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TaxRobin
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 15601
Experience:  International tax
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How long must you keep business receipts and tax records for

Customer Question

How long must you keep business receipts and tax records for self employment?
IE; can you get rid of them all after say 5 years?
Submitted: 2 years ago.
Category: Tax
Expert:  TaxRobin replied 2 years ago.
Hello and thank you for allowing me to assist you.
You may wish to wait just a little longer for those records. If you send your tax return on or before the 31 January you must keep your records for at least 5 years and 10 months after the end of the tax year the tax return is for.
If you send your tax return after the 31 January deadline, you must keep your business records for whichever of the following is longer:
5 years and 10 months after the end of the tax year the tax return is for or
15 months after you send your tax return
Customer: replied 2 years ago.

Perfect. Can I just confirm this is for Wales, UK?

What happens if the tax people ask for records older than 5 years 10 months or does this never happen because of the above?

I do have records older than that, I just don't want to burn them to find out I should have kept them!

Expert:  TaxRobin replied 2 years ago.
Hello Iain,
Yes that is for Wales, UK.
You can destroy the older records. VAT would be a certain 6 year time (I did not mention that in my reply before).
It is doubtful you would be contacted past the 6 years.
Expert:  TaxRobin replied 2 years ago.
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