Self assessment ― record keeping

Produced by a Tolley Personal Tax expert

Personal Tax

Guidance

There is a legal requirement to retain records relating to the self assessment tax return. Although it is the taxpayer who must retain the records, it is acceptable for the agent to retain documents on their files, subject to the firm’s internal policy on document retention and data protection.

It is not specified in the legislation in what form the records must be kept (eg electronic records or paper copies). However, there is guidance in the HMRC Compliance Manual on this matter (see below). There is also guidance on the GOV.UK website.

Digital record keeping required under making tax digital (MTD) is discussed at the end of this guidance note.

How long should tax records be kept?

Even taking into account the time limits for keeping records discussed below, it is still a good idea to advise the taxpayer to retain documents relating to exceptional transactions for a longer period of time. If HMRC suspects that evasion has taken place, it can raise tax assessments going back as far as 20 years. As this is outside

Continue reading

To read the full Guidance note, register for a free trial of Tolley+™

TAKE A FREE TRIAL

Popular Articles

Corporation Tax

Substantial shareholding exemption ― overview

Substantial shareholding exemption ― overviewThe substantial shareholdings exemption (SSE) provides a complete exemption from the liability to corporation tax on the gains generated from qualifying disposals of shares and interests in shares by qualifying companies. No claim is required. Provided

14 Jul 2020 13:44 | Produced by Tolley Read more

Trusts and Inheritance Tax

Corrections and amendments to the IHT account

Corrections and amendments to the IHT accountThis guidance note explains how to deal with changes to the taxable values in the original inheritance tax account.Why do amendments arise?When the IHT account is first submitted to HMRC, it is based on information available at an early stage of the

14 Jul 2020 11:20 | Produced by Tolley Read more

Value Added Tax

VAT registration ― artificial separation of business activities (disaggregation)

VAT registration ― artificial separation of business activities (disaggregation)This guidance note should be read in conjunction with the VAT registration ― compulsory guidance note and is relevant to persons established or resident in the UK. Persons that are not established or resident in the UK

14 Jul 2020 13:57 | Produced by Tolley Read more

��Ӱ��