For many years I thought it was seven years (this is what my grandfather told me). Then I'm sure I read with VAT it was six years. PAYE says the P11s must be kept for at least three years (or longer if asked to).
It was asked on another forum but hasn't been answered yet.
I'm sure I even once read a bizarre reply of "six years plus one year" .
Not a problem for me personally as I keep everything....I even ask for receipts in shops on the rare occasion I pay cash for things (personal shopping). I have bank and credit card statements going back to 1987 when I first got an account at a bank. Just curious how long the family business ( a Ltd Co) needs to keep its records for. It does still have a ledger from 1899.......most of the other stuff has since been thrown out.
Anyone know?
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Never buy black socks from a normal shop. They shaft you every time.
General rule is six years plus the current year (so six plus one).
However, if HMRC find that there is a perceived fraud rather than a genuine mistake they are entitled to go back to the start of the company if they see fit.
With the companies statutory books former members cannot be removed from the books for 20 years (which ties in with the Companies house statement of no company name change within last twenty years) which would tend to suggest that although financial records need only be kept for six plus one years the statutory records need to be kept considerably longer.
Like yourself I keep all of my companies records so can trace every transaction right back to 1990 when I formed it. I also have every personal bank statement back to 1979.
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
The main reason for HMRC being allowed to go back upto 20 years is that of 'discovery' and since you are likely to be found guilty until you prove yourself innocent, it would be best to keep hold of everything if possible.
