Using a removals firm for business archive storage
As a business owner, you inevitably have to keep a certain amount of paperwork. However, with office space at a premium nowadays, finding room to store your business records can prove something of a challenge – especially over time and as the business grows.
The services of an established removal company can offer a solution, by providing safe and secure storage for your business archives. Here we give the lowdown on what kinds of documents you need to keep, and how a removals and storage company can provide your business archive solution.
Why do you need to keep records?
Businesses are legally required to retain a range of different documents, from tax and accounting records to employee records, and many of these must be kept for a set time – often a minimum period of at least six years.
Proper financial records must be kept for tax and accounting purposes. The information could also be requested by HM Revenue & Customs in the event of an enquiry, so it’s important that you comply with the necessary requirements – failure to do so could lead to a visit from the taxman and some potentially serious consequences!
If you employ staff, you must also keep certain records relating to their employment, including information on their wages and working arrangements, as well as information relating to health and safety.
Data protection legislation also requires that all personal and sensitive data relating to your staff and customers must be stored securely.
So, it’s essential to make sure your records are safe, secure, and easy to access should you need them.
What records do you need to keep?
Here are some of the key business records you must keep by law.
Tax and accounting records
Exactly which tax and accounting records you might need to retain depends on a number of different factors (including the nature and size of your company), but they will commonly include:
- records of sales and income
- business expenses
- VAT records, if you’re registered for VAT
- PAYE records, if you employ staff (see more below)
- details of your personal income
Records of transactions
You also need to keep sufficient proof of your business transactions, to back up your records.
These may include:
- receipts for goods and stock
- bank statements and chequebook stubs
- sales invoices, bank slips and till rolls
Again, the exact records you need to keep will depend on a number of factors, but they commonly include:
- Information on staff pay rates
- Payroll information for all employees – including income tax and national insurance deductions, student loan payments, employee benefits and expenses, and statutory payments
- Original signed copies of employment contracts and any subsequent changes
- Records of any paid sickness exceeding four days – including Statutory Sick Pay
- Details of any disciplinary action taken
- Information on any work-related accidents or injuries
- Details of any termination of employment
- Sufficient records to prove that you comply with working time limits, under the Working Time Regulations
How a removal and storage company can help you
An established removal company, such as a Master Remover, can offer a range of safe and effective storage options, reducing the headache and freeing up valuable space. Some key areas to consider when choosing a removal company include:
- Security: your removal company should provide a well-managed storage site, with 24-hour security systems, CCTV, alarms and guarded access
- Safety: your business archives should be packed in specially-designed packaging, and stored in a dry, clean and fireproof environment
- Access: your removal company should provide a full inventory system, so that if you need to retrieve your records you can do so easily and with a minimum of fuss.
Setting aside sufficient space for secure cabinets to store all your business records can be an expensive and time-consuming business. Using your removal company’s storage facilities can offer an efficient and cost-effective way of meeting your business’s needs.
If you’re struggling to find the space to store your business records, contact Master Removers for help.