Tax Return Due Date 31st January 2018
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Tax Administration- Retention of Records

Harish Verma

Q: How long should a business keep it's records?

A: the business, should keep it's records for 5 Years after the 31 January following the end of the Tax Year relating to the Records.

Example: for the Tax Year 15/16 (5 April 2015 to 5 April 2016) the records for this period must be kept for 5 Years from 31 January 2017 i.e to 31 January 2022

Q: How long should a non business keep it's records for after the Tax Year

A: Keep your records for 1 Year after the 31 January following the end of the Tax year relating to the records.

Example: For a non business for the Tax Year 15/16 keep the records for 1 year from 31 January 2017 i.e to 31 January 2018

 

 



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