Time to throw away old tax records

mary

In the past you had to wait 5 years and 10 months before you could ditch old tax records. Having just looked on the IR website now under Self Assessment, it seems to be much shorter now. Was anyone aware of this change or have I misunderstood?

http://www.hmrc.gov.uk/sa/record-keeping.htm#3

How long to keep your records
You must normally keep your records for another year after the online tax return deadline of 31 January, in case HMRC decides to check your return. The same date applies even if you've sent in a paper tax return.
An example
The tax return deadline for an online 2011-12 return is 31 January 2013.
You send your tax return in before this deadline.
You need to keep your records until 31 January 2014, one year later.
But if HMRC send you, or you send back your tax return very late, you may need to keep your records for longer. You need to keep them until the later of:
one year after the 31 January tax return deadline
fifteen months after the date you send your tax return

Pennywise

Thats for personal tax returns. There are separate rules for business records which are as you suggest, 6 years or thereabouts.

kidmugsy

What do people recommend - the garden fire or the compost heap?

PlutoinCapricorn

I scan everything, and shred then recycle most of it after 6 years. You never know when you will need evidence of something.

Kynthia

Pennywise wrote: »

Thats for personal tax returns. There are separate rules for business records which are as you suggest, 6 years or thereabouts.

I believe it's 6 years plus the current year. We are currently in the 2012/13 year so people should be able to dispose of records for 2005/6 and earlier.

nomunnofun

Kynthia wrote: »

I believe it's 6 years plus the current year. We are currently in the 2012/13 year so people should be able to dispose of records for 2005/6 and earlier.

Not quite but close. It has been five years and ten months for a while now i.e. five years plus to the following January 31st.

2006/07 records could have been dumped on 31st January 2013.

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

Pennywise

nomunnofun wrote: »

Not quite but close. It has been five years and ten months for a while now i.e. five years plus to the following January 31st.

2006/07 records could have been dumped on 31st January 2013.

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

Can I just chip in and suggest that you don't just dump everything just because the tax timescales have passed. At the very least, go through the files/boxes and preserve the big/important paperwork, such as bank loan/HP/mortgage agreements, invoices for equipment/vehicles that you still have, legal paperwork re property purchases/sales or legal disputes. Maybe also any long term contracts with suppliers and customers. The Tax inspector isn't the only reason you may need to refer to old paperwork.

I always suggest that people "weed" their paperwork and keep the more important stuff rather than destroying it all.