As a corporate taxpayer, it must keep complete record so that it can be able to prepare correct and complete tax returns. Company records include:-
(1) The company's revenue receipts, income and expenditure details, it should be clear enough together with its associated information;
(2) The product transactions involving the purchase and sales records of all its details;
(3) For all other supporting documents; such as bank receipts, bill; purchase orders, delivery notes, etc.
The UK Companies Act provides that: All data must be kept properly for three years. From tax perspective: It must be kept all these relevant records form for at least six years after end of the accounting period.
If the company did not keep properly all the records, the Department may impose a fine to the company up to £ 3,000. But the IRD, only in certain serious cases, to consider imposing fines, such as: all records are destroyed intentionally to interfere / hinder tax matters that is relating to the company's investigation, or that it always does not keep the records.