Personal Tax Records
If you're not running a business, you'll normally have to keep your tax records for at least 22 months from the end of the tax year to which they relate.
For example, if you gave a property to a charity in September 2012, you must keep any records relating to it until at least 31 January 2015.
Trade Records
If you're in business (as a sole trader or partnership) you must keep your tax records for at least five years and one month after the end of the tax year to which they relate.
For example, if you bought an asset in October 2012 you must keep your records until at least 30 April 2018.
HMRC Enquiry
If HM Revenue & Customs make any enquiries about your tax return you will need to keep your tax records until the enquiries are completed.
Don't throw it all!
There is certain information that you would be wise to keep for much longer than the statutory minimum as it may help mitigate future tax bills.
For example, the completion statement you receive on purchasing a second home may be needed to calculate the Capital Gain if the property is sold in the future. This could be many years down the line!
Find out more
More information can be found here, or contact us on 01395 516658.
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