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Retention of records

I prepare a tax return and have done for years. I’ve never thrown any of my records away, but I’m starting to run out of space! What are HM Revenue & Customs’ requirements?

Everyone must keep their records for at least twelve months from the due date of the return. So, for the 2010/11 year, returns must be filed by 31 January 2012. Therefore, the relevant records must be retained until at least 31 January 2013.

However, if you have any self employment or rental activities, the related records must be kept for five years from the due date of the return. So following on from the example above, the records would need to be kept until 31 January 2017.

Should your return be submitted late one year, you will need to keep the records for the year until the later of:

  • five years after the normal filing deadline
  • fifteen months after the date you sent your tax return

If you would like to discuss this or any other matter, please do not hesitate to contact your local TaxAssist Accountant.

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