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During the current COVID-19 crisis, many of our clients are working from home.
With no commute to the office and very little opportunity to get out of the house, they are using their time to have a thorough clear-out of old company and business paperwork.
We have received questions from clients about for how long they should keep items such as:
So whats the answer? For everything other than fraud, HMRC can ask to look back over the last six years. We therefore advise clients to keep seven years of records – personal and company. That would include bank statements, credit card statements, sales invoices and records, receipts, expense claims – all of the above.
If HMRC believe there is a serious risk that tax evasion has been taking place, they can go back 20 years – but if this was the case, a lack of records would be the least of your problems!