101Smart Ltd

Time for a clear out?

If you run a business or have let property income then you are required by HMRC to keep related records for 5 years after 31 January following the end of the tax year, i.e. for 2018/19 - 31 January 2025.
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For any other income sources you only need to keep records for 12 months after 31 January following the end of the tax year, i.e. for 2018/19 - 31 January 2021. 

When clearing out, please make sure that any permanent information, such as a completion statement for property purchase, or a complex financial transaction, is extracted and kept for future reference. If you are unsure about anything then take a scanned copy or photograph and forward it to your accountant for confirmation. 

Jenny Rowe

May 2020

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