Document storage is not something many people really think about. However, for UK businesses it is something they have no choice but to consider. The law requires them to keep all documents, in most cases for a minimum of six years. Some documents need to be stored for 20 years. Exactly what each company needs to keep and for how long differs.
However, all companies are required to keep evidence of their accounts for 6 years. This includes all the ins and outs of all materials and finished products. Companies are also required to keep all documents relating to their employees and health and safety matters. If registered for VAT these records also have to be kept for six years.
Companies are also legally required to store certain documents relating to insurance. This is especially the case if they have public liability or product liability insurances.
Document Storage for Commercial Reasons
In addition, it is sometimes in the interests of companies to store documents for commercial reasons. For example, keeping documents relating to patents for several decades is advisable as a patent may be challenged at any time. Should this happen, having the necessary documentation to hand to prove that an idea was genuinely the company’s property could prove useful.
The Problem with Document Storage
For a large or medium sized business, storing all these documents can prove to be a big problem. It is surprising how much space documents can take up. In addition, these documents need to be securely stored. They cannot afford to be lost in a fire or for them to be damaged by floodwaters. If accounts were to be lost in that way and a VAT audit was undertaken difficulty would arise in proving that all appropriate taxes had been paid with the prospect of fines being imposed and having to pay more in VAT as a result. For this reason, it is extremely important to get document storage right. Increasingly, firms are hiring professional storage firms to store their documents for them. This is by far the best option these firms know what they are doing and have secure facilities available in which to hold documents.
If you are looking for a document storage solution visit the Archive Storage website. We offer a flexible service that can be tailored to meet your exact needs.