Hi,
With respect to retaining records, could you kindly tell me how long records must be retained for? I thought it was 1 year for individuals and 5 years for companies and self-employed. However, I just worked out a past paper and it said that it is 1 year and 10 months for individuals and 5 years and 10 months for companies and self-employed.
Thanks!
Ask the Tutor ACCA TX-UK
Retaining records
It is 1 year and 5 years from normal filing date - 31 January after tax year. Hence + 10 months from end of tax year!!
Oh ok now I understand! Thank you :)
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