My friend knows that there is requirement to keep old accounts and paperwork for a certain period of time. The amount being the equivalent of four x four drawer filing cabinets. But he has sold his business, sold his house and is moving into a very small flat with no loft! Any suggestions on how to get this amount stored but which will shrink year on year.
Ken
"Ken" wrote
Scan it into a computer and store it electronically?
4 x 4 draw filing cabinets crammed full. How long would that take? Ken
I think he was trying to answer your question without being practical!
I'm sure a long term storage facility would take it for a reasonable fee.
Yes, but also, if he has "sold his business", and the paperwork relates to the business, it would seem appropriate to arrange with the new owners of the business for the paperwork to remain in the business premises. The new owners would keep inserting new records into the filing cabinets, and 6-year-old stuff dropping out of the other end could just be shredded and disposed of.
Business sold but the Vat number not being transferred therefore outgoing owner needs to keep all his accounting records. I suspect, knowing the guy, he is finding it hard to let go! If I got may hands on the paperwork I would have it down to a couple of draws. I will have to nag him!
Ken
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