of a company secretary and an accountant.
If you have any questions about this topic, please leave a comment below.