You have been required by law to keep adequate records of your income and expenses since April 1996. These records must be retained for at least 22 months after the tax year they relate to, and if they are records in respect of self-employed income from a self-employment or partnership, they must be kept for at least 5 years after the filing date of 31st January.
Examples are:
If you are an employee you should keep you payslips, P60, P11D and details of any expenses reclaimed from your employer.
If you have savings income you should keep any statements and tax deduction certificates.
If you have made any capital transactions you should keep copies of contract notes and documentation regarding these.
If you are self-employed or in partnership you should keep records of all your business activities, including receipts, invoices and bank statements so that you can substantiate the amounts received or spent.
In all cases where the inspector has enquired into your tax affairs, you must keep your records until the enquiry is complete.
