Our licensed insolvency practitioners will take the time to understand the problems your company is facing before recommending the best course of action going forward based on your own unique circumstances. The opinions on this page are for general information purposes only and do not constitute legal advice on which you should rely. Your best option is to shred any documents that contain sensitive information before tossing them. Either invest in a shredder for your home or utilize a professional shredding service.

Business records if you are self-employed

As a company, you must have Articles of Association (‘Articles’) that contain your constitutional rules and act as your personal and internal rulebook. For other documents, you can use a scanner to scan them into your computer, or you can take photos using your cell phone. You may have to pay interest and penalties if your figures turn out to be wrong and you have not paid enough tax. ‘Provisional’ means you’ll be able to get paperwork to confirm your figures later. Directors should keep certificates for any taxed award schemes and information about any redundancy or termination payment. Clear, up-to-date records are also important if you are looking to be acquired by another firm.

Record-Keeping Requirements for Singapore Companies

• Retirement plans are designed to be long-term programs for participants to accumulate and receive benefits at retirement.
• Original dividend vouchers, bank interest certificates, and Construction Industry Scheme (CIS) vouchers must be kept.
• For instance, healthcare and financial organizations must meet stringent privacy laws that impact how you store digital documents.
• It states that businesses should keep records not covered under statute-specific retention periods for at least three years.
• Keeping good business records is not just about meeting tax and legal requirements.

Recycling companies and stores like UPS and FedEx will shred paper for free or for a fee, and since they mix your papers with others from multiple customers, this can be a secure option. Our expert and non-judgemental team are ready to assist directors and stakeholders today. The guide has been compiled to assist SAICA members in meeting the legislative requirements when they deal with clients.

Record Keeping Guide for GST-registered Businesses (PDF, 317KB)

You income statement must keep your records as long as needed to prove the income or deductions on a tax return. The guidelines may vary depending on your industry and circumstances. Understanding which categories apply to your company is essential to know which documents to keep.

How does accounting software help with keeping business records?

You must keep any minutes of board meetings and resolutions, and your company’s registers will need to be held for the time the company is trading. But if you do how long to keep company records not keep accurate accounts, you could be in danger of under or overpaying tax – which no business or individual wants to do. Your company must keep records to meet Companies Act regulations and tax regulations. Barbara Weltman is the founder of Big Ideas for Small Business, Inc., which publishes Idea of the Day. Lasser’s Small Business Taxes 2019 and other books that inform the small business community of tax, financial, and legal information they should know about.

• Our licensed insolvency practitioners will take the time to understand the problems your company is facing before recommending the best course of action going forward based on your own unique circumstances.
• Keep records of any benefits you get in connection with your job and any lump sum payments not included on your P60 or P45, such as incentive payments or ‘golden hellos’.
• This allows income and business expenses to be easily verified if needed.
• Get started with flexible, HMRC-recognised Sage Accounting software you can access from anywhere.
• If your company structure involves share capital, you will also have share certificates that certify the date upon which a certain person becomes the registered owner of shares in the company.

Electronic Storage

And in addition to this, there are other record-keeping requirements for your small business. This allows income and business expenses to be easily verified if needed. According to ACRA and IRAS guidelines, Singapore companies can maintain business records in 2 ways. Beyond ensuring compliance with ACRA Online Bookkeeping and IRAS, proper record-keeping helps businesses maintain transparency, manage financial health, and prepare for potential audits.