We had a question at Tax Insider last month, asking how long the law requires you to keep your records for tax purposes.
The short answer, which we gave in the Q & A section, is:
- Business Records – until the fifth anniversary of the 31 January filing date for the return – so your records for your 2005/06 return must be kept until 31 January 2012
- Non-business records – until the first anniversary of the filing date – so for 2005/06 records, until 31 January 2008
This article has been provided by Tax Insider, click here to visit the website.