Key points
- Accounting records generally must be kept for 6 years.
- PSC information is reported through Companies House; check current requirements.
- Organised records reduce delay.
- No list is complete for every transaction.
Well-organised records reduce delay and build confidence. The categories below are a starting point; transaction-specific requirements vary.
Which record categories matter?
Categories of business records to organise
Statutory and company records
- Examples
- Register of members, officer and PSC information reported to Companies House, minutes and company filings
Financial records
- Examples
- Statutory accounts, ledgers, bank reconciliations
Management information
- Examples
- Monthly accounts, KPIs, budgets and forecasts
Tax records
- Examples
- Corporation tax, VAT and payroll records
Employment records
- Examples
- Written statements of terms, contracts, policies, payroll
Contracts
- Examples
- Customer, supplier, finance and other commercial agreements
Property
- Examples
- Titles, leases, licences to occupy
Assets
- Examples
- Fixed asset register, vehicle and equipment finance
Intellectual property
- Examples
- Trade mark registrations, assignments, software ownership
Licences and permits
- Examples
- Sector licences and regulatory permissions
Insurance
- Examples
- Current policies and claims history
Data protection
- Examples
- Records of how personal data is held and processed
Are there legal record-keeping requirements?
Yes. UK limited companies must keep certain company and accounting records. GOV.UK guidance states that accounting records generally need to be kept for 6 years from the end of the last company financial year they relate to, and longer in some circumstances. Information about people with significant control is registered and reported through Companies House; check the current reporting requirements with your advisers.
This list does not claim to be complete; your advisers will tailor requirements to the transaction.
This guide is general commercial information based on professional experience of UK SME transactions. It is not legal, tax, accounting or financial advice, and transaction-specific requirements vary. Take advice from appropriately qualified professionals before acting.
Sources
- GOV.UK — Running a limited company: company and accounting records
- GOV.UK — People with significant control (PSCs)
- GOV.UK — Keeping your pay and tax records
- ICO — UK GDPR guidance and resources
Rules and thresholds change. Check the current position at the source and take professional advice before acting. Citing official guidance is not a substitute for professional tax or legal review.