How long to retain old tax documents / payslips etc.?
Discussion
Trying to de-clutter a bit, and found some tax docs relating to two previous 'one man band' Ltd. Companies, and some self-assessment stuff - all of which are over 10 years old. I haven't needed to fill out a S.A. form since. Also, just about every payslip going back to 1987!
Other than for sentimental reasons, is there any need to keep hold of any of it?
Other than for sentimental reasons, is there any need to keep hold of any of it?
LOL!
My understanding is that HMRC *could* ask to go back 7 years....but googling it suggests 5 - https://www.gov.uk/self-employed-records/how-long-...
We have recently been going through paperwork...definitely need to chuck lots out here!
My understanding is that HMRC *could* ask to go back 7 years....but googling it suggests 5 - https://www.gov.uk/self-employed-records/how-long-...
We have recently been going through paperwork...definitely need to chuck lots out here!
HMRC can go back as long as they like - chiefly when investigating suspected fraud. There are no "statute of limitations" when it comes to criminal investigations.
However, the normal statute of limitations for business and tax records is six years from the end of the tax year to which the records relate.
An example, say you ran a sole trader business with a year end of 30 June.
The June 2017 accounts would have been taxed in tax year 2017/18. So, six years after the end of tax year 2017/18 is 5 April 2024.
You can therefore destroy the records covering the business year ended 30 June 2017 any time after 5 April 2024. Don't forget that the business records for year ended 30 June 2017 started on 1 July 2016. So, you would need to keep a record dated 1 July 2016 up to 5 April 2024.
However, the normal statute of limitations for business and tax records is six years from the end of the tax year to which the records relate.
An example, say you ran a sole trader business with a year end of 30 June.
The June 2017 accounts would have been taxed in tax year 2017/18. So, six years after the end of tax year 2017/18 is 5 April 2024.
You can therefore destroy the records covering the business year ended 30 June 2017 any time after 5 April 2024. Don't forget that the business records for year ended 30 June 2017 started on 1 July 2016. So, you would need to keep a record dated 1 July 2016 up to 5 April 2024.
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