Are bank statements statutory records?

Statutory records are records that taxpayers are required by a statute to maintain. There are three general statutory requirements for a company. FA 1998 Sch 18 para 21 requires a company ‘to keep such records as may be needed to enable it to deliver a correct and complete return’. The requisite records ‘include records of –

a) all receipts and expenses in the course of the company’s activities and the matters in respect of which the receipts and expenses arise and

b) in the case of a trade involving dealing in goods all sales and purchases made in the course of the trade’.

Companies Act 2006 s 386 requires a company to keep ‘records that are sufficient:

a) to show and explain the company’s transactions

b) to disclose with reasonable accuracy at any time the financial position of the company at that time ...