How far back can the taxman enquire in uk?

bigal123

I have heard that it is six years. Does that mean from Jan 2008, they can start from 2002?

Also, how long do you have to keep CGT records for?

rgds

BigAl123

vikingaero

I think their powers are unlimited if there has been deliberate concealment. I think you should keep records for at least 6 + 1 years and at least 10 years if you are meticulous.

SonniC55

HMRC limited to 6 years

Pennywise

Limits are only there if there has been disclosure. If you have made full disclosure on a tax return, including any estimates or judgement calls, then you have the benefit of the time limits. If you haven't declared or have not given full declarations, then the usual time limits won't apply as HMRC can claim "discovery".

PasturesNew

I'll admit to having shredded my entire life (except my 2006-2007 tax return) when I sold up earlier this year.

I had been lugging around all manner of rubbish.
Every payslip since 1986 springs to mind ...
Every household bill
Every insurance policy
Every bank statement ever received
Everything

Nothing was going into storage, so I bit the bullet and shredded... everything,.

Mikeyorks

PasturesNew wrote: »

so I bit the bullet and shredded... everything,.

Makes travelling a bit lighter - but hope you kept the bits and are good at jigsaws if there's any questions?;)

Keeping it tight is normally OK if you're PAYE only. But if there's an SA (and therefore CGT) element - HMRC are quite clear on keeping records for 5 full years following the end of the last year.

But - the OPs question is fully answered at #4

talkinpeace

Rule of thumb I've always worked to is
6 years normal
20 years if they suspect fraud

After 6 years I strip paperwork down to summaries and statements and then keep them (as loft insulation) indefinitely.

Murdina

They can go back 20 years in cases of fraudulent or negligent conduct. You are legally obliged to keep records for 6 years if you are self-employed; of course, this does not help you if you have shredded everything and HMRC decided you have indeed been fraudulent or negligent. If you have always been within PAYE and have not got significant investment income, or are not a company director, then it is most unlikely you would find yourself in a situation where they would be looking to go back 20 years.
The 20 years includes CGT. It is a common misconception that HMRC are limited to 6 years.

jamesd

PasturesNew, scanning or photographing the documents is one way to preserve the records in that situation. I don't know if HMRC accept electronic versions from individuals but that does beat having no records.

david69_2

What if you were self-employed up until say 4 years ago and then went paye but are think of going self-employed say next april would your new start date be starting afresh or would it carry on from your old finish date.
hope this makes sense

Frugaldom

David69 - I just spotted this thread and know what you mean about the restart. I was self employed for quite a few years up until 2001, when I ceased being self-employed and became PAYE. In 2004, I reregistered for self employment and I was classed as having started again by the looks of things. Hope this helps.