How long to keep business records

[Squibbs]

Hello.

I hope this is a simple question.
How long must you keep your business accounts, in case of an investigation from the taxman? I had a small family business since 1979.
I no longer work, and haven't done so for the last 5 years,
I have already destroyed all my trading accounts and customer invoices up to the 1990's, because of lack of space, but have kept all my yearly company accounts from my accountant.
I would now like to destroy the rest of my paperwork, but not sure if I should.

I look forward to any advice you may be able to give me.

Thank you.

Squibbs.

[GlobalTaxAdviser]

Hi

You are fine as you only need to keep records for six years from the end of the financial year

Kind Regards

Sash

[Squibbs]

Thanks Global,

My concern was reading about a '20 year rule' in the forum on 'Tax Investigations'.
It would just be good if the taxman would put it in writing for me.

Thanks for your reply.
Kind regards.
Squibbs.

[Ian McTernan CTA]

It is extremely unlikely that HMRC would choose to open an enquiry in to your company 5 years after it stopped trading.
Requirement is six years, so keep them for seven and then dispose of them.
Twenty years almost never happens and is only in the most serious of cases.