Business lawyer Blog

You must keep records about the company itself financial and accounting records. You can hire a professional ( for example, an accountant from our accounting services ) to help with your tax.

China tax department may check your records to make sure you are paying the right amount of tax.

Records about the company, You must keep details of:

1. directors, shareholders and company supervisors and secretaries.
2. the results of any shareholder votes and resolutions.
3. promises for the company to repay loans at a specific date in the future (debentures) and who they must be paid back to.
4. promises the company makes for payments if something goes wrong and it’s the company’s fault (indemnities).
5. transactions when someone buys shares in the company.
6. loans or mortgages secured against the company’s assets.

Accounting records You must keep accounting records that include:

1. all money received and spent by the company.
2. details of assets owned by the company.
3. debts the company owes or is owed.
4. stock the company owns at the end of the financial year.
5. the stocktakings you used to work out the stock figure.
6. all goods bought and sold.
7. who you bought and sold them to and from (unless you run a retail business).

You must also keep any other financial records, information and calculations you need to prepare and file your annual accounts and Company Tax Return. This includes records of:

1. all money spent by the company, for example receipts, petty cash books, orders and delivery notes.
2. all money received by the company, for example invoices, contracts, sales books and till rolls.
3. any other relevant documents, for example bank statements and correspondence.