CAT / FIA FTX Syllabus C. Income Tax Liabilities - C6e Retention of business records - Notes 5 / 7
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.
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Syllabus C. Income Tax Liabilities
C6. Income tax administration
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Syllabus C. Income Tax Liabilities
C6. Income tax administration