Deprecated: mysql_connect(): The mysql extension is deprecated and will be removed in the future: use mysqli or PDO instead in /home/customer/www/accountants-in-chichester.co.uk/public_html/components/com_newsfeed/newsfeed.php on line 16

Archiving international trade documents

Source: HM Revenue & Customs | | 08/04/2021

There are important rules that all businesses must follow to keep business and accounting records accessible if requested by HMRC. The exact documentation that must be held and the time limits for doing so can vary significantly. For example, most company records must be held for at least 6 years from the end of the last company financial year they relate to and even longer in some circumstances. Significant penalties can be imposed for failing to keep records or if records are inadequate.

These record keeping requirement include international trade documents.

HMRC publishes specific guidance concerning archiving international trade documents. This includes ensuring that your records are up to date and accurate, are legible, readily accessible and available for inspection at all reasonable times.

HRMC’s guidance states that the archiving period for your records will vary according to the individual procedure. However, in the event of a criminal investigation, traders’ records dating back ten years may be used as evidence. Accordingly, you may decide to retain documents for that length of time. After the date of entry, you can keep your records on a computer.

If these record keeping requirements cause storage issues or undue expense, then HMRC may allow you to reduce the length of time for storing documents.



Contact Us

R S Hall and Co

Dragons Lair, 27 Belle Meade Close, Woodgate

Chichester, West Sussex

PO20 3YD

Tel: 01243 544993 / 07878 541732

 

Accreditation

Newsfeed Search


Newsletter

With our newsletter, you automatically receive our latest news per e-mail and get access to the archive including advanced search options!

» Sign up for the newsletter
» Login