With business legislation becoming more demanding than ever, it’s no surprise that HMRC insist businesses to keep their financial documents and records for up to 6 years if:
- they show a transaction that covers more than one of the company’saccounting period
- the company has bought something that it expects to last more than six years, like equipment or machinery
- you submitted your Company Tax Return late
- HMRC has started a compliance check into your Company Tax Return.
Six years’ worth of documents can soon mount up, even if you are self-employed or running a small business. Much of this may be stored digitally through Sage or Xero, but that doesn’t account for the hard copies that you inevitably have in various folders and filing cabinets around your office. Whether your business keeps paper copies, digital records, or a combination of both, document management and storage is likely to be an ongoing issue within your office.
HMRC have stated that if you don’t retain your records for the required time period, you could be charged a penalty. This exact charge is based on the seriousness of the offence – from £250 for a business in its first year of trading to £3,000 for deliberate destruction of records. That’s a lot of money and hassle for not playing by the rules!
Luckily, GTW Storage have the solution!
We offer an end to end document storage and retrieval system for your business records and guarantee an efficient, secure and cost-effective service. GTW can help you keep records safe and easy to access, free up office space and save valuable time on administration.
Offsite document storage can allow your team to focus on the tasks which are most important to the business, cutting out the unnecessary time that comes with finding, archiving and generally managing documents onsite.
If you no longer need to store your documents, then you can come and collect them at any time from our warehouse in Glasgow’s city centre or use our secure shredding service. The choice is yours!
If you think your business could benefit from a safe and secure document management service, then look no further than GTW Storage. Drop us a line via our website or give us a call on 0141 221 4727.