Tax Records - How Long Do You Have To Keep Them For?

[anonymous-user]

I'm PAYE and always thought you had to keep records (pay slips, property info, CGT, interest etc) for 7 years. I've just looked on the self assessment website and it says 22 months from end of tax year.

So can I destroy everything from 2006/7 and before?

[NDA]

Eric will know, but I'd say hang on to everything!

[anonymous-user]

NDA said:

Eric will know, but I'd say hang on to everything!

I'm trying to lighten my load so want to get rid of everything I don't need!

[jeff m]

6 years is the one in my head.

But so much of that stuff is wrong

[anonymous-user]

jeff m said:

6 years is the one in my head.

But so much of that stuff is wrong

It's looking like 22 months or 6 years depending on what it is. Oh for a simple life

[jeff m]

garyhun said:

jeff m said:

6 years is the one in my head.

But so much of that stuff is wrong

It's looking like 22 months or 6 years depending on what it is. Oh for a simple life

Gary sorry six years is for my company stuff, I'm sure someone will be along soon, don't shred yet

[Silver993tt]

I've got mine going back 24 years

[anonymous-user]

jeff m said:

garyhun said:

jeff m said:

6 years is the one in my head.

But so much of that stuff is wrong

It's looking like 22 months or 6 years depending on what it is. Oh for a simple life

Gary sorry six years is for my company stuff, I'm sure someone will be along soon, don't shred yet

The shredder is on standby

[dirty boy]

6 years plus the current.

[RemaL]

My mum has to keep her public liability insurance for 40 years. FFS

Otherwise 6 years for alot of the other crap

[Eric Mc]

If you are a basic rate taxpayer iwith simple affairs and do not complete a Self Assessment tax return, then 1 year after the end of the relevant tax year i.e. tax year 07/08 stuff can be destroyed after 6 April 2009.
Hoever, end to retain P60s and certificates of interest received but bank statements and weekly/monthly wages slips vcould be got rid of.

If you are self employed, you must keep the records for 6 years after the statutory filing deadline date of the relevant tax year. So, if you were a sole trader with a business year end of 31 March 2008, the business accounts for that year would go on your 2007/08 tax return. The filing deadline date for that return was 31 January 2009. 6 years after that date takes you up to 31 January 2015. That means all the records for your business starting on 1 April 2007 need to be retained up until 31 January 2015.
If your financial year end was 30 April 2007. that would still be returned on the 07/08 return. That means records from 1 May 2006 would need to be retained up to 31 January 2015.

[anonymous-user]

Eric Mc said:

If you are a basic rate taxpayer iwith simple affairs and do not complete a Self Assessment tax return, then 1 year after the end of the relevant tax year i.e. tax year 07/08 stuff can be destroyed after 6 April 2009.
Hoever, end to retain P60s and certificates of interest received but bank statements and weekly/monthly wages slips vcould be got rid of.

If you are self employed, you must keep the records for 6 years after the statutory filing deadline date of the relevant tax year. So, if you were a sole trader with a business year end of 31 March 2008, the business accounts for that year would go on your 2007/08 tax return. The filing deadline date for that return was 31 January 2009. 6 years after that date takes you up to 31 January 2015. That means all the records for your business starting on 1 April 2007 need to be retained up until 31 January 2015.
If your financial year end was 30 April 2007. that would still be returned on the 07/08 return. That means records from 1 May 2006 would need to be retained up to 31 January 2015.

Thanks Eric. What about higher rate taxpayer on PAYE?

[Eric Mc]

Do you complete a Self Assessment tax return?

[siscar]

I suggest that keeping everything for 7 years is the best policy, then even if you were a straight forward basic rate taxpayer you have the evidence to prove that you were.

[jaybkay]

Anybody know what happens when a self employed person emigrates? How and where are seven years of records supposed to be kept? And what do the tax people do if you leave no forwarding address?

[siscar]

jaybkay said:

Anybody know what happens when a self employed person emigrates? How and where are seven years of records supposed to be kept? And what do the tax people do if you leave no forwarding address?

You should fill in a P85 when you leave and it is often in your interests to do so because often you get a tax refund. If you are self employed you pay some tax on account so if you emigrate you may get some of that back. So for most people it's daft not to inform them.

Just disappearing is IMHO a pretty stupid thing to do. It is highly likely that you are going to want to come back here even just to visit. Even if you don't you are still, presumably, a British citizen and so will need to be able renew your passport etc. Although things aren't that joined up now would it be a surprise to discover in the future that you aren't allowed a new passport because you have left the country owing tax? That would be a move most people would support.

As for storage of records - that's your problem, take them with you, leave them with a relative or friend.

Edited by siscar on Wednesday 11th March 05:24

[mcflurry]

Maybe scan them all onto a computer and keep them electronically?
(with a backup)

[Eric Mc]

mcflurry said:

Maybe scan them all onto a computer and keep them electronically?
(with a backup)

That is now acceptable, but for self-employed businesman/women it would be horrendously tedious to do - unless they had been doing all along.