The Inland Revenue Department states that relevant business records must generally be retained for at least seven years. Other duties, an ongoing inquiry, litigation or particular documents can justify or require a longer retention period, so seven years should not be used as a blanket deletion instruction.
Keep evidence, not just totals Maintain the books, invoices, receipts, bank statements and records needed to explain income, expenditure, assets and liabilities. Businesses dealing in goods or services also need appropriate transaction detail.
Preserve usable electronic records Files should remain readable and retrievable after staff or software changes. Export records before closing a provider account and keep secure backups. A dashboard that disappears when a subscription ends is not a dependable archive.
Create a retention schedule Separate routine accounting evidence from permanent corporate records and documents relating to unresolved matters. Assign access rights and responsibility for deletion reviews. Include privacy and security considerations rather than keeping sensitive personal material indefinitely without a reason.
For example, a company changing payment providers should export transaction, refund, dispute and settlement reports while access remains available. A final balance screenshot will not replace those records later.
Discuss the schedule with the accountant and appropriate advisers. The aim is to retain sufficient evidence for the relevant obligations while keeping it secure and manageable, not to rely on a folder whose contents nobody can find when a question arises.
Sources and scope
General information, not advice for your individual legal or tax position. Confirm current requirements with the relevant authority or provider.