Legal Requirement

The obligation to keep financial records for seven years to satisfy Customs & Excise and Inland Revenue requirements is well known, as well as the existence of legal retention periods for other records (e.g. HR).

You can be assured that both the Inland Revenue and Customs & Excise have approved the use of CD-ROMs as a document storage method.

Recent prominent companies have demonstrated that paper less requirements have become of priority importance as a cost saving tool and an environment friendly issue.

Failure to keep record for seven years can lead to penalties and/or substantial terms of imprisonment for directors for corporate offences.