[Rob.Hall]

Just gone in the loft to do a sort out.
Pulled a few boxes down with s/e tax return records going back to 2007 😳.
How long do you keep them.
From what I can gather its 5 yrs from date submitted
 Is this right?
I hope so as I want to bin a few early years.😁

[AuRavelling79]

Just gone in the loft to do a sort out.
Pulled a few boxes down with s/e tax return records going back to 2007 😳.
How long do you keep them.
From what I can gather its 5 yrs from date submitted
 Is this right?
I hope so as I want to bin a few early years.😁

Yep. 5 years.

[Rob.Hall]

Thank you.
Its going to be taxing disposing of it though 

[dazmond]

Just gone in the loft to do a sort out.
Pulled a few boxes down with s/e tax return records going back to 2007 😳.
How long do you keep them.
From what I can gather its 5 yrs from date submitted
 Is this right?
I hope so as I want to bin a few early years.😁

Yep. 5 years.

I'm pretty sure it's 7 years not 5 years....

I have at least 20 years of tax records. HMRC can go back this far if they decide to audit you.

Personally I think its foolish to get rid of any tax records.

[Scottish Cleaning Service]

Talking about Tax, I have came up with a novel idea to bump up some customers prices. I'm telling them I need to add a pound next month to cover tax digital. Not even bothered if they cancel because today I picked up a new customer and when I told him its a tenner a month he said is that all.

[dd]

https://www.gov.uk/self-employed-records/how-long-to-keep-your-records

[deeege]

Talking about Tax, I have came up with a novel idea to bump up some customers prices. I'm telling them I need to add a pound next month to cover tax digital. Not even bothered if they cancel because today I picked up a new customer and when I told him its a tenner a month he said is that all.

1, You don’t need to find creative ways or lie to customers to increase your prices.

2, I’m not surprised they said ‘is that all?’ Your prices are terrible.

[dazmond]

Talking about Tax, I have came up with a novel idea to bump up some customers prices. I'm telling them I need to add a pound next month to cover tax digital. Not even bothered if they cancel because today I picked up a new customer and when I told him its a tenner a month he said is that all.

1, You don’t need to find creative ways or lie to customers to increase your prices.

2, I’m not surprised they said ‘is that all?’ Your prices are terrible.

Prices are notoriously cheaper in Scotland.

No need to lie to customers at all. Just put them up. No need for a reason.

[AuRavelling79]

Just gone in the loft to do a sort out.
Pulled a few boxes down with s/e tax return records going back to 2007 😳.
How long do you keep them.
From what I can gather its 5 yrs from date submitted
 Is this right?
I hope so as I want to bin a few early years.😁

Yep. 5 years.

I'm pretty sure it's 7 years not 5 years....

I have at least 20 years of tax records. HMRC can go back this far if they decide to audit you.

Personally I think its foolish to get rid of any tax records.

Absolutely no need to do this. The government website says 5 years. So 5 years it is.

[֍Winp®oClean֍]

Talking about Tax, I have came up with a novel idea to bump up some customers prices. I'm telling them I need to add a pound next month to cover tax digital. Not even bothered if they cancel because today I picked up a new customer and when I told him its a tenner a month he said is that all.

1, You don’t need to find creative ways or lie to customers to increase your prices.

2, I’m not surprised they said ‘is that all?’ Your prices are terrible.

Prices are notoriously cheaper in Scotland.

No need to lie to customers at all. Just put them up. No need for a reason.

Prices are not cheaper in Scotland at all Daz. Scotland is exactly the same as everywhere else- there's areas with very high wealth and areas not so much ... Just like where you live. You couldn't command your prices on a run down council estate could you? That's why you travel to certain areas. 👍

[Bungle]

Talking about Tax, I have came up with a novel idea to bump up some customers prices. I'm telling them I need to add a pound next month to cover tax digital. Not even bothered if they cancel because today I picked up a new customer and when I told him its a tenner a month he said is that all.

1, You don’t need to find creative ways or lie to customers to increase your prices.

2, I’m not surprised they said ‘is that all?’ Your prices are terrible.

Prices are notoriously cheaper in Scotland.

No need to lie to customers at all. Just put them up. No need for a reason.

Prices are not cheaper in Scotland at all Daz. Scotland is exactly the same as everywhere else- there's areas with very high wealth and areas not so much ... Just like where you live. You couldn't command your prices on a run down council estate could you? That's why you travel to certain areas. 👍

👀

[KS Cleaning]

Talking about Tax, I have came up with a novel idea to bump up some customers prices. I'm telling them I need to add a pound next month to cover tax digital. Not even bothered if they cancel because today I picked up a new customer and when I told him its a tenner a month he said is that all.

1, You don’t need to find creative ways or lie to customers to increase your prices.

2, I’m not surprised they said ‘is that all?’ Your prices are terrible.

Prices are notoriously cheaper in Scotland.

No need to lie to customers at all. Just put them up. No need for a reason.

In some areas of Scotland perhaps, but not all of Scotland……..pretty much like the rest of the UK then!

[dazmond]

Just gone in the loft to do a sort out.
Pulled a few boxes down with s/e tax return records going back to 2007 😳.
How long do you keep them.
From what I can gather its 5 yrs from date submitted
 Is this right?
I hope so as I want to bin a few early years.😁

Yep. 5 years.

I'm pretty sure it's 7 years not 5 years....

I have at least 20 years of tax records. HMRC can go back this far if they decide to audit you.

Personally I think its foolish to get rid of any tax records.

Absolutely no need to do this. The government website says 5 years. So 5 years it is.

Good luck if you get an audit then. They can go back 20 years if they want to thoroughly investigate you.

[JandS]

If it says 5 years that's what it is......they can't punish you for not having 20 years worth.

[Splash and dash]

If it says 5 years that's what it is......they can't punish you for not having 20 years worth.

No but if you get an investigation they don’t have to prove you owe them money you have to prove you don’t and if you don’t have records you can’t prove a thing and they have you by the short and curlies. I know it’s a pain but I feel it’s worth keeping them I have all mine going back for well over 30 years of self employment

[AuRavelling79]

Just gone in the loft to do a sort out.
Pulled a few boxes down with s/e tax return records going back to 2007 😳.
How long do you keep them.
From what I can gather its 5 yrs from date submitted
 Is this right?
I hope so as I want to bin a few early years.😁

Yep. 5 years.

I'm pretty sure it's 7 years not 5 years....

I have at least 20 years of tax records. HMRC can go back this far if they decide to audit you.

Personally I think its foolish to get rid of any tax records.

Absolutely no need to do this. The government website says 5 years. So 5 years it is.

Good luck if you get an audit then. They can go back 20 years if they want to thoroughly investigate you.

You're talking bollox Daz! 

They can do whatever they want but they can't punish you for not having records prior to the 5 year point.

 

[dazmond]

Just gone in the loft to do a sort out.
Pulled a few boxes down with s/e tax return records going back to 2007 😳.
How long do you keep them.
From what I can gather its 5 yrs from date submitted
 Is this right?
I hope so as I want to bin a few early years.😁

Yep. 5 years.

I'm pretty sure it's 7 years not 5 years....

I have at least 20 years of tax records. HMRC can go back this far if they decide to audit you.

Personally I think its foolish to get rid of any tax records.

Absolutely no need to do this. The government website says 5 years. So 5 years it is.

Good luck if you get an audit then. They can go back 20 years if they want to thoroughly investigate you.

You're talking bollox Daz! 

They can do whatever they want but they can't punish you for not having records prior to the 5 year point.

 

No but they can pluck a figure out of the air that they think you owe them going back 20 years. I know this because a painter and decorater I know ended up with a 55k tax bill even though he had no record of income going back many years. He s still paying it off. HMRC also add interest.😕

[AuRavelling79]

That will be because he will have been found to be fraudulent in the eyes of HMRC - nothing to do with his lack of records beyond year 5.

[Splash and dash]

That will be because he will have been found to be fraudulent in the eyes of HMRC - nothing to do with his lack of records beyond year 5.

But if you don’t keep them past 5 years then you cannot defend yourself or prove your innocence if you get an investigation as you wouldn’t have any paperwork , legally you have to keep it 5 years for your own piece of mind it’s worth keeping the much longer

[Stoots]

I had a sort out of all my records going back to 2014 not long ago, half of the receipts i have have faded to the point you cant read them anyway