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Where Taxpayers and Advisers Meet

What do we need to keep for tax man records and how long???

RJUK
Posts:10
Joined:Wed Aug 06, 2008 3:06 pm

Postby RJUK » Mon Oct 20, 2003 5:01 am

How logn do we keep our Business Bank Account Statments incase of investigation?

Also do we need to keep personal accounts statements too as I have online banking and they only stay online for 1 year and I don't get paper ones.

I never actually use my personal account for business anyhow.

Also personal Credit card statements are these required or just business ones?

I am only self employed and not a big earner.

Thanks

Gregory
Posts:10
Joined:Wed Aug 06, 2008 3:05 pm

Postby Gregory » Wed Oct 22, 2003 3:07 am

As per the Inland Revenue's website "You must keep all records for at least 5 years from the latest date for sending back your tax return."

I recommend that you keep all business and personal bank statements and records as the I/Rev would want to see all your records.
If you use your personal credit card for any business transactions this would be required.


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