Records

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Hi

I've spoken to 2 tax experts now in providing proof of records for 10 years ago:

1 says - You need to provide proof without exception, ie receipts (but non were kept)

2 says - They need to take your word (if reasonable) as you are only required to keep tax records for a max of 7 years

Does anyone know the true correct answer please?

Regards,

[pawncob]

HMRC say 12 months after 31/01 following the tax year.
http://www.hmrc.gov.uk/sa/record-keeping.htm

Business records should be kept for 7 years. (5 years after 31/01 after the tax year), but if HMRC now have a 4 year time limit, why keep them any longer?

http://customs.hmrc.gov.uk/channelsPort ... e=document

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Thanks!

[wamstax]

Hi There
Presumably if HMRC are after records for 10 years ago then you may well not have complied with your tax responsibilities and HMRC would inevitably take that into account when considering what records should or should not be available.

Of course if you are unsure then you are best engaging the services of a suitably experienced tax investigation specialist who should be able to get the best result achievable. This can sometimes be by using negotiating skills or tax legislation and just knowing what HMRC can do in any given circumstance.

Always glad to have a chat