How long to keep records for

DieselRob

Member
BASE UK Member
Location
North Yorkshire
Trying to tidy up the office on a wet day like today and just looking to find out if I am required to keep specific types of records for a certain length of time, as useful as it can be to look back at the last 20yrs worth they take up far too much room

Business accounts?
Cropping record?
Sprays/fert/seed inventories?
Livestock records?
SPS claims?

Cheers, Rob
 

Exfarmer

Member
Location
Bury St Edmunds
Most financial and crop records , I think there is a requirement for 6 years.
It is not a bad idea to keep financial for longer in case there is a tax or other problem down the line. This is particularly true for capital gains tax, but many argue that it is good to keep them away from where a taxman can find them easily, in the distant future , selective recall can be handy :)
Employers liability certificates should be kept forever
 
Most financial and crop records , I think there is a requirement for 6 years.
It is not a bad idea to keep financial for longer in case there is a tax or other problem down the line. This is particularly true for capital gains tax, but many argue that it is good to keep them away from where a taxman can find them easily, in the distant future , selective recall can be handy :)
Employers liability certificates should be kept forever
The problem with keeping financial records longer than required is that if a problem is found, and it works against you, the revenue can go back through all the records you have - if you only have the legal requirement, then that's as far as they can go.
(If that makes sense).
 

Teejay

Member
Arable Farmer
Location
Romney Marsh
Its great to look back and see how cheap/expensive things were. We have got farm accounts going back to the sixties. Its a shame that there was no crop recording as I only started that in the eighties.
 

DieselRob

Member
BASE UK Member
Location
North Yorkshire
I suppose my question was directed more at the stock/cropping type records as apposed to the accounts, no intention of hoofing them out as they are quite interesting reading of years gone by. I'm just thinking if I can minimise the quantity of other records it will make my office a whole lot tidier! As an example there are beef cattle movement records from pre 2004 which surely can be disposed of now, we haven't had cattle on the farm in at least 5yrs
 

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