Tax Records

tipsychick

I just wondered if anyone could confirm how long you should keep records for tax purposes if you're self-employed.

On the HMRC website it says five years from the last date you could have filed your return:

http://www.hmrc.gov.uk/sa/rec-keep-self-emp.htm

(It's the second to last section at the bottom of the page).

I've never filed a return late and fortunately haven't had any HMRC checks. My tax year runs 6/4 to 5/4 like most people's and I'm itching to bin 2006/07. The last time I could have filed that return was 31st Jan 2008, so next Friday the 1st Feb 2013 I can fire up the shredder. That's right, isn't it?

I did once ask my accountant but she said it was six years not five from the last date you could have filed. That was a few years ago now though, so maybe it changed? I would ask her again but I think it's meltdown time of year for her!

jamesd

HMRC can go back 21 years if they claim that the tax payer has been negligent, deliberately mis-filed or didn't notify them that tax was due. You'll need good luck to prove that HMRC estimates for say 15 years when you no longer have any records are wrong.

PlutoinCapricorn

I scan them after 6 years, then shred and recycle the paper. I summarise them on a spreadsheet too.