ACCA ATX UK Syllabus A6. Value Added Tax - Retention of business records - Notes 4 / 4
How long should business records be kept?
Business records and personal records need to be retained for a number of years after the tax returns have been submitted for that year.
The time for which these records need to be retained for the tax year 24/25 are:
| Retention of records | |
|---|---|
| Company's records | 6 years from the end of the accounting period |
| Self employed - business and non business records | 5 years from 31January following end of the tax year |
| Employed | 12 months from 31 January following end of the tax year |
A failure to retain records could result in a penalty of up to £3,000 per accounting period.
However the maximum penalty will only be charged in serious cases.