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how long do I have to keep records

Customer Question

how long do I have to keep records
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
, I'm Keith and happy to help you with your question which I have assumed to have a financial base.
In Scots Law the statutory limitation period is five years from the debt first being created and unlike England ad Wales is not extended by subsequent call ups of the debt, but tax the period is 20 years. Thus I would always recommend retaining trading records relevant five years.
As , my mother who was responsible introduction of PAYE into the BBC in the early 40s, always advised never destroying tax papers so mine go back to when I first started work in 1961!
I do hope I have helped you with your query.
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3121
Experience: FCCA FCMA CGMA ACIS
bigduckontax and 3 other Tax Specialists are ready to help you
Expert:  bigduckontax replied 1 year ago.
Thank you excellent support.

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