SVM102020 - Files and Forms: File Management

The SAV file may contain a lot of information about:

• • the company
  • several taxpayers
  • a number of different taxes

A great deal of experience, and thought, has been put into the design of the files to provide for the recording and retention of essential information of use to the valuer, who, must ensure that all new information is correctly filed and noted up.

Why is this important?

• • If a file needs to be reallocated, good file management reduces comprehension time.
  • The file may also be referred to at any time by the support staff.
  • If a case is reviewed by a team leader / developer, their review is assisted by good file management.
  • The SAV sub-file operates as an aide-memoire or check list on certain aspects of the valuation procedure.

Consider what a supervisor or colleague wants to know.

• • What does the company do - and where does it operate?
  • What is the issued capital?
  • What rights attach to each class of share?
  • How many shares are being valued and for what purpose?
  • Have any Inheritance Tax implications been considered?
  • What matters have been agreed?
  • What points remain to be resolved?
  • How much tax is involved?

Much of this information will be shown on the sub-file covers if these have been properly noted up. If the file has been well managed, a clear picture should emerge in a couple of minutes.

Weeding

Any sub-file which has been closed for more than six months should be weeded.

The following should be extracted from files and disposed of appropriately bearing in mind data security issues:

• • All pre - 1979 sub-files - apart from CGT valuations at 6 April 1965
  • All abbreviated accounts
  • All accounts for the periods pre 1962, 1967 - 1978, 1985 - 1998
  • Simple 100% BR sub-files - the Val 50 and any agreement letter to be retained
  • Simple Neg Val sub-files - memo / copy email to the instructing office to be retained

Any file that, if weeded, would then be empty should be sent to File Creation Section for destruction.

In view of the difficulty in obtaining accounts for foreign companies, there is no need to weed out such accounts from Foreign case files.