You are legally required to keep records concerning your income and tax. It differs depending on whether you are employed of self-employed. The current time limits are given at the end of this document. You may have to pay a penalty if you don't keep records or if you don't keep your records for long enough.
We only list the main documents here. If unsure we suggest you keep all documents concerning your income, savings and investments and tax paid.
Keep details of the income and rents you've received, and the expenses you've paid from letting out property.
Keep all dividend vouchers, tax certificates and personal financial records including:
You must normally keep your records for another year after the online tax return deadline of 31 January. We suggest that you keep records for the same amount of time even if you pay your tax via PAYE.
The tax return deadline for an online 2018-19 return is 31 January 2020.
You need to keep your records until 31 January 2021, one year later.
Keeping up-to-date and accurate records from the start is important for your business. It makes it easier to fill in your tax return. A good record system helps you keep track of your expenses. You may have to pay a penalty if you don't keep records or if you don't keep your records for long enough.
Always keep detailed records. It will make it easier to answer any questions that HMRC has about your tax return.
You must normally keep your business records for another five years after the online tax return deadline of 31 January.
The tax return deadline for an online 2017-18 return is 31 January 2019.
You need to keep your records until 31 January 2024, five years later;
2013/14 31st January 2020.
2014/15 31st January 2021.
2015/16 31st January 2022.
2016/17 31st January 2023.
2017/18 31st January 2024.
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