F6 UK specimen s16, q13

This topic has 2 replies, 2 voices, and was last updated 9 years ago by Tax Tutor.

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November 29, 2016 at 12:10 pm #352351
ahal
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Hope you are doing well sir, here’s the question:
13 Ming is self-employed.
How long must she retain the business and non-business records used in preparing her self-assessment tax return for the tax year 2015–16?
Business records Non-business records
A 31 January 2018 31 January 2018
B 31 January 2018 31 January 2022
C 31 January 2022 31 January 2022
D 31 January 2022 31 January 2018
The answer says C, however as I remember non-business records are held for 1 year. I’m at a loss here, please help
December 1, 2016 at 4:30 am #352733
ahal
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Isn’t she doing just trade, it says she is self-employed?
December 1, 2016 at 6:13 am #352742
Tax Tutor
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If trading then both business and non business records must be retained for the same 5 year time period from the normal tax return due date.
If the taxpayer is not trading and therefore only has non business records then they need only be retained for the one year period
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