Chapter 11: Legal matters associated with documents & records cet. Flashcards
How long do you need to keep Accounting records for a private company?
Three years form the date which they are made
How long do you need to keep Accounting records for a public company?
Six years from the date in which they are made
How long do you need to keep Payroll records for?
Six years + current year
How long do you need to keep Income tax records for?
Six years after employment ceases
How long do you need to keep VAT records for?
Six years (10 years if using VAT MOSS service)
How long do you need to keep Tax info for Self Assessment records for?
Five years form the 31 January of the following year to period
How long does PRPG recommends you keep all records for?
Seven years (Unless need longer i.e share purchases)
What is “Legal Professional Privilege”?
A common law that protects communication between a legal advisor and their client
What is a “Lien”?
A legal right to retain possession of property until a financial claim that the holder of the property has against its owner has been met
What records can you not use a Lien for?
Records of a registered company that have to be available for public inspection
The VAT records of any business
Who can you not hold a lien over?
A Liquidator
An Administrator
A Bankrupt person
An Official Receiver
What documents can members Legally not draft?
Documents about transfer of real property (Eg. land), other documents relating to real property (goods other than land), instruments relating to legal proceedings, drafting a (trust) deed for fee, gain or reward.
