{"id":88,"date":"2016-11-03T00:00:00","date_gmt":"2016-11-03T00:00:00","guid":{"rendered":"http:\/\/duffyregan.wpengine.com\/index.php\/2016\/11\/03\/how-long-do-you-need-to-keep-tax-records-2\/"},"modified":"2016-11-03T00:00:00","modified_gmt":"2016-11-03T00:00:00","slug":"how-long-do-you-need-to-keep-tax-records-2","status":"publish","type":"post","link":"http:\/\/duffyregan.co.uk\/index.php\/2016\/11\/03\/how-long-do-you-need-to-keep-tax-records-2\/","title":{"rendered":"How long do you need to keep tax records"},"content":{"rendered":"<p>\n\tThe length of time you need to keep tax records depends on the types of income you earn and the types of tax you are paying. A list of time limits is set out below:<\/p>\n<p>\n\t<strong>Income Tax and Capital Gains Tax<\/strong><\/p>\n<p style=\"margin-left:.5in\">\n\t<strong>1.&nbsp;&nbsp;&nbsp; <\/strong><strong>If you are not in business<\/strong><br \/>\n\tOne year from the 31 January following the end of the tax year. For 2016-17, you would need to keep your records until 31 January 2019.<\/p>\n<p style=\"margin-left:.5in\">\n\t<strong>2.&nbsp;&nbsp;&nbsp; <\/strong><strong>If you are in business &ndash; which includes rental income<\/strong><\/p>\n<p style=\"margin-left:.5in\">\n\tFive years from the 31 January following the end of the tax year. For 2016-17, you would need to keep your business and other tax records until 31 January 2023.<\/p>\n<p style=\"margin-left:.5in\">\n\t<strong>3.&nbsp;&nbsp;&nbsp; <\/strong><strong>A company subject to Corporation Tax<\/strong><\/p>\n<p style=\"margin-left:.5in\">\n\tSix years from the end of an accounting period. For the year ending 31 December 2016 you would need to keep records until 31 December 2022.<\/p>\n<p style=\"margin-left:.5in\">\n\t<strong>4.&nbsp;&nbsp;&nbsp; <\/strong><strong>VAT<\/strong><\/p>\n<p style=\"margin-left:.5in\">\n\tYou should keep records for at least six years.<\/p>\n<p style=\"margin-left:.5in\">\n\t<strong>5.&nbsp;&nbsp;&nbsp; <\/strong><strong>PAYE<\/strong><\/p>\n<p style=\"margin-left:.5in\">\n\tYou should keep payroll records for three years after the end of a tax year. For 2016-17 this would be until 5 April 2020.<\/p>\n<p>\n\t&nbsp;<\/p>\n<p>\n\tThese deadlines can be extended. For example, if:<\/p>\n<ul>\n<li>\n\t\tYou file your return late.<\/li>\n<li>\n\t\tA return is subject to an enquiry or compliance check.<\/li>\n<li>\n\t\tRecords relate to a transaction spanning more than one year.<\/li>\n<li>\n\t\tAn asset is bought which is expected to have a life longer beyond the time limit.<\/li>\n<\/ul>\n<!-- -->","protected":false},"excerpt":{"rendered":"<p>The length of time you need to keep tax records depends on the types of income you earn and the types of tax you are paying. A list of time limits is set out below: Income Tax and Capital Gains Tax 1.&nbsp;&nbsp;&nbsp; If you are not in business One year from the 31 January following [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-88","post","type-post","status-publish","format-standard","hentry","category-uncategorised"],"_links":{"self":[{"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/88","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=88"}],"version-history":[{"count":0,"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/88\/revisions"}],"wp:attachment":[{"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=88"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=88"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=88"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}