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Company and Accounting records
Company and Accounting records:
You must keep records about the company itself, financial and accounting records. You can hire a professional (for example, an accountant) to help with your tax. HM Revenue and Customs (HMRC) may check your records with a compliance check to make sure you’re paying the right amount of tax.
You must keep details of:
- Directors, shareholders and company secretaries
- The results of any shareholder votes and resolutions
- Promises for the company to repay loans at a specific date in the future (‘debentures’) and who they must be paid back to
- Promises the company makes for payments if something goes wrong and it’s the company’s fault (‘indemnities’)
- Transactions when someone buys shares in the company
- Loans or mortgages secured against the company’s assets
You must also keep any other financial records, information and calculations you need to prepare and file your annual accounts and Company Tax Return. This includes records of:
- All money spent by the company, for example receipts, petty cash books, orders and delivery notes
- All money received by the company, for example invoices, contracts, sales books and till rolls
- Any other relevant documents, for example bank statements and correspondence
You can be fined £3,000 by HMRC or disqualified as a company director if accounting records are not kept.
- How long to keep records?
You must keep records for 6 years from the end of the last company financial year they relate to, or longer if:
- They show a transaction that covers more than one of the company’s accounting periods
- The company has bought something that it expects to last more than 6 years, like equipment or machinery
- You sent your Company Tax Return late
- HMRC has started a compliance check into your Company Tax Return
If your records are lost, stolen or destroyed and If you cannot replace your records after they were lost, stolen or destroyed you must:
- Do your best to recreate them
- Tell your Corporation Tax office straight away
- Include this information in your Company Tax Return
- What to do when you change company’s registered office address?
You must tell Companies House if you want to change your company’s registered office address. If the change is approved, they will tell HM Revenue and Customs (HMRC). Your company’s new registered office address must be in the same part of the UK that the company was registered (incorporated).
For example, if your company was registered in England and Wales, the new registered office address must be in England or Wales. Your address will not officially change until Companies House has registered it. You must tell HMRC if:
- Your business’ contact details change - for example, your name, gender, business name or your personal or trading address
- You appoint an accountant or tax adviser
- You must tell Companies House within 14 days if you make changes to:
- The address where you keep your records, and which records you keep there
- Directors or their personal details, like their address
- ‘People with significant control’, or their personal details like a new address
- Company secretaries (appointing a new one or ending an existing one’s appointment)
You must tell Companies House within a month if you issue more shares in your company.
What is Confirmation Statement?
This is to confirm that the company information that Companies House hold is up to date. Every company, including dormant and non-trading companies, must file a confirmation statement at least once every year.
You must file a confirmation statement even if there have not been any changes to your company during the review period. From 5 March 2024, you will also need to state that the intended future activities of the company are lawful.
Note: Companies House may issue a financial penalty and your company may be struck off the Companies House register if you do not file your confirmation statement.
- How to file confirmation Statement?
You can file confirmation statement online using Companies House online portal. However, you will need your online credentials and authentication code. You need to check your company’s details before filing confirmation statements. You must update your records if any information is incorrect or out of date.
Changes you must make before sending your confirmation statement
Before confirming your records are up to date, you must tell us about changes to your company’s:
- Directors and secretary
- People with significant control (PSC)
- Registered office address
- Registered email address
From 5 March 2024, you must provide an email address in your confirmation statement if you have not already provided one. Companies House will use this email address to contact you about your company. Your email address will not be published on the public register.
What changes you can make when you file your confirmation statement?
The confirmation statement has an additional information section. You can complete this if there have been changes to your:
- Statement of capital
- Trading status of shares
- Exemption from keeping a PSC register
- Shareholder information
- If nothing has changed
You must file a confirmation statement even if there have not been any changes to your company during the review period. This confirms that your records are up to date and the information we hold is correct
How much will it cost to file a Confirmation Statement?
It costs:
- £34 to file your confirmation statement online
- £62 to send us a paper form
Seek Professional Advice
Keeping your company and accounting records accurate and up to date is not just about compliance—it’s about making sure your business runs smoothly. These records are the backbone of your financial health and help you meet your legal obligations, like filing tax returns and annual accounts, with ease.
At Tx Accountants Ltd, we understand how time-consuming this can be, which is why we’re here to help. When you choose us, you’re ensuring the most efficient way to save both time and money. Our friendly, expert team takes the stress out of managing your records, making sure everything is done right—from tracking expenses to filing important documents.
If you’d like to chat about how we can help with your company’s records, please feel free to contact us at info@txaccountants.co.uk. Let’s take the hassle out of accounting—reach out today for a free consultation!
Author...
Farhad Kabir
MSc AFA MIPA FCCA
Partner
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