Accountancy Firm Records UK

Retention Rules Per Record Type

The Professional Rules and Practice Guidelines 2011 of the Chartered Institute of Taxation and The Association of Taxation Technicians http://www.tax.org.uk/Resources/CIOT/Documents/2011/03/PRPG%20-%20March%202011.pdf This states: 13.3.4 A member should keep records and his working papers for at least seven years from the end of the tax year, or accounting period, to which they relate or such longer period as the rules of self assessment may require. Papers and records which are legally the property of the client (or former client) should be returned to the client (or former client) or the client’s permission obtained for their destruction.

Please see the ICAEW guidance on Documents and records: ownership, lien and rights of access http://www.icaew.com/en/members/regulations-standards-and-guidance/practice-management/documents-and-records

This states “there are certain statutory and regulatory obligations which would govern the periods for retention such as rules regarding documents relating to a client’s tax affairs or documents relating to regulated business such as financial services. Members are recommended to seek further professional or legal advice when formulating a document retention policy.”

Please see the Financial Services Compliance Records page of the wiki with regards Anti Money Laundering / Know Your Client evidence for clients.

Please see the Finance and Accounting page of the wiki.

Please see the Pensions records page of the wiki.

Citations and References

TBC

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