Record Keeping for Limited Companies

If your company is liable for Corporation Tax you must keep and retain adequate business and accounting records.

What are accounting records for Corporation Tax purposes?

If your company is registered at Companies House, you must keep and retain certain accounting records showing your company's transactions and its financial position. You have to do this even if your company is not currently trading or no longer trading.

These records include:

  • A record of your company's assets, for example, a record of 'capital expenditure' such as the purchase and sale or disposal of company assets, equipment, office furniture and vehicles
  • A record of your company's liabilities
  • A record of your company's income and expenditure
  • Details of any stock on hand at the end of your financial year

Generally, if your company keeps these records, you will not need to keep any more for Corporation Tax.

What are business records for Corporation Tax purposes?

The business records that your company must keep for Corporation Tax purposes must:

  • Be complete and up to date
  • Allow you to work out correctly the amount of Corporation Tax you owe to HM Revenue & Customs (HMRC), or can reclaim from HMRC
  • Allow you to file an accurate Company Tax Return
  • Be easily accessible if HMRC asks to see them during an enquiry into your Corporation Tax affairs

You should retain certain business records, for example:

  • Annual accounts, including your profit and loss statement and balance sheet
  • Bank statements and paying-in slips
  • Timesheets, invoices and credit notes
  • Purchase invoices and cash expenses receipts
  • Other relevant business correspondence

To find out more about how Orange Genie Accountancy can help with your record keeping please call us on 01296 468 185 or email accountancy@orangegenie.com.

Why Orange Genie Accountancy?

Orange Genie Accountancy offers fixed fee accountancy packages to contractors and freelancers. Each client has unlimited access to their own dedicated approachable and friendly accountant. All Orange Genie Accountancy accountants are specialists in the contracting market, so they can give you bespoke, high quality advice.

We will always keep you informed about anything that could affect you and your company. Our relationships with our clients are extremely important to us so we'll be in touch often, whether it be face to face, over the telephone or email.

Our packages start at £75 + VAT a month for an online service. Our most popular package is £120 + VAT a month which provides you with your very own dedicated accountant as well as:

  • Unlimited accountancy support
  • Face to face meetings so we can get to know you and understand your contracting goals
  • Proactive contact
  • Director and employee payroll
  • Annual Return
  • Self-Assessment Return
  • A fully compliant service so you are safe in the knowledge that you are meeting your legal obligations
  • Access to the Freeagent Software, which is updated in real time so you can always see how your business finances are looking

​And much more, includingaccess to wealth management advice, IR35 reviews and pensions planning. 

If you would like to appoint Orange Genie Accountancy as your accountants please either fill out our enquiry form or give one of our friendly expert accountants a call on 01296 468 185 or email accountancy@orangegenie.com

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