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How long do I need to keep my Tax records?

Maintaining accurate tax records is essential for individuals and businesses to meet their legal obligations and facilitate efficient tax filing. HM Revenue & Customs (HMRC) recommends keeping tax records for a specific period to ensure compliance and provide documentation in case of inquiries or audits.

 

For individuals, including self-employed individuals and landlords, HMRC advises keeping records for at least five years after the tax year to which they relate. For example, records for the tax year 2023/2024 should be retained until at least April 2029. However, it's prudent to retain records for longer periods, as HMRC may request documentation beyond the minimum requirement in certain circumstances.

 

For businesses, including limited companies, HMRC recommends keeping records for at least six years from the end of the accounting period they relate to. Additionally, if your business involves transactions with assets that may be sold in the future, such as property or shares, it's advisable to retain relevant records for as long as you own those assets, plus six years after their disposal.

 

Retaining tax records for the recommended period ensures that you can provide evidence of income, expenses, and deductions claimed in your tax returns. This documentation is vital for responding to queries from HMRC, undergoing tax audits, and resolving disputes.

 

At Ultra Tax Ltd, we understand the importance of maintaining comprehensive tax records and staying organised throughout the tax year. Our team of experts can provide guidance on record-keeping best practices, assist in setting up efficient systems for managing tax records, and offer support in compiling and organising documentation for tax purposes.

 

If you have questions about how long to keep tax records or need assistance with tax compliance and planning, don't hesitate to contact us. We're here to help you navigate the complexities of tax requirements and ensure that your records are accurate, complete, and up-to-date.

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