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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?
answers say business records 31 january 2022
non business records 31 january 2022but in text it say 1 year for personal record and 5 years for business record
Look again at the OT notes – chapter 15 section 6 page 103 which says that records (ALL) must be maintained for 5 years if the taxpayer is in business – it is only 12 months if the taxpayer is NOT in business and only has non business records as a result.
If a person is in business therefore both business and non business records must be kept for the 5 year period
Date in notes should for 2015/16 be 2022 not 2021, however, depending on which version you are looking at
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