I’ve shredded my 2019 receipts etc.

Drumstation

I am looking for some help as I have worried myself sick today.

I’ve managed to accidentally shred my capital gains tax supporting invoices/receipts for 2019. I filed my 2018 papers and shredded 2019 in error.

PAYE and Interest etc is easy duplicated as all online however, I disposed of a rental property and so declared the gain in my return last week. This is the information I have lost. I’ve got some detail written in pen but the actual documents relating to capital expenditure are gone. The work is historic but I will try and contract the trades to see if they’ve kept records however, as an example, the joiner I used for the new kitchen lives abroad now and the work was completed in 2008 so not recent.

Can anyone offer any advice. I really have stressed myself with worry about not being able to produce records if the Revenue open an investigation into my affairs.

Skibunny40

No advice on your current situation, but you should keep all tax records for at least 7 years, so even shredding 2018 papers as you intended, would have been a big mistake.

Drumstation

The website says 22 months so I have shredded previous years. I’ll need to look again as I’m worrying myself sick. Thank you for responding.

Sibbers123

For trading and property income, you should retain records for 7 years from the end of the tax year.

Are the payments coming out of your bank account? HMRC will be able to access the purchase price and sales price from the land registry.

If you got a knock on the door from HMRC, the penalty for not retaining appropriate records is £3,000 per year not to mention the potential underpayment of tax HMRC might think you have made.

Drumstation

The solicitor I used will be providing a copy of their cash account. The purchase price I have plus that’s available from Registers of Scotland easily.

Point noted, very clearly about retaining records for much longer. That’s something I need to live with and likely pay heavily for not doing if HMRC ask.

tebthereb

Surprised at the responses thus far:

1) The requirement is 5 years (for those with a business) from the filing deadline so for example 2018/19 you would keep until 31 January 2025.

2) It’s 22 months otherwise

3) Chances are high that you will never get an enquiry from HMRC. You have returned the transaction and presumably it will match any records they have (at least within their tolerance limits).

4) Never seen a penalty for failure to keep records in 13 years of practice.

5) In the unlikely event HMRC went at you they would more likely seek to d/a costs you could not evidence at all. Worst case presumably that would be minor costs such as the joiners fee you mentioned rather (even then they may accept bank records) than, say, the more sizeable cost of acquiring an asset where there is usually public info.

6) If you are worried perhaps look into taking out fee protection insurance.

lisyloo

Drumstation wrote: »

as an example, the joiner I used for the new kitchen lives abroad now and the work was completed in 2008 so not recent

Banks keep statements for 7 years.
it might not help with that particular one, but you get statements for other payments.