Retention of Records

To satisfy your tax obligations, you are required to retain your financial records for 7 years. This means you need 7 complete tax years of information.

So once your 2019 accounts have been completed, you will need to retain the records for the tax years 2013 to 2019.You need to retain all financial records, including copies of financial statements and all accounting records required to prepare the accounts, such as bank information, proof of income, invoices and receipts for expenses, confirmation of all assets purchased and sold, and wage records. Records can be electronic or paper records or a combination of both.