New year clear out – what you shouldn’t get rid of

The start of a new year is often a great opportunity to clear your home and office of things you may no longer need. However, when running your own business, there are items you shouldn’t dispose of.

If you are an associate dentist who prepares a tax return each year, your records should be kept for 22 months after the end of the tax year the return is for. For example, information used to complete your 2021/22 tax return which was filed on 31 January 2023 should be kept until at least the end of January 2025.

If you trade as a partnership or sole trader, records are required to be kept for 5 years after the filing deadline. For example, partnership accounts prepared until 30 September 2022 and recorded on the partnership tax return on 31 January 2023, these records must be kept until 31 January 2028.

If you trade as a limited company, you must keep your accounting records for at least 6 years after the financial year in which they relate to. Let’s say you have prepared your last set of accounts for the year ended 31 March 2022, then the information required to complete the accounts must be kept until 31 March 2028.

Limited companies have extra regulatory requirements through the upkeep of their statutory books. These books contain information regarding the formation of the company, its shareholders and directors, and are to be kept for at least 7 years after the company is struck off.

As part of our compliance process, our EQ Healthcare team can include keeping and maintaining these records for you. For more information, please get in touch by calling one of our offices or emailing healthcare@eqaccountants.co.uk.