Do you know which documents to shred and which to keep?
Businesses in the UK must comply with many levels of legal
requirements in order to operate. From protecting personal data –
such as confidential client and employee details – to safeguarding
sensitive company information and abiding by sector-specific
regulations. Failure to comply at any level can impact business
continuity, reputation and the bottom line, as well as incur severe
punitive and criminal damages.
Shred-it understands the importance for businesses across all
industry sectors to protect confidential information. We also
recognise the significant challenge that many of them face in
knowing how long documents should be kept before they need
to be securely destroyed.
A document retention policy is the best way to keep track of
the various minimum legal requirements. It also ensures that
confidential information is not kept for so long that it becomes a risk
in the event of security breach; or contravenes Data Protection Act
Principle 5 which states, personal data should not be kept for longer
than is necessary for the purpose it was originally collected.
The factors to consider include:
• Your type of business
• The categories of documents
• The minimum legal retention periods for each document type
• The document lifecycle from your business perspective
• The secure destruction process once the retention period is over
Since the Data Protection Act also governs the proper destruction of personal data, as well as how it is
collected and processed, the only acceptable way to discard your documents and mitigate risk is to ensure
they’re irreversibly destroyed. The Information Commissioner’s Office recommends shredding paper
documents. You’ll also want a Certificate of Destruction to adequately document your compliance.
To help you create the right retention schedule for your business, here’s a list of documents that contain
confidential information, along with the recommended retention period for each type in accordance with
certain legal requirements. These recommendations on document retention are general guidelines
only. They are not intended to represent legal advice. Contact your legal expert(s), regulatory
authority, government body or association to ensure you are following current legal requirements
for your area.
The Shred-it
®
Guide to
Document Retention
0800 028 1164 or visit
us at shredit.co.uk
ISO Certified
Shred-it Limited has been assessed and certified
as meeting the requirements of ISO 9001:2008,
ISO 14001:2004 and BS EN15713.
The Shred-it
®
Guide to
Document Retention
The Information Commissioner’s Office (ICO) regulates and enforces the Data Protection Act. To help you,
we have also included any recommendations they have issued with respect to record retention where there
is no statutory minimum.
Category Minimum Retention Period
COMPANY DOCUMENTS
Accounting records detailing company transactions, including
supporting documents
3 years from creation date – private company
6 years from creation date – public company
Formal company documents:
• Statutory books
• Board minutes
• Resolutions
Indefinitely
Meeting minutes 10 years from date of meeting
PERSONNEL FILES
Payroll and wage records 6 years from end of financial year
PAYE records Current and previous 3 tax years
ICO RECOMMENDATIONS:
Job applications and interview records 6 months
Personnel and training records Up to 6 years after employment ends
Bank records No longer than necessary
VAT RECORDS
VAT records (electronic or paper format)
Details include:
• Standard-rated goods
• Exempt supplies
• VAT account
6 years
CORPORATION TAX RECORDS
Records of all
• Company assets (e.g. receipts, sales and purchases)
• Company liabilities
• Income and expenses
• Tax deduction or tax credit vouchers
6 years (min.) from end of accounting period
Longer if returns are late
SELF ASSESSMENT RETURNS
Business taxpayer self-assessment returns with supporting documents:
• Accounts
• Books
• Deeds
• Contracts
• Vouchers and receipts
The later of:
• 5th anniversary of the assessment year
(starting 31 January following assessment)
• Completion of an enquiry
(if pending or in progress)
• Day the enquiry window closes
About Shred-it
Shred-it specialises in providing a tailored document destruction
service that allows businesses to comply with legislation and ensure
that their client, employee and confidential business information
is kept secure at all times. Shred-it provides the most secure and
efficient confidential information destruction service in the industry.
Call your local branch: 0800 028 1164
Visit our website: shredit.co.uk
For more information, visit:
Information Commissioner Office:
ico.gov.uk
Data Protection Act:
legislation.gov.uk
Companies Act 2006:
legislation.gov.uk
HM Revenue & Customs:
hmrc.gov.uk
