Retention of business records

NotesQuizPaper examCBE

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 23/24 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.

NotesQuizPaper examCBE